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Essential Resources for Credit Professionals During Tough Times
Can your credit manager detect fraudulent information on a credit application?
News Release
March 5, 2009
HousingZone
If “credit is the vital air of the system of modern commerce,” as noted by Daniel Webster nearly 175 years ago, then it’s unsurprising that current domestic and global economic conditions are so dismal. The scarcity of available credit is a perilous symbol of a worldwide economy in recession. In the United States alone, business credit professionals extend billions of dollars in financing. These transactions touch every level of the economy, from local mom-and-pop single-site entities to multinational conglomerates spanning the globe.
Business credit is the single largest source of commercial financing, by volume, in the U.S. economy—even exceeding bank loans. “Credit professionals are among the unsung drivers of the business world,” noted Robin Schauseil, president of the National Association of Credit Management (NACM). “They must be able to gauge the difference between fact and fraud, between hope and charity, and between faith and foolishness.” Their seamless efforts to apply sound credit judgment can be an impetus to economic development and recovery.
Can your credit manager detect fraudulent information on a credit application? Can he interpret financial statements? Does she have the knowledge to best protect your company from a customer’s bankruptcy and subsequent preference claims? Will he know how to unravel unexpected deductions while pursuing slow-paying debtors? A company whose credit and collections staff is ill-prepared to manage these tasks may ultimately face tougher challenges throughout the current recession.
Through its multifaceted certification and education programs, NACM provides credit professionals with the resources they need to update their skill set and to keep pace with ever-changing business conditions. A well-rounded credit professional is a valuable company asset and is, in fact, responsible for a company’s largest asset—accounts receivable.
“When you have a dual role like I’ve been doing for a long time, you get both sides of it,” said John DeShazo, CCE, CICP, international collections, Tyco Valves & Control, about credit and collections. “It’s very important to help [yourself] in your career.” DeShazo was prompted by his manager to pursue the NACM Certified Credit Executive (CCE) designation, despite holding a degree and working in the credit field for more than 29 years. His employer saw it as a way for DeShazo to strengthen his position within the company.
Many credit professionals who have gone through some kind of education or certification program—and their employers—feel the same way. At its very essence, a certification program provides an entry point for newer credit professionals such as Kelly Shoults, CBA. Currently a credit manager for Service Wire Company, Shoults explained that the main reason she began the certification process “was to continue learning and growing in my career. Like a lot of credit professionals, I ended up in credit and collections…without much specific thought to this industry.” Shoults added, “Achieving the designation is not only personally satisfying, but has proven to be professionally rewarding as well.”
Daniel Susanka, a senior credit representative for Minneapolis, Minnesota-based Graco, Inc., said that he has already applied the information he learned to recent projects, such as updating Graco’s letter of credit policy. “I started with my CBA [Credit Business Associate] and then went on with the CBF [Credit Business Fellow], which really affirmed my desire to be in the credit profession,” he explained.
NACM’s certification program presents three distinct levels of achievement and often mirrors the career trajectory of credit professionals. Each designation represents a significant period: The CBA is geared toward those new to the field; the CBF recognizes established professionals; and the CCE is awarded to individuals who are capable of managing the credit function at an executive level.
Credit professionals can qualify for the CBA, CBF and CCE exams based on a combination of educational and employment factors.
Credit professionals look to NACM-National and its Affiliated Associations for a variety of useful work-related resources that meet their complex needs and responsibilities. And in today’s business environment where uncertainty is often the only certainty, NACM educational offerings, including the Credit Administration Program (CAP), Advanced Credit Administration Program (ACAP) and the Professional Certification Program, help credit professionals meet head-on the challenges of an economy in flux.
Credit and financial professionals who recognize the uncertainty of today’s business environment and are driven to learn from, and network with, the best practitioners and experts in the nation are invited to attend NACM’s 113th Annual Credit Congress & Exposition in Orlando, Florida, June 14-17, 2009. During this premier event, NACM will host dozens of educational sessions, industry-specific programming and an Expo showcasing the latest credit-based tools and services from nearly 60 vendors. Attendees will also enjoy countless networking and relationship-building activities. Visit www.nacm.org for more information about NACM, its myriad publications and educational resources, and the 113th Credit Congress.
About NACM
The National Association of Credit Management (NACM), headquartered in Columbia, Maryland, supports about 19,000 business credit and financial professionals worldwide with premier industry services, tools and information. NACM and its network of Affiliated Associations are the leading resource for credit and financial management information and education, delivering products and services, which improve the management of business credit and accounts receivable. NACM's collective voice has influenced legislative results concerning commercial business and trade credit to our nation's policy makers for more than 100 years, and continues to play an active part in legislative issues pertaining to business credit and corporate bankruptcy.
Source: National Association of Credit Management
Website: www.nacm.org
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.
