Search results for: “collection policy”
-
10 Things to Consider When Writing A Credit Policy
Credit policies are critical documents for nearly every organization, but especially for those B2B businesses who manage trade credit. Nearly every construction industry business is in this position, as construction materials, labor, and services are typically furnished and then billed, leaving these companies with cash and credit management challenges. Further Reading: [zlien id=”33972″] The idea…
-
How A/R and a Lien Policy Work Together
A thorough Lien Policy can form the backbone of a strategic A/R collection plan. Implementing a lien policy can reinvent a company’s receivables, which leads to less bad debt and fewer write-offs. Getting Paid in the Construction Industry Is Tough Getting Paid in construction industry is harder than in most other industries. There are many reasons for this…
-
Lien Policy: Best Practices and Overview
Lien Strategy Before getting into the ins and outs of lien strategy, it’s important to note that filing a lien is only one step in the process of lien rights management, and lien rights management is just one aspect of credit management and receivables policy for construction companies. The zlien methodology: Protect, Monitor, Warn, Secure,…
-
CFM Review: Collection Automation For Humans – Does It Exist?
Every Friday, we will select a few in-depth articles from the week that we think are worth your valuable time as a construction financial manager (CFM). We look for compelling articles not only about financial topics, but about business, technology, and life, that challenges you to think about your role as a CFM in different…
-
Drafting a Written Litigation Policy Is Good for Business
While it’s sometimes overlooked, or just ignored, a specific litigation policy is an important piece of a complete and thorough credit policy. Coupled with a good collection policy, and a thorough lien policy, a specifically followed litigation policy should should ensure that a company in the construction industry will get paid on nearly every project.…