6 Essential Elements of a Credit and Collections Policy Framework

Speakers

Marinko Marijolovic

Director, Corporate Credit,
Shurtech Brands

Transcript

[0:00] Marinko Marijolovic: Just a little bit of background about my organization before we get started, just so you guys have a feel for where I'm coming from. So I work for ShurTech Brands, obviously, we are located in Avon, Ohio, which is a little west of Cleveland, Ohio. So the weather that you see outside is year-round pretty much up there, except for the two months during the summer. But we're owned by ShurTech technologies, which is headquartered in Hickory, North Carolina, and they are a little northwest of Charlotte. So kind of get perspective. All of our AR credit collections functions are done in Avon for the entire organization. But we do have a centralized finance team, and we all report under one CFO and so basically, we have a linear reporting structure, but not everybody's in the same facility. We primarily make tape products. We have plants around North Carolina, we have plants in China, Mexico, there are some facilities as well in other parts of the country of the world and Peru and Dubai and things like that, but we sell to the retail industry. So Walmart Home Depot, Sherwin Williams, Staples; Some of the brands…

What you'll learn

  • Designing your credit policy and collections strategies, by keeping them aligned
  • Tackling customers who are delinquent or are taking undue advantage of their position
  • There’s no time like the present

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    HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.