The InterConnection VOLUME 8
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ISSUE 4
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JULY/AUGUST 2020
NACM Connect Offers Two New Payment Options to Members Effective September 1st you will now be able to make quarterly dues payments to NACM Connect when you use a credit card. Lillian Novak, CGA Vice President of Education, Marketing, and Member Services NACM Connect
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e are making this option available to our members for membership and group dues to help with cash flow and budgeting. When you get your next dues invoice from NACM Connect, you will have the option of setting up quarterly payments for your dues. There will be a link on the NACM Connect website to renew your membership. Once you enter your credit card information and let us know you want to set up quarterly payments we will take it from there. You will also have the option of ceasing this payment method at each annual renewal. Your Membership Consultant or our Accounting Department are happy to help you get started. Just let us know when you receive your next dues invoice that you’d like to begin this program. Also, NACM Connect has long enjoyed a very successful reciprocal partnership with Esker and TermSync. As a preferred provider they have actively sponsored our annual meetings and conferences and have served as session leaders at these events as well as on webinars. And we use their software to send gentle reminders to our members when payments are overdue. We will now be expanding that relationship to offer our members the ability to pay all
Association invoices online either with a credit card or an ACH transaction. This service will provide you with a free and secure way to schedule payment, view/print invoice PDFs, download past account statements, view your payment history, and ask us questions. As an added benefit, Esker offers AutoPay on invoices. Not only will this reduce paper and postal costs, but it will help your company go green. AutoPay provides convenience and major time-savings as well! You can access your online account statement through the link in the Payment Reminder email notification you receive. Each link is unique to you; only use those sent directly to you. This access point does not require a password; simply enter your email address. You also have the ability to create a password for your account so you can access your portal without using a link from a TermSync email. The customer portal is available to fulfill all your self-service needs.
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You will soon be receiving the email from us via TermSync with your unique links. If you have any questions or want to ensure the email is legit, please feel free to contact your Membership Consultant or our Accounting Department at 847.483.6400 for verification. We hope you enjoy this new service!â–
JULY / AUGUST 2020
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2020-2021 Board of Directors CHAIRPERSON Patrick Nelson, MBA ACCO Brands, Inc.
In This Issue
VICE CHAIRPERSON Mike Hill, CCE MiTek USA, Inc.
NACM Connect Offers Two New Payment Options to Members
1
NACM Connect Illinois/Wisconsin Local Industry Group Meeting
22
Illinois Construction Stuff and Stuff
4
22
2020 NACM Connect Online Credit Conference: Credit Heroes
NACM Connect Missouri/Kansas Local Industry Group Meeting
5
NACM Connect Pennsylvania Local Industry Group Meetings
22
Credit Management Still in Recovery
7
ZOOM Roundtable: Explaining the NACM Connect Benefits That Will Make Your Boss Want to Sign Off on Membership
NACM Connect National Industry Credit Groups
23
8
NACM Connect New York Local Industry Credit Group Meeting
23
FREE 15-Minute D&B Webinar: Are You Alerted if a Newly Onboarded Customer Becomes a Financial Risk?
9
NACM Connect Nebraska Local Industry Group Meetings
23
NACM Connect Indiana/Michigan/Ohio Local Industry Group Meetings
24
NACM Connect Events Calendar
25
Caine & Weiner Quarterly Giveaway
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TREASURER Kevin Stinner, CCE, CCRA Simplot AB Retail, Inc. DIRECTORS—TERMS ENDING 2021 Tracey Bland First Citizens Bank Staci Cima, CCE Huttig Building Products Diana Hoffmann, CBA Rockline Industries, Inc. Brendon Misik, CCE, CICP Nutrien Dave Zahller, CCE Tubular Steel DIRECTORS—TERMS ENDING 2022 John-John McEvilly, CBA, CICP PSAV Presentation Services Joe Lange, CCE, CCRA Brenntag Great Lakes, LLC Adam D. Ross, CCE Feralloy Corporation George Valletti, CFO/COO Ginsey Home Solutions DIRECTORS—TERMS ENDING 2023 Curtis Litchfield, CCE Land O' Lakes/Purina Mills Luz Moreno, CCE, CICP Klein Tools Jeff Weber Uline Yazmin Yepez, CBF, CCRA, CICP Mitsubishi Electric Automation Inc. PRESIDENT Phillip J. Lattanzio, CCE, COO NACM/Chicago-Midwest SECRETARY Kerry Jensen, CPA NACM/Chicago-Midwest COUNCILOR Erica White, CCE Ferguson Enterprises EDITORIAL STAFF EDITOR Linda Herbst Senior Marketing Administrator ASSOCIATE EDITORS Lillian Novak, CGA V.P. of Education and Marketing Margaret Krafft Marketing Administrator
Digitizing the Credit Department One Step at a Time
10
ZOOM Roundtable: Your Virtual Staff Telecommuting for the Times
11
ZOOM Roundtable: Sleeping Or Not Through a Pandemic
12
NACM Industry Credit Groups
28
FREE UTA Webinar: Efficiency Requirements
15
Welcome New Members and Reps
30
How to Identify a Potential Bankruptcy
16
Midwest Business Staffing
31
ZOOM Roundtable: Taxation Issues and Your Credit Department-2020
17
IOC 2020-2021 Coure Schedule
32
15-Minute D&B Webinar: Automated Onboarding of New Customers
Credit 101, 102, 103
33
19
Merritt Search
34
Craig's Credit Corner
20
NACM Southwest Quarterly Giveaway
35
NACM Connect Mission Statement To provide a forum to its members within the credit profession for education, networking and business resources. Vision Statement Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations. Value Statement
We are committed to the highest ethical standards and recognize that our Association must take a leadership role in our profession. Through our integrity and dedication we will earn the respect of our members as we know that our success as an Association depends on their trust in us. By creating strong relationships we will attain the loyalty of our members and alliance partners. We continuously seek to build an environment for learning to enhance the knowledge and expertise of our members.
