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Jun 01 2010
Credit Line Newsletter
Credit Line
E-News June 2010

In This Issue
- Red Flags Rule Deadline Extended
- Collecting is Selling
- A Conversation with a CFO
- 2010 Credit Congress Highlights
- New International Credit Group
- An Actual Embezzlement Case

Looking Ahead

June 2 - "Credit Manhunt" Using technology to find FREE information on your customers

June 7 - Paperwork Deadline for July 26 Professional Designation Exams

June 10 - ICEL - Work Smarter Not Harder, Speaker: Debie Wangsgard, CCE, Corporate Credit Training / Process Compliance Mgr. Stock Bldg Supply

June 23 - "Collecting is Selling" Barry Elms - Persuade customer to pay past due bills using the skills that were needed to convince them to buy in the first place.

June 30 - "Construction Round Table" Discussion lead by Dana Farmer, Esq. LienCounsel. Bring your questions, problems and discussion topics.
July 26 - NACM Professional Designation Exams

July 8 - ICEL "Test Your Credit Knowledge" How much do you know about credit management? Find out and learn more at this fun and enlightening meeting.

Aug 3 - "Credit Boot Camp" Basic Training in Credit & Accounts Receivable Collection.

Aug 25 - Fall Semester Begins
NACM & Salt Lake Community College Business Credit Classes. Scholarships available!

Sept 2 - "Cash Flow From the Credit Department"

Sep 20 - Paperwork Deadline for Nov 8 Professional Designation Exams

Oct 20-22 - Western Region Credit Conference More Info

Why should I submit potential members to NACM?"

Help gain information on your customers. As a member, their information could help build the database on your customers as well not just a one- way street. more Info

Red Flags Rule Deadline Extended

May 28 - The Federal Trade Commion announced it again has delayed the enforcement of the "Red Flags" Rule through December 31, 2010 stating that "Congress needs to fix the unintended consequences of the legislation - and to fix this problem quickly."

Find the latest information from the Federal Trade Commission

Collecting is Selling
by Barry Elms
(Reprinted with permission from NACM National and Barry Elms)

Collecting is Selling. Successfully persuading customers to pay past-due bills when you contact them requires the same skills that were needed to convince them to buy in the first place. As with selling, collecting requires training to develop a personality and skill set that will impact the customer to agree to your point of view. Here are some examples of the skills needed to influence customer to pay quickly.

The first and arguably most important component to a persuasive collection style is a confident personality. Just like their sales team, collectors need to project self belief when contacting customers. There are three keys to truly developing a confident approach to collecting: View full article

Barry Elms Seminar

Collecting is Selling - Guaranteed Collection Techniques comes to Salt Lake on June 23rd

Barry Elms will be in Salt Lake on Wednesday, June 23rd to present his NEW full day seminar "Collecting is Selling" 9 am - 4 pm at the Red Lion Hotel. Price: $85.00 (lunch included)
**Develop a skill set that will impact the customer to agree to your point of view.
**Explore how to influence customers to pay quickly and feel good about it! More information

A Conversation with a CFO
Excerpts from a 2010 NACM Credit Congress Presentation by Duane Wardle, CCE, Sr. VP of Young Electric Sign Co.

Do you know what the profile of a great credit manager looks like? Do you know how to act and talk like you mean business? If you answer yes to these questions, you may have attended "A Conversation with a CFO" at Credit Congress this year given by Duane Wardell, CCE, Sr. VP, Young Electric Sign Co. If you weren't able to attend ... all I can say is you should have been there! This session was one of my favorites!

Characteristics of a Great Credit Manager
1. Pro-active not re-active View full article

2010 Credit Congress
June 16-19, 2010

Photos & highlights from 2010 Credit Congress

New International Trade Group

The International Trade Group is a new group being offered through the NACM Industry Credit Groups Department at the request of its members.

The start-up date is Thursday, June 24th, at the Red Lion Hotel, from 11 a.m. - 1 p.m. Some of our members sell internationally and needed a forum to discuss not only international credit but also a place where they could get together to learn how to make a profit and protect themselves in the international arena. The following NACM members all sell to foreign markets and understand the need for an International Trade Group. Here are some statements and thoughts they have expressed about international trade and why an international trade group might be helpful to NACM members: View full article

An Actual Embezzlement Case

Identities withheld

Internal controls and constant vigilance are important to the well being of your company. Here is a recent local example of what can happen when you let your guard down for even a brief moment. This case also presents an argument for mandatory vacations where somebody else has to step in and do the job of the person on vacation.

In June 2007 Company X hired a new accounting manager. On her application she listed work experience as accounting manager with another company starting July 1999 until the date she was hired by Company X. She also had a Bachelors Degree in Sociology from the University of Utah.

She did not have the specific job function of handling cash or posting payments or crediting accounts but was responsible for supervising employees who did process the cash and checks and making daily electronic and cash deposits.

Just before Company X went through a computer conversion, one of the employees responsible for handling cash quit and the re-assigning of her responsibilities got lost in the conversion which left the supervisor in complete control of cash and cash posting. View full article