Managing personal and family finances is an art actually. Most of you would fail to do so, if you lack the knowledge of finance management. However, if you are keen interested in the matter, you are all in all. It doesn’t matter how much you earn. But it matters how much you save at the end of each month. Make a budget in each month. Budgeting would help you keep track of the money you spend during a month. And a proper budgeting would definitely help you save money in every month. At the same time it also keeps you informed of the expenditure which was actually uncalled for.
The following are some tips which can be considered as a base for proper management:
There are two types of credit management services – one for businesses and one for individuals. Let us find out what each type means.
Credit management services for companies and business owners
Some companies need credit management services to effectively collect payables from clients. A lot of credit management companies offer discreet and courteous cash flow management and collection of your overdue and current accounts. These companies are trained not only to collect, but also to maintain healthy relationships between businesses and their customers.
Aside from increasing a business’ receivables, credit management companies also proactively prevent bad debts by instituting rules so that customers and clients pay on time. They also help improve a business’ customer service, so that it can collect its own receivables in the future. Continue reading Credit Management Services
Credit management is an important function in every organization. Experts defined it as a balancing act between maximizing business revenue against minimizing credit loss.
All big and lucrative business deals involve some levels of credit risks. On the other hand companies cannot advance or function without credit. Therefore in order ensure a company enjoy the benefits of big and lucrative business deals and function properly, it has to management its credit well and efficiently.
Investing in receivables involves credit risk. It is impossible to eliminate credit loss totally. However it is possible keep credit loss to minimal through controls. Practicing and executing efficient credit management will ensure the company makes good decision investing in quality receivables with calculated credit loss. Continue reading What Is Credit Management
How well does your company do at collecting past due accounts? The answer will vary widely depending on your discipline, your tenacity and perhaps even your region of the country.
Fortunately, few regions of the country use credit as a tool for any other purpose than customer convenience. However, some regions do use credit as a marketing tool. And in others, sometimes dozens of years ago, companies began to allow customers to use them like most professional customers use a bank. And a long history of practices like these are always difficult to eliminate.
Among the ways credit management is generally measured:
o Average accounts receivable collection days.
o Bad debt expense as a percentage of sales.
o Recoveries as a percentage of outstanding balances.
o Turn around time for processing credit applications.
If you aspire to work in the corporate finance department of an organization, you are part of a team that is involved with collating data that form the solid basis for making capital investment decisions of a company. Some of its primary tasks include supplying figures that will support or oppose investment proposals. A corporate finance job entails management of company assets and liabilities, financial forecasting, inventory control, budgeting, and auditing.
The two key functions of corporate finance include:
Accounting – this involves recording of the day-to-day transactions of the company. Its tasks include payroll, tracking of company expenses, computation of revenue and balancing of the company’s accounting books.
Finance – this is concerned with the management of the company’s assets, liabilities, and investments. It is also responsible for the monitoring of the company’s financial performance and analyzing its revenue and expenses in order to ensure that the company’s capital is used in the most effective way possible. Continue reading What Does It Take to Get a Corporate Finance Job