The InterConnection newsletter is published bimonthly by NACM Connect, a not-for-profit Association affiliated with the National Association of Credit Management. For membership information, visit our website at www.nacmconnect.org, call 800.935.NACM or fax us at 847.253.6685. NACM Connect Headquarters is located at 3005 Tollview Drive, Rolling Meadows, IL 60008.
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JULY / AUGUST 2020
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Institute of Credit (IOC)
S
Education Digest
tart the process of earning your professional designation. If you would like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Margaret Krafft at margaret.krafft@nacmconnect.org.
Fall 2020 CBA Courses Rolling Meadows
Basic Credit Principles Available via Live Videoconference
Mondays, August 17 - October 26*
Rolling Meadows, IL
Financial Statement Analysis 1 Available via Live Videoconference
Thursdays, August 20 - October 29*
Rolling Meadows, IL
Fall 2020 CBF Courses Rolling Meadows
Basic Credit Principles Available via Live Videoconference
Wednesdays, August 6 - November 4*
Rolling Meadows, IL
* No class September 7 (Labor Day) All CBA and CBF classes are from 5:30 - 8:30 p.m.
Credt 101, 102 & 103 Rolling Meadows
Credit 101 Available via Live Videoconference
Wednesday, October 7
Rolling Meadows, IL
Credit 102 Available via Live Videoconference
Wednesday, July 8
Rolling Meadows, IL
Credit 103 Available via Live Videoconference
Wednesday, August 12
Rolling Meadows, IL
All Credit 101, 102 &103 classes are from 9 a.m. to 4 p.m.
Exam Review Classes
SAVE THE DATES!
Rolling Meadows
CBA Available via Phone Conference
Thursday, July 2
CBF Available via Phone Conference
Thursday, October 1
CCE Available via Phone Conference
Wednesday, July1
2020 Rolling Meadows, IL
Rolling Meadows, IL
Rolling Meadows, IL
ONLINE
Tuition Must be Paid Before the First Class Begins.
Online registration only through www.NACMConnect.org. Registrations will not be accepted past the registration deadline. Classes are subject to cancellation based on enrollment. Questions? Contact Margaret Krafft at 847.483.6420 or send an email to margaret.krafft@nacmconnect.org.
Conference and Expo
DESIGNATION EXAM DATES & DEADLINES Exam Dates Monday, July 27, 2020 Monday, November 9, 2020
SAVE-THE-DATE
October 14 through December 16 OCTOBER 14 THROUGH
Application and Paperwork Deadlines Friday, May 29, 2020
DECEMBER 16, 2020
Friday, September 4, 2020
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JULY / AUGUST 2020
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News
Illinois Construction Stuff and Stuff Norm Cowie, CCE
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think in my last article half a year ago, I left all of you hanging on whether Governor Pritzker would sign SB 1636 into law amending the Illinois Contractor Prompt Payment Act, 815 ILCS 60 3/1 capping retainage at 5% after a construction contract is more than fifty percent completed. Sooooo …. Did he, you wonder. He did on August 20, 2019, and it went into effect immediately for any projects beginning after the date of his John Hancock. So the new rules are, retainage can be held for up to 10% for the first half of a project, but it has to be reduced to 5% or less once the contract is halfway completed. Does this apply to all construction projects? No, it’s only for private projects. Are there any exceptions? Yes, single-family or multiple family residences with 12 or fewer units in a single building are not covered by these changes to the Act. I think you aren’t going to see this changed immediately on contracts, since they have to go to their legal poo-poo-head to put in in legalese, but I’m confident that even idiot judges will rule on it correctly, as it not being a legally enforceable term if it conflicts with the written law. Notice that this has to do with individual contracts, not the project at large. Some contractors (excavators, for instance) will complete their portion of a project before others even set foot at the jobsite (drywallers, etc.). This adds a bit of mental arithmetic to the owner and GC to be dealing with differing retainages. I don’t feel sorry for them. Another issue that might arise is how to determine when an individual contractor is halfway done. I suspect it will be administered as when payment hits 50%, but I could see there being conflicts. And what does a contractor do if his retainage isn’t reduced? I don’t really see a policing method, and it will
be interesting to see if there is any litigation on this in the future. All in all, I think it’s a great change, and as a supplier I applaud anything that frees up cash for my customer. Finally, I want to spend a personal moment on why I hadn’t contributed to the newsletter for half a year, after being a regular columnist for nearly twenty years. I spent three months in various medical facilities after having an adverse reaction to a shingles vaccine in October. This thing completely knocked me on my butt, and half a year later I’m still in a wheelchair. But as I spent time in ICU, then a hospital, then a rehab facility, and finally a sub-acute rehab facility, my progress was followed closely by Phil, Lillian and Themis of NACM-Connect, who reached out with messages of support and concern. Two credit managers of rival distributors, Joe Dible from Steiner Electric, and Peg Brushenko from Sunrise Electric Supply visited me (both bringing tasty treats!), and others blew up my phone