Accounts receivable/credit and collections departments got a crash course in creative problem-solving in 2020. With customers strapped for cash and supply chains compromised, a “new normal” was forged out of necessity. Just how will that inform AR/C&C operations going forward?
In this whitepaper, IOFM explores the major shifts experienced last year and the impacts those will have in 2021—and beyond.
Quarantine pushed many organizations to cloud-based automation so that employees could work from home. However, with the established in-office internal controls gone by the wayside, fraudsters saw an opening—and they took it. New customers whose existing suppliers had dried up reached out to new ones, creating churn in their customer master files.
Established credit management procedures became obsolete overnight when the usual indicators of creditworthiness became instantly outdated. The collections team had to get creative about finding ways to service their customers while ensuring they still got paid.
For those organizations that prevailed, the lessons learned in 2020 are valuable ones that will prepare them for future.
Continuing Education Credits available:
Receive 1 CEU towards IOFM programs:
Receive 1 CEU towards maintaining any AR and O2C related program through IOFM! These programs are designed to establish standards for the profession and recognize accounts payable and procure-to-pay professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the financial operations body of knowledge.
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