In the Credit Management Benchmark assessment, we listed seven common queries received by credit/collections teams and asked participants to rank them in volume order, i.e. the most frequently received query first, followed by the next most frequently received one, and so on through the list.
The number one query received, by a very significant margin is requests for copies of invoices. In the age of modern communications, how is this possible?
Continue reading #1 Query Received by Credit Teams
When developing the Credit Management Benchmark, I made the initial assumption that a high credit note to invoice ratio is not a good thing. After all, payments on invoices are normally delayed until credit notes are received and processed. There are also the costs associated with preparing, approving, recording, distributing and allocating credit notes.
However, there are some circumstances in which a high ratio is normal practice.
Continue reading What Does Your Credit Note to Invoice Ratio Mean?
The majority of businesses now pay suppliers electronically because it is more convenient while also having better control over the signing process.
This is reflected in the analysis of methods to process an invoice for payment received by participants in the Credit Management Benchmark.
Continue reading Process an Invoice for Payment Received