regularly. Our attorney, Jim Ziegler (definitely not a poo-poo-head!), came by bearing fun books. I heard regularly from members of ACE (Association of Credit Executives). I’m humbled and grateful to learn that they see me as more than just a competitor, contributor or client. They are my friends, and I guess it’s why I love my job. Most of us spend more time with our fellow employees than we do with our own families. We learn about them, their likes, their dislikes (I work with someone who doesn’t like bacon. Can you believe that? Who doesn’t like bacon? My dog would eat plastic if it smelled like bacon. He’d eat it if it didn’t, too, especially if it were in the shape of a rabbit.) But when everyone learned that I was back, albeit working from home (which most of them were doing as well, due to the coronavirus), their excitement was so genuine I was moved. But we’re more than what our nametags or business cards say. We’re
THE INTERCONNECTION
human, and if you hang around people long enough, you can’t help but get attached. Thank you, everyone. Norm (if you want to read more on what happened to me, visit my blog at www. normcowie.com, and read the one titled “I’m back … and front…”) (*Almost all of my previous articles are available in my new book, THE ILLINOIS MECHANICS LIEN STATUTES … AND OTHER CONSTRUCTION STUFF available at NACM/Chicago!)■
On Behalf of NACM Con nect,
Norm!
Norman Cowie, CCE is Director of Credit for Paramont-EO, Inc. Besides his regular column for InterConnection, he has written articles appearing in the Chicago Tribune, Cynic Magazine, Business Credit and the Herald News. His current book titled, "The Illinois Mechanics Lien Statutes … and other construction stuff" is available for sale through NACM Connect. He also has ten published humor/fantasy novels, some through traditional publishers Echelon Press, Quake Books and Draumr Publishing, although more recently he has transitioned over to Indie publishing. Norm can be reached at norm.cowie@paramont-eo. com, or feel free to visit him at www.normcowie.com which features past NACM Connect articles.
JULY / AUGUST 2020
PAGE 4
REGISTRATION IS OPEN!
2020 ONLINE
Conference and Expo October 14 through December 16 nacmconnect.org
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JULY / AUGUST 2020
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PAY YOUR NACM CONNECT MEMBERSHIP DUES QUARTERLY! AUTO RENEWAL PROGRAM IS AVAILABLE THIS OPTION HAS JUST BECOME AVAILABLE FOR BOTH
MEMBERSHIP AND GROUP DUES WHEN PAYING WITH A CREDIT CARD. Contact your Membership Consultant or NACM Connect’s Accounting Department for more information: accounting@nacmconnect.org.
Contact dawn.federico@clla.org for more information. nacmconnect.org THE INTERCONNECTION JULY / AUGUST 2020 PAGE 6
News
Credit Management Still in Recovery Michael Miller, Managing Editor NACM
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ocial distancing, masks and store closures will haunt the dreams of many for years to come. As the U.S. continues to open for business, so do many industries and companies. The credit department is no exception, and countless credit professionals are on the front lines of protecting their companies. Some have returned to the office, while some never left, fighting to keep their company secure from additional bad debt and slow payments. The job of a credit manager is not for the faint of heart, and the added risks from the pandemic have only made creditors’ lives more difficult. However, they are battling back against the invisible threat of this COVID-19. NACM Survey Results As goes the economy, so goes the credit department—in recovery mode. In March, nearly 60% credit professionals reported their company lost revenue directly related to COVID-19. In the latest NACM survey, only just over a third said revenues decreased in May. In fact, just over a third actually reported an increase in revenues compared to March and April. Slightly under a quarter said revenues were about the same. Less than 8% had reported a revenue increase in March’s survey. Roughly three-fifths of credit departments are still working from home due to COVID-19. However, almost a quarter never worked at home, and about 18% have since returned to the office after initially working from home. Working from home is only one of the many disruptions credit departments have seen since midMarch. Nearly half of the respondents to May’s survey said they have reduced in-person customer visits. This has been balanced out with increased eCommerce and digital communications with customers and with co-workers. Credit departments have started using programs like Zoom and Microsoft Teams to keep up with business. “Normally, if I had an issue with a customer, I would hop a plane or
drive out to see the customer,” said Kevin Stinner, CCE, CCRA, credit manager with Simplot AB Retail Sub, Inc. “Right now, that is not an option. Zoom or a phone call is just not the same as sitting in front of a customer and looking him or her in the eyes and trying to discover what the best option is for the customer.” Payments Impacted by COVID-19 Communication isn’t the only aspect of the job being impacted. Credit departments reported pushing online bill pay, paperless billing/invoices and more ACH payments. The topic of payments has been widely discussed, and not just in the credit professionals’ world. Businesses haven’t been making payments to employees and are skipping rent payments among others. But the government assistance has only helped so much. Payments are a large portion of what a credit department does; it’s one of the main reasons they exist. Many credit departments have been greatly impacted by payments during this time—about two-thirds reported customers are requesting or demanding an extension of payment terms. However, slightly more than a third of credit departments are not giving customers the terms extension. The majority are, though, working with customers on a case-by-case basis. “We have learned to be more patient and look at each situation differently
