Business Credit articles from February 2004

Business Credit archives from February 2004

An ounce of prevention is like a pound of cure ...(the scoop)
February 1, 2004... We typically think of this old adage with regard to our personal health. But it is also true in our day-to-day business dealings. It's important to think about whether or not we are doing everything we can to be proactive and preventive when it...

The government can and should be your best customer.(the scoop)
February 1, 2004... The NACM Government Business Group is hosting 3 upcoming teleconferences, offering up-to-date valuable information that any government vendor should know and will be able to implement. Our goal is to strengthen your understanding and help you...

Business identity theft: a growing problem.(the scoop)(Brief Article)
February 1, 2004... Identity theft is not something that just happens to consumers--businesses are victims as well. According to the U.S. Postal Inspection Service, corporations lose millions of dollars every year from computer crime and credit card fraud that...

Your vote counts!(the scoop)
February 1, 2004... Just a reminder that the Board of Director elections for NACM are coming up soon. Your opinion is heard when you cast your vote... don't miss this opportunity to help determine the direction your association heads for the next year! Look for...

NACM calendar.(National Association of Credit Management )(Calendar)
February 1, 2004... FEBRUARY February 2--March 12 Registration for NACM's Online Accounting and Online Credit Law Course February 9 Teleconference: The Patriot Act February 11 FCIB New York Round Table Conference Shelburne...

Strength in numbers.(Credit Column)(National Association of Credit Management's financial data and membership management)
February 1, 2004... 2004 marks the beginning of many new initiatives at NACM: NACM-National has transitioned to, or will change to, a calendar year for all aspects of its business. The time frame on which membership statistics are tracked and maintained is now...

Meet Dave Sayre, CBA, CCE: Manager, Credit Services, BSN Medical.(memeber of National Association of Credit Management)
February 1, 2004... Dave Sayre, BSN Medical, went to college with the intention of going into the banking industry upon graduation. He received a Bachelor's Degree in Finance from West Virginia University and an MBA from Wingate University in Matthews, North...

Preferences, reclamation and PACA in one case: a three-ring circus.(Credit Column)(Perishable Agricultural Commodities Act of 1930)
February 1, 2004... Introduction A credit manager and NACM member recently inquired whether his company's reclamation claim that was granted administrative priority status and paid in its customer's bankruptcy case, could also be used as offsettable new value...

Reconsidering a personal guarantee as a credit enhancement: your guarantor may be shielding assets with an asset protection trust as a result of the Sarbanes-Oxley Act.(Credit Column)
February 1, 2004... For credit professionals, personal guarantees furnished by a company's officer can increase the prospect for payment. A personal guarantee provides the vendor with a second pocket to look to, in the event the corporate customer fails to pay. A...

Using the criminal justice system to collect NSF checks.(Selected topic)
February 1, 2004... It has long been a controversy in my region of the country, but maybe it's time for a fresh look at using the criminal justice system to recover funds from COD or cash customers who write bad checks. "We don't like to be used as a collection...

Old scam finds new victims: savvy businesses on guard against check-floating scheme ...(Selected topic)(suggestions to prevent coporate fraud)
February 1, 2004... While spectacular corporate fraud producing the bankruptcies of companies like Enron and WorldCom grab headlines, a garden-variety business scam, the "bust-out," has been wreaking havoc for years at businesses without the resources--or...

Following your moral compass in the workplace.(Credit Column)
February 1, 2004... An avalanche of corporate scandals has hit the news in recent years. Boosted profits. Inflated sales figures to keep stock prices high. Shredded documents to hide the paper trails. CEOs put on trial for their misdeeds. What are the consequences...

Don't get your pocket picked: a new generation of computer-sophisticated perpetrators is using shell corporations, counterfeit documents and stolen identification to defraud corporations. Credit managers need to know what to look for and when to call for help.(suggestions for fraud risk management )
February 1, 2004... Fraud is a big problem. The average company loses more than $1 million annually to fraud, notes Gary Bares, president of Phoenix-based Verifraud, a fraud risk management consulting firm. In fact, between 15 percent and 30 percent of bad debt...

Small business owners and credit evaluation.(Selected Topic)
February 1, 2004... Credit managers rely heavily upon external data sources to guide them in the credit decision process. To approve or reject a loan request is a delicate task. A credit manager must evaluate the risk associated with extending credit versus...

