2016 New Oregon Laws

Jan 6, 2016

Posted by & filed under Credit, Education, Leadership, Legal.

courthouse

New Year, New Laws, New Worries                                                       January 2016

From Rainmakers Government Strategies

Paid Sick Leave
Requires most employers in the state having 10 or more employees to implement a sick time
policy allowing an employee to earn, accrue, donate, or use up to 40 hours of paid sick time per
year. The threshold is 6 employees in the Portland area.

Ban the Box
Establishes an unlawful employment practice for an employer to ask about an applicant’s
conviction history on a job application (no box that you check if you have a conviction) or prior to
an interview.

Wage Conversations / Pay Equity
Protects employees who inquire about, discuss, or disclose information about their wage or the
wage of another employee.… Read the rest

Four Key Objectives of Customer Visits

Jan 5, 2016

Posted by & filed under Credit, Leadership.

Customer visits can provide the credit department with significant and valuable information about a business and its operations. The credit professional receives a firsthand glimpse into the customer’s facilities, such as their inventory, condition of equipment, and location. Personal visits may also create and help build long-term relationships with the customer. On the flipside, a credit professional should be alert to the attitude the customer takes during the visit and note any red flags. Therefore, results of customer visits should be fully documented with key information highlighted. Below are four main objectives of a customer visit that a credit professional should take into account.

Building Relationships

A customer visit can include representatives from both the credit and sales department, and may also include other members of company management.… Read the rest

10 Associated Elements in Financial Statements

Jan 5, 2016

Posted by & filed under Credit.

Financial statements play an extremely important role in the day-to-day operations of a business. The balance sheet provides a snapshot of the company’s financial statement, while the statement of cash flows shows its operating expenses. It is vital for a credit professional to review and understand these documents. The credit manager should also be aware of the 10 associated elements in financial statements that relate to measuring the performance and financial position of the business.

  1. Assets—All of the resources owned, or in some cases controlled, by a company or a person
  2. Liabilities—obligations, debts, and items that are owed by the business
  3. Equity—assets minus liabilities
  4. Investment by owners—an increase in the equity of the business; something of value is transferred to the business to obtain or increase ownership interest
  5. Distribution to owners—a decrease in the equity of business after assets of some kind, such as cash, are transferred to the owners
  6. Comprehensive income—all of the changes in equity during a stated period, except changes from either investments by or distributions to owners
  7. Revenues—cash or other items received by the business in exchange for merchandise or services rendered
  8. Expenses—the amount of assets or services spent or used
  9. Gains—increases in a company’s equity from non-operating business transactions, except those that stem from revenues or investments by owners
  10. Losses—decreases in a company’s equity from non-operating business transactions and other occurrences, except those that stem from expenses or distributions to owners

Source: NACM, Principles of Business Credit

 

Posted January 2016… Read the rest

Holiday Open House

Dec 15, 2015

Posted by & filed under Credit.

We had a blast at the Holiday Open House a few weeks ago! Thank you for everyone who came to join the fun. We look forward to seeing everyone next year. Play the video below to see all the fun and excitement!

 

… Read the rest

The Importance of Conducting Credit Investigations on Existing Accounts

Dec 14, 2015

Posted by & filed under Credit.

Credit investigations on a customer don’t end once an application is approved and an account is established. Every company’s credit policy should include procedures for updating customer credit applications periodically, keeping in mind that certain specific events should trigger an immediate reevaluation.

When to Investigate an Account

It is recommended that credit applications be updated whenever there is a change in the credit grantor’s policies or credit terms or at certain timeframes such as annually or every three or five years. In the process of verifying information, the credit professional should take the opportunity to review the contents of the file and archive or destroy outdated or irrelevant materials. This will prevent duplication and oversight and make it easier to find items when they are needed.… Read the rest

Ten Habits of Highly Effective Managers

Dec 15, 2015

Posted by & filed under Credit, Leadership.

By Wes Friesen, CCE, Portland General Electric

“Sow a thought and you reap an act; sow an act and you reap a habit; sow a habit and you reap a character; sow a character and you reap a destiny.”

Right in the middle of the quotation above is the importance of our habits.  A habit is “an acquired mode of behavior that has become our common practice.” Our habits mold our character and ultimately determine our destiny in the world. Want to further develop your character and develop into a highly effective manager? Intentionally pursuing and building worthwhile habits is the key.

Following are ten of the habits of highly effective managers. This is not an exhaustive list – but these will build a strong foundation on your road to increased management effectiveness:

  • Habit #1: “Expanding Self-Awareness.”
… Read the rest

The Efficacy Of Online/Electronic Credit Applications

Dec 15, 2015

Posted by & filed under Credit, Electronic Signatures, Technology.

By: Wanda Borges, Esq., Borges & Associates, LLC

The diligent credit executive must be ever mindful of the multiple functions that can be performed by a well-drafted credit application. A credit application is not only a useful source of information for evaluating the prospect’s credit, but also provides a wealth of information that can be used to collect your company’s claim from a customer that later hits dire financial straits. Under the right circumstances, a credit application can also become a binding contract.

With many companies now utilizing an online or electronic credit application, credit grantors need to determine the intended purpose of the online or electronic credit application, and whether that online/electronic credit application can be enforceable in court.… Read the rest