THE INTERCONNECTION
and assess each situation based on what the customer is going through,” said Brent Heizelman of Mid Kansas Cooperative Association. “Again, it takes a lot of listening and understanding, and I have extended terms and delayed collection efforts. The important thing is making sure you continue to document each conversation that you have with customers and have a future contact date to revisit the customer.” Some Things Have Changed All-in-all, credit management has evolved parallel to the pandemic, working through numerous problems in the industry, such as the risk of nonpayment. Working at home or working from the office hasn’t changed all that much besides the ways of communication. Overall, credit departments are still doing the same job as always—protecting one of their company’s most important assets. Departments are still granting credit, but the way about it has only changed slightly. “I have been advised to continue to grant credit the same way we always have; by granting it to ‘creditworthy’ customers,” said one credit manager in the food industry. “I have been a bit more selective about what customers I present for terms versus COD.” ■
JULY / AUGUST 2020
PAGE 7
ZOOM Roundtable
Free to Members:
LIVE ZOOM ROUNDTABLE DISCUSSION
Moderator:
Leslie Harrison, NACM Connect Wednesday
July 8
10
am CST
Meeting Topic: Explaining the NACM Connect Benefits that Will Make Your Boss Want to Sign Off on Membership. Deep dive into the benefits of NACM Connect membership included in your dues of which you may not be aware. Don’t leave valuable benefits on the table!
All registrations for NACM Connect educational events are taken online at nacmconnect.org. Attendance at this roundtable discussion is worth .1 Continuing Education Units/CCE Recertification Points.
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 Email this form to registration@nacmconnect.org. You will be invoiced shortly.
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Webinar
15-minute Webinars to Help you Prioritize and Monitor Risk in Your Portfolio
ABOUT THE SERIES
As global economic conditions evolve, finance teams are expected to do more than ever – including keeping up with higher credit application volumes from some industries, while still ensuring that there is no increase in risk to their organization. There are tools available to help you during these uncertain times. Each of our easily consumable 15-minute webinars is designed to give you actionable insight for a specific area of risk monitoring.
Webinar 3: Tuesday, July 21st, 2:00 pm EST
Are You Alerted if a Newly Onboarded Customer Becomes a Financial Risk? Onboarding customers is a daily occurrence in many credit departments – but how fast can risk crop up in a newly onboarded account? Learn how Dun & Bradstreet can help mitigate this risk with our proactive monitoring for changes in a customer’s financial strength.
WEBINAR REGISTRATION
All registrations for D&B FREE 15-Minute Webinars are taken online at nacmconnect.org. To register, visit the NACM Connect calendar at www.nacmconnect.org/calendar/.
QUESTIONS: Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION
JULY / AUGUST 2020
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News
Digitizing the Credit Department One Step at a Time Andrew Michaels Editorial Associate, NACM
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hen business credit professionals say they “use technology” in the workplace, it can mean any number of things. For some, the word “technology” is used interchangeably with tools as simple as phones and computers. Meanwhile, others may have definitive interpretations of what technology is and what it means for credit departments embracing the digital era. Research and advisory company Gartner defines “digitalization” as “the use of digital technologies to change a business model and provide new revenue and value-producing opportunities.” As an industry, business credit views digitalization across a broad spectrum, ranging anywhere from electronic invoicing, payments and signatures to online credit applications and automated credit decision-making, and more. Credit professionals may be at different stages in their digital journeys, but all are willing to share their experiences and offer advice to their fellow credit colleagues.
“
We bill on 125 different billing platforms for e-invoicing...
Long-Time Digitizers Credit professional Tim Bastian, ICCE, said his company department’s digitalization efforts have been well underway for more than a decade. They have used automated credit tools for over 20 years, he said, while other tools—e-invoicing, online credit applications and EFT payments— developed within the past 15 years. The credit team and Bastian are the drivers behind the company’s efforts, he said, while vendor connections through NACM—especially at Credit Congress—are great in order to see what the latest and greatest technology has to offer.