New CEO survey shows marked improvement of economic conditions.(Communique)(Chief executive officers)
February 1, 2004... The Business Roundtable's CEO Economic Outlook Survey shows that America's leading CEOs expect a marked improvementin economic conditions, with strong increases in sales expected and significant capital investment planned in the first six...

Clued in: using "detective skills" to strengthen your credit and sales relationship.(Credit and Sales ... Working Together)(suggestions for credit and sales team management)
February 1, 2004... In order for your organization to maximize its revenue and cash performance building and maintaining a solid and positive relationship between your credit services and sales teams is key. Credit service professionals can strengthen their...

The Sarbanes-Oxley Act of 2002: understanding the independent auditor's role in building public trust.
February 1, 2004... Strengthening Auditor Independence The Sarbanes-Oxley legislation attempts to create a more independent environment for auditors to make their contribution to the corporate reporting supply chain. In many ways, the provisions of the Act...

The forensic accountant: the Sherlock Holmes of the Accounting World.(Selected Topic)
February 1, 2004... Who is one part accountant, one part detective and one part legal expert? Hint: This person is equally at home identifying corporate misdeeds, providing key evidence in legal proceedings or working with the CIA. If you answered "a forensic...

Privacy-related and other amendments to the bankruptcy rules became effective December 1.(Selected Topic)
February 1, 2004... The United States Supreme Court has adopted proposed amendments to the Federal Rules of Bankruptcy Procedure that became effective December 1, 2003. These changes to the Federal Rules of Bankruptcy Procedure and the Official Forms pertain to...

Hot spots: Russia.(International Section)(economic and political aspects)
February 1, 2004... The economy Finished the year 2003 on a strong note and will undoubtedly put in a good performance in 2004 as well. Its growth in 2003 was about 6.8%, and the expansion over the past four years averaged an impressive 6.1% annually. For 2004,...

World credit conditions.(Illustration)
February 1, 2004... ECONOMIC GROWTH GDP % change from previous quarter Q4 02 Q1 03 Q2 03 Q3 03 U.S. 0.3 0.4 0.8 1.7 Canada 0.4 0.6 -0.1 0.3 Mexico 0.2 -0.5 0.2 0.4 EU 15 0.2...

International Accounting Standards take hold.(International Section)(international usage)
February 1, 2004... One year from now, companies operating in the European Union will be issuing their financial statements under International Accounting Standards (IAS), now officially called International Financial Reporting Standards (IFRS), signally the...

Collecting debts in Canada.(International Section)
February 1, 2004... Collection procedure The collection of outstanding receivables is as much a responsibility of the credit department as the investigation, evaluation, and approval of the customer's credit. The collection effort should include a systematic...

New Mexico's Mechanics' and Materialmen's Lien Law.(Credit Column)(Materialmen's)
February 1, 2004... New Mexico's Mechanics' and Materialmen's Lien Law is modeled on and derived from California's constitutional protection of mechanics and materialmen. Accordingly, New Mexico has traditionally been exceedingly protective of the rights of...

Allen Bauer, CCE, receives 2003 Credit Executive of the Year Award.(Member News)(Brief Article)
February 1, 2004... NACM Kansas City Division, Inc. is proud to announce that Allen Bauer, CCE, is the recipient of the 2003 Credit Executive of the Year Award. The award, presented to Bauer by Betty Carroll, chairperson, at the NACM Kansas City Division, Inc....

The National Health Care Credit Exchange Group celebrates its 30th Anniversary.(Member News)(Brief Article)
February 1, 2004... NACM Credit Services President Patrick Tolle acted as monitor for the National Health Care Credit Exchange Group's 30th Anniversary meeting at South Seas Resort in Captiva Island, FL, November 11-14, 2003. The National Health Care Credit...

Choosing a commercial debt collection agency.(Credit Basics)
February 1, 2004... There are a number of excellent national and regional agencies out there. Out of respect for those I don't know, I won't name any. The things I look for in a collection agency are these: 1. Performance, performance, performance!...

Four strategies for power decision making.(Credit Column)
February 1, 2004... Regardless of your profession, you make a multitude of decisions every day. From whether to hold the meeting in the morning or afternoon, to wear the black suit or the blue one, to hire one job candidate over another, the number of daily...

Computer backup quiz: terms you should know.(Technology Column)
February 1, 2004... Consistent and secure backup procedures are one of the mainstays of a successful computer operation. But how well do you know your backup vocabulary? Take this simple quiz to find out. Match each title or expression below with the...