CREDIT MANAGEMENT JULY and August 2022

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OPINIONAUTHOR – Andy Lilleytransforming, and visualising data, so yourteams can make more informed decisionsaround credit risk policies, collectionstrategies, or credit limit increases to creategreater value for the business. It can helpyou gain visibility into customer behaviourchanges, which could unlock opportunitiesfor you to work with customers to solvepayment challenges, before they becomea major problem or increase their line ofcredit and in turn your revenue. This inturn can improve profitability by reducingthe financial risks posed by write-offs andlate payments.Creating greater visibility over realtimepayments allows you to leave the warof attrition over unpaid invoices behind.This in turn leads to a more customercentricapproach to credit, collections andcomplaints that can help you to maintaingood customer relationships.RETAINING TALENTIn an increasingly competitive businessenvironment, the ability to attract andretain top talent is crucial to businesssuccess. A recent survey commissionedby BlackLine suggests that one of the firststeps finance and accounting needs to taketo retain their best workers is to eliminatetransactional, mundane work. More than aquarter (28 percent) of F&A professionalssurveyed said there weren’t opportunitiesto learn new skills because transactionalwork takes up so much time, while a similarnumber (26 percent) claimed that they hadbecome bored of the mundane, repetitivenature of their jobs. What’s more, a quarter(26 percent) also claimed not to have time tofocus on future career development.It’s clear that your talent wants tospend their time adding value, regardlessof function. Completing a long list ofmanual tasks, which could be automated,is not adding value. If 80 percent of yourtime is spent on routine tasks that canbe automated, that’s 80 percent of yourvalue gone before any major or strategictasks arise. This wasted energy wastes youremployees, which passes on up the chain.Automation frees up F&A team membersto focus on strategic, more career-focusedgoals, ensuring all of their motivation andenergy is spent bringing value to yourbusiness (and not someone else’s).MANUAL PROCESSESMany organisations have now automatedprocesses such as accounts payable, but theprevalence of manual processes in accountsreceivable continues to pose serious healthissues for businesses. The problem is thatautomating some processes and not otherscould ultimately cost you more than youbargained for. If the budget only stretchesso far, it’s essential to upgrade the processthat will have the biggest impact. Let meexplain by way of an analogy.Imagine you need to dig a holesomewhere in your back garden. You coulddo it with a shovel, but it needs to be a verylarge hole, so doing it that way would take ahuge amount of time and exhausting effort.So, you hire a JCB. This gets the job donemuch faster and with much less effort. Theproblem is, you didn’t know where exactlyto dig the hole to begin with and you’ve dugit in the wrong place. Now, not only do youstill need to dig the hole, but you need torepair the large area of back garden that isnow a building site.Automating some F&A processes butleaving AR up to manual processes createsa similarly traumatic scenario. Choosingto invest in accounts receivable opensup a treasure trove of intelligence andprofitability that could make the differencebetween success or failure. When it comesto accounts receivable, investment is nolonger a nice-to-have, it is now a must-havefor survival.Automating some F&Aprocesses but leaving ARup to manual processescreates a similarlytraumatic scenario.Choosing to invest inaccounts receivableopens up a treasuretrove of intelligence andprofitability that couldmake the differencebetween success or failure.Andy Lilley isManaging Director –Global AR, BlackLineBrave | Curious | Resilient / www.cicm.com / July & August 2022 / PAGE 14
Fill your vacancy or find your next careermove at www.portfoliocreditcontrol.comWE NEED YOU!Contribute to our Portfolio Credit ControlSalary Survey 2022/23 today.RECRUITINGFROM YOUROFFICE......ORREMOTELYPortfolio Credit Control specialisein solely recruiting for permanent,temporary & contract Creditprofessionals at all levels of the market.Our expert market knowledge & industryexperience is trusted by businessesacross the UK for all their Credit Controlhiring needs including Credit Managers,Credit Controllers, Sales Ledger &Accounts Receivable professionals;just to name a few…Contact us to hire thebest Credit Control talentScan with your phone to fill your vacancy or find yournext career move at www.portfoliocreditcontrol.comContact one of our specialist recruitment consultants to fill your vacancy or find your next career move!LONDON 020 7650 31991 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AEMANCHESTER 0161 523 5585THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FBwww.portfoliocreditcontrol.comrecruitment@portfoliocreditcontrol.comtheportfoliogroupportfoliocreditRated as Excellentportfolio-credit-controlBrave | Curious | Resilient / www.cicm.com / July & August 2022 / PAGE 15
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Page 5 and 6: CMNEWSA round-up of news stories fr
Page 7 and 8: NEWS SPECIAL - EXCLUSIVEuncertain,
Page 9 and 10: NEWS FOCUS - EXCLUSIVE“While the
Page 11 and 12: THE PERFECT VENUE FOR THIS YEAR’S
Page 13: OPINIONAUTHOR - Andy LilleyInvestme
Page 17 and 18: INTERVIEWAUTHOR - Sean Feast FCICMA
Page 19 and 20: INTERVIEWAUTHOR - Sean Feast FCICMa
Page 21 and 22: COUNTRY FOCUSAUTHOR - Adam Bernstei
Page 23 and 24: COUNTRY FOCUSAUTHOR - Adam Bernstei
Page 25 and 26: On-Demand | Online | Face-to-FaceME
Page 27 and 28: FRAUDAUTHOR - Syed RahmanNO RESPONS
Page 29 and 30: STATISTICSData supplied by the Cred
Page 31 and 32: UK & INTERNATIONALDEBT COLLECTIONSP
Page 33 and 34: Debt crisis in emerging marketsACCO
Page 35 and 36: THINK TANKThe first tangible change
Page 37 and 38: Each of our Corporate Partners is c
Page 39 and 40: HR MATTERSCONDUCT UNBECOMINGWas a t
Page 41 and 42: LEGAL MATTERSAUTHOR - Peter Walkerw
Page 43 and 44: CICM MEMBEREXCLUSIVEYour CICM lapel
Page 45 and 46: ESG - CASE STUDYAUTHOR - Paula Swai
Page 47 and 48: ESGAUTHOR - Aniela Unguresanthem. I
Page 49 and 50: CAREERSTalent poolAUTHOR - Natascha
Page 51 and 52: Brave | Curious | Resilient / www.c
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Page 55 and 56: Apprentice profileETHAN Aghanian wo
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