“We bill on 125 different billing platforms for e-invoicing,” he said. “Online credit apps are out there, but [have] limited usefulness and EFT payments are a preferred way to receive payment. Digitalization is finally starting to eliminate some paper and is much more efficient when sharing information. It is simple to build retention processes around electronic data and images.” However, there is a give and take. In some instances, Bastian noted costs to accommodate a customer request is reason to reject digitalization, and vendors of programs sell buyers on benefits that may not be available to them. Yet, customers with electronic billing have much of their accounting functions completed for them. Going forward, there will be very secure share tools and enhanced contract review technology will improve. “Credit is front and center in the process within our company, controlling and maintaining customer master data, sales tax certificates, insurance documents and interfacing with the various users of the data throughout the organization,” Bastian said.
“
E-invoicing is the company’s preferred method, with 90% of invoices sent electronically.
Growing Digitalization Similar successes have been found at Access Lighting, said Accounts Receivable Supervisor Bernard Bourque. E-invoicing is the company’s preferred method, with 90% of invoices sent electronically. Although there are also a handful of EDI accounts and an even smaller number of snail mail invoices, he said, the e-invoicing aspect of digitalization is a great benefit to their customers, reduces lost invoices and improves response times. Bourque said the company has seen a variety of benefits from digitalization
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in its credit department, specifically, speed, accuracy and security. Anything is beneficial as long as it improves something for the organization or customer without compromising processes, accountability or tracking. “Anything that makes us better is ultimately better for our customers,” he said. “The benefits from this actually reflect in other areas where we have more time to take care of other issues. Our customers see an overall improvement in customer service. Each effort is presented as an effort to improve our service to them and then, we back it up.” For the most part, Bourque added, customers have responded positively. They appreciate how Access Lighting is trying to improve their experience. Occasionally, some are more comfortable for the “way things are,” he said, but given time and opportunity, they generally drift into alignment. However, there are a few customers who simply refuse to progress and, instead, insist on faxing. The credit and accounting departments are key record retention areas of the company and, as such, drive certain elements of digitizing many legally required records. Bourque said they regularly push to move records to electronic formats to reduce storage space and costs, while improving accessibility. Each effort lends itself to supporting greater digitization across the organization as other departments see the benefits. Examples include keeping reports in electronic format instead of paper format that now can be converted to historical data tables that would otherwise be lost. Combined with current data, Access Lighting can develop long-term trend analysis that wasn’t available previously. “We will continue to roll out efforts to make account information available to individual customers online securely,” Bourque said. “On the credit side this year, we will be looking into implementing credit monitoring and automating credit reporting.” ■
JULY / AUGUST 2020
PAGE 10
ZOOM Roundtable
Free to Members:
LIVE ZOOM ROUNDTABLE DISCUSSION
Moderator:
Leslie Harrison, NACM Connect Tuesday
July 28
3
pm CST
Meeting Topic:
Your Virtual Staff Telecommuting for the Times How are you keeping up production and motivation with your suddenly remote staff? How often do you check in with your team individually or all together? Have you adopted any new policies, expectations or schedules to fit the new normal?
All registrations for NACM Connect educational events are taken online at nacmconnect.org. Attendance at this roundtable discussion is worth .1 Continuing Education Units/CCE Recertification Points.
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 Email this form to registration@nacmconnect.org. You will be invoiced shortly.
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JULY / AUGUST 2020
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ZOOM Roundtable
Free to Members:
LIVE ZOOM ROUNDTABLE DISCUSSION
Moderator:
Leslie Harrison, NACM Connect Thursday
August 6
10
am CST
Meeting Topic: Sleeping (or not) Through a Pandemic What’s keeping you up at night? Job security? Getting the job done with a remote staff? How to show your value to your boss from a remote office? Have you come up with opportunities to connect in different ways?
All registrations for NACM Connect educational events are taken online at nacmconnect.org. Attendance at this roundtable discussion is worth .1 Continuing Education Units/CCE Recertification Points.
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 Email this form to registration@nacmconnect.org. You will be invoiced shortly.
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JULY / AUGUST 2020
PAGE 12
Become A Credit Super Hero We have a team of professionals with Expert Knowledge in our field
H – NCS will provide an Honest Assessment of your business needs E – We have a team of professionals with Expert Knowledge in our field R – NCS offers Reliable Solutions to fit your unique business challenges O – Our Solutions yield the Optimal Results for your business 1970-2020
Contact us today to secure more sales! ®
NCScredit.com 800.826.5256 NCSsales@NCScredit.com
Collection Services | UCC Services | Notice & Mechanic’s Lien Services | Education & Resources THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 13
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Webinar
We have learned several things since COVID-19 disrupted the way that we accept and process customer payments. Among them is the need to create new payment efficiencies. From electronic to contactless payments, businesses are looking for new and effective ways to implement secure and customer-friendly payment solutions. In this 45 minute webinar, we will focus on how technology adoption, societal norms, and consumer behavior will shape the future of payment processing.
All registrations are taken online at nacmconnect.org. To register visit the NACMConnect Calendar at nacmconnect.org/calendar.
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News
How to Identify a Potential Bankruptcy Michael Miller Managing Editor, NACM s Congress continues to find ways to assist businesses and individuals, stimulus and Payment Protection Program money has been spent, leaving those businesses and individuals no better off as COVID-19 continues to wreak havoc. Common sense and logic point toward major issues arising in the coming weeks and months as the potential for unpaid bills piles up. When invoices go unpaid, it starts a downstream trend no business or person wants to see. Many businesses have already been impacted, e.g., Neiman Marcus, J. Crew, Intelsat. Many more businesses are also on the verge of bankruptcy and will most likely file soon.
The Top 10 List
A
In the April Credit Managers’ Index from NACM, fillings for bankruptcies worsened but remained in expansion territory. “This is a situation that will worsen in time as more companies find themselves in trouble,” said NACM Economist Chris Kuehl Ph.D. Total bankruptcy filings declined 46% in April compared to April 2019, according to the American Bankruptcy Institute. However, total commercial Chapter 11 filings increased 26% year over year. It’s only a matter of time before the unpaid invoices are too much to handle leaving creditors holding the bag. “The economy we’re experiencing and will be experiencing in the coming year will be very difficult,” said John Salek, president, Revenue Management Associates LLC, in NACM’s recent webinar “Predicting Customer Bankruptcies Fast and Accurately in the Coming Depression.” He added, “There will be more bankruptcies among your customer base than in the past. The biggest challenge will be achieving a breakeven sales value while controlling who you sell to.” Most companies sell to a range of customers, and credit departments have standards that will have to change with the times. It’s important to work with customers to accommodate them.
It’s also vital to update risk assessments on all customers. Credit information, even from early March, is too old and not relevant anymore. There are a number of ways to identify a potential bankruptcy, and from different avenues. Key factors can be identified by the sales, service and collections teams, and from credit investigations. Salek developed a top 10 list to help identify potential bankruptcy candidates: The Top 10 List
1. Adverse news events 2. Bounced NSF payments 3. Bond default, forbearance and/or price deterioration
4. Financial deterioration documented through financials
5. Delinquent payments 6. Extended payment term/higher credit limit requests
7. Broken promises 8. Significant increase in invoice disputes
9. No contact
prediction is the survival of your company, noted Salek. It’s important to maximize the cash flow from orders filled with existing inventory, retained services and staff while optimizing the cash inflow from orders filled with newly purchased inventory. Most companies will have lower revenue and lower cash inflow during this time. “It is imperative that customers pay at least most of what is owed in the short to medium term,” Salek said. Identifying high-risk customers and forecasting cash flow scenarios is also important. The second of Salek’s two truths, the first being that there will be an increase in bankruptcies, is that credit professionals will have to sell on credit to uncreditworthy customers to make their breakeven sales volume. “This goes against everything we have been taught and practiced,” Salek said. There’s a big question that credit departments must ask themselves. Why are they receiving requests from new customers? One potential reason is their current supplier cut them off for nonpayment, so it’s important to watch the department’s exposure to make sure payments are made on a timely basis. ■
10. Failure to supply financials. The top benefit of improved bankruptcy
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JULY / AUGUST 2020
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ZOOM Roundtable
LIVE ZOOM
Meeting Topic:
Eduardo Castrejon & Bryan Perrone,
Topics of Discussion:
ROUNDTABLE DISCUSSION Moderators: True Partners Consulting LLC Wednesday
August 12
EST
11am -12pm
Cost:
Members - $15 Non-Members - $25
Pre-registration is required!
Registration Deadline: Tuesday, August 4
Taxation Issues and Your Credit Department - 2020 • Wayfair/Economic Nexus Update (including Marketplace Facilitators) • Taxing SaaS and Digital Products • Managing State Tax Compliance Burdens • State Gross Receipts - Tax Trends • Audits and Other General Tax Questions
Note: If your company has a specific person outside of the credit department who handles tax-related issues, please invite them to attend as well!
All registrations for NACM Connect educational events are taken online at nacmconnect.org. Attendance at this roundtable discussion is worth .1 Continuing Education Units/CCE Recertification Points.
Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317-225-4281 Email this form to registration@nacmconnect.org. You will be invoiced shortly.
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JULY / AUGUST 2020
PAGE 17
10 REASONS WHY YOU SHOULD USE A CLLA CERTIFIED COLLECTION AGENCY 1. Maximum dollar recovery 2. Prompt remittance of funds 3. Adherence to rigorous Code of Ethics 4. Minimum Surety Bond protection 5. Separate trust accounts
6. Reputable collection practices 7. Agency stability 8. Mandatory continuing education for agency executives 9. Audited by independent third party annually 10. Experienced and specifically trained staff
Why Choose a CLLA Certified Agency? Since 1975, the Commercial Law League of America (CLLA) has been certifying commercial collection agencies who have earned the right to be recognized as industry experts. CLLA/IACC certification is a voluntary, in-depth examination process that requires agencies seeking certification to meet or exceed standard financial guidelines. Doing business with a CLLA/IACC certified agency will provide you with the turnkey benefits you need to succeed. Look for the CLLA/IACC Certification Seal. CLLA Certified Agencies are members of the Commercial Law League of America • www.clla.org
To find a CLLA Certified Agency near you visit www.clla.org/certification. THE INTERCONNECTION
JULY / AUGUST 2020
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Webinar
15-minute Webinars to Help you Prioritize and Monitor Risk in Your Portfolio
ABOUT THE SERIES
As global economic conditions evolve, finance teams are expected to do more than ever – including keeping up with higher credit application volumes from some industries, while still ensuring that there is no increase in risk to their organization. There are tools available to help you during these uncertain times. Each of our easily consumable 15-minute webinars is designed to give you actionable insight for a specific area of risk monitoring.
Webinar 4: Tuesday, August 18th, 2:00 pm EST
Automated Onboarding of New Customers Being required to do more with less is a common issue for many of our credit customers. Find out how to leverage rules-based capabilities to automate routine credit decisions and account reviews to support needs for efficiency and growth.
WEBINAR REGISTRATION
All registrations for D&B FREE 15-Minute Webinars are taken online at nacmconnect.org. To register, visit the NACM Connect calendar at www.nacmconnect.org/calendar/.
QUESTIONS: Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 19
Craig’s Credit Corner
CRAIG’S
CREDIT CORNER WHAT IS NEW AND EXCITING IN THE WORLD OF CREDIT INFORMATION TOOLS THAT HELP MITIGATE RISK.
One of Your Customers Just filed for Bankruptcy... Did You Know? Welcome back to Craig’s Credit Corner where we highlight some of the great credit tools offered by NACM Connect’s Credit Solutions Consultants. Every day changes are occurring at the companies we do business with and some of these changes can affect a company’s ability to meet their payment responsibilities. If you are managing several thousands of accounts or even 50 customers, it is important to keep up on events or trends that can impact their way of doing business. During last year, did you know that in 60 minutes:
• 50 businesses had move location. • 302 businesses had a suit, lien or judgment filed against them. • 68 CEO’s or owners changed. • 102 businesses main telephone numbers were disconnected. • 3 companies filed for bankruptcy. Craig Smith, Director of NACM Connect Credit Report Solutions
ONE PLATFORM, BETTER DATA ONE CONTACT, BETTER SERVICE ONE RESOURCE, BETTER RESULTS These are truly unusual times and I want you to know our team of experienced credit solution consultants are here to assist you and your departments. We are here to help if you are looking for advice on which credit bureau would best meet your needs to determine credit risk on companies in your industry. We also can help you find cost effective programs that meet your budget limitations. Please email Craig at craig.smith@nacmconnect.org
These statistics help to illustrate the great number of changes that occur and the better aware you are of the changes, the better you can protect your company’s receivables assets. SOLUTION: Receive alerts to position you to react quicker and with the facts to back your decision. Some companies will monitor their entire customer portfolio or accounts that pose greater risk or larger customers that can impact your business the most. Several areas of concern that our NACM Connect members are receiving alerts on their customers:
• Bankruptcies • Change in ownership • Change in corporate structure • Business name change • Payment trends deteriorating • Public records: suits, liens, judgments, UCC filings • Credit scores changing Our team of consultants can advise you on setting up alerts and provide suggestions to make the process easy and quick to implement. Note, most alerts programs are FREE for our members with NACM Connect D&B, Experian or NACM National Trade Credit Report subscriptions! Just contact one of our Credit Solutions Consultants or contact me for more details. Best regards, Craig Smith Director of Credit Solutions, NACM Connect Email: craig.smith@nacmconnect.org Cell phone: 847-354-1248
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 20
NACM Connect Credit Reporting Solutions
ACCESS ALL
THE SOLUTIONS IN ONE PLACE Shop and compare all these credit Bureaus with one contact person. Be sure to ask about our FREE trial offers.
We provide a full suite of credit reporting solutions exclusively to NACM Connect members at deep discount pricing. We pass big savings to you through our volume purchasing and National Buying Discount. We assist with setup, training and support for all products and solutions. Let us help you increase efficiency, reduce costs and maximize profitability for your organization.
INTERNATIONAL OPTIONS
U.S. OPTIONS OPTION
OPTION
OPTION
OPTION OPTION
OPTION
OPTION
OPTION OPTION
(CONSUMER) OPTION OPTION
(CONSUMER) OPTION
Questions? Contact Craig Smith @ craig.smith@nacmconnect.org or call 847.483.6484 THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 21
Credit Group Meeting Calendar NACM Connect Illinois/Wisconsin Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 9
Masonry Credit Group
Zoom Meeting
July 9
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Zoom Meeting
July 14
Electrical Distributors Credit Group
Zoom Meeting
July 15
Floor Covering Credit Group
Conference Call
July 16
International Credit Professionals Credit Group
Zoom Meeting
July 16
Ad Media Credit Group
Zoom Meeting
July 18
Metal Distributors Credit Group
Zoom Meeting
July 23
Building Suppliers Credit Group
Zoom Meeting
July 23
Basic Material Credit Group
Zoom Meeting
August 11
Electrical Distributors Credit Group
Zoom Meeting
August 12
Floor Covering Credit Group
Conference Call
August 13
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Zoom Meeting
August 18
Metal Distributors Credit Group
Zoom Meeting
August 20
Ad Media Credit Group
Zoom Meeting
August 27
Basic Material Credit Group
Zoom Meeting
NACM Connect - Missouri/Kansas Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 9
KC Building Group
Zoom Meeting
July 14
Midwest Food Credit Group
Zoom Meeting
July 15
Gateway Electrical Distributors Credit Group
Zoom Meeting
July 17
Refrigeration Warm/Cool Air Suppliers Credit Group
Zoom Meeting
August 7
Central Illinois Electrical Group
Zoom Meeting
August 18
Midwest Food Credit Group
Zoom Meeting
August 19
Gateway Electrical Distributors Credit Group
Zoom Meeting
August 21
Refrigeration Warm/Cool Air Suppliers Credit Group
Zoom Meeting
NACM Connect - Pennsylvania Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 8
Building Trades Group
Conference Call
July 15
Food Group
Conference Call
July 21
Construction/Plumbing & Heating Group
Conference Call
August 12
Building Trades Group
Conference Call
August 18
Construction/Plumbing & Heating Group
Conference Call
August 19
Food Group
Conference Call
August 25
Electrical Suppliers Group
Conference Call
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JULY / AUGUST 2020
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Credit Group Meeting Calendar NACM Connect National Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 15
Water Products Credit Group
Zoom Meeting
July 15
National RV / Manufactured Housing Credit Group
Conference Call
July 17
Meat Packers of America Credit Group
Conference Call
July 22
National Home Healthcare Suppliers Credit Group
Conference Call
July 23
National Nursing Home Suppliers Credit Group
Conference Call
July 23
National Foodservice Distributors Credit Group
Conference Call
August 11
National Metal Industry Raw Material Group
Conference Call
August 12
Northeast Regional Metal Distributors
Conference Call
August 17
National Plumbing, Pipe & Heating Credit Group
TEAMS
August 19
National Home Centers Credit Group
Zoom Meeting
August 20
National Consumer Products Credit Group
TEAMS
August 21
National Circuit Board Group
Conference Call
NACM Connect - New York Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 8
Rochester Plumbing & HVAC Credit Group
Conference Call
July 10
Buffalo Building & Construction Credit Group
Conference Call
July 14
Western New York Food Credit Group
Conference Call
July 16
Rochester Building Credit Group
Conference Call
July 21
Central New York Building Credit Group
Conference Call
July 28
Buffalo Plumbing & Electric Credit Group
Conference Call
August 11
Western New York Food Credit Group
Conference Call
August 12
Rochester Plumbing & HVAC Credit Group
Conference Call
August 14
Buffalo Building & Construction Credit Group
Conference Call
August 18
Central New York Building Credit Group
Conference Call
August 20
Rochester Building Credit Group
Conference Call
August 25
Buffalo Plumbing & Electric Credit Group
Conference Call
NACM Connect - Nebraska Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 14
Nebraska Builders Credit Group
Conference Call
August 11
Nebraska Builders Credit Group
Conference Call
THE INTERCONNECTION
JULY / AUGUST 2020
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Credit Group Meeting Calendar NACM Connect Indiana/Michigan/Ohio Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
July 8
West Michigan Heating & Plumbing Wholesalers Credit Group
Conference Call
July 9
Michiana Credit Association Credit Group
Conference Call
July 9
Lumber & Building Materials Credit Group
Conference Call
July 9
Indiana Wholesale Floor Covering Credit Group
Conference Call
July 9
Columbus Wholesale Electric Credit Group
Conference Call
July 14
Grand Rapids Electric Industrial Supply Credit Group
Conference Call
July 14
Fort Wayne Building Materials Credit Group
Conference Call
July 15
Metal Service Center Credit Group
Conference Call
July 15
Indianapolis Building Trade Suppliers Credit Group
Conference Call
July 16
Michigan Electric Supply Credit Group
Conference Call
July 16
Cincinnati Dayton Wholesale Electric Credit Group
Conference Call
July 21
Automotive Suppliers Credit Group
Conference Call
July 21
Indiana Electrical Suppliers Credit Group
Conference Call
July 22
Cleveland/Akron/Canton Food Suppliers Credit Group
Zoom Meeting
July 22
Plumbing & Heating Wholesalers Credit Group
Conference Call
August 11
Grand Rapids Electric Industrial Supply Credit Group
Conference Call
August 11
Fort Wayne Building Materials Credit Group
Conference Call
August 12
Michiana Credit Association Credit Group
Conference Call
August 12
West Michigan Heating & Plumbing Wholesalers Credit Group
Conference Call
August 13
Columbus Wholesale Electric Credit Group
Conference Call
August 18
Automotive Suppliers Credit Group
Conference Call
August 18
Indiana Electrical Suppliers Credit Group
Conference Call
August 19
Metal Service Center Credit Group
Conference Call
August 19
Indianapolis Building Trade Suppliers Credit Group
Conference Call
August 20
Michigan Electric Supply Credit Group
Conference Call
August 20
Cincinnati Dayton Wholesale Electric Credit Group
Conference Call
August 26
Cleveland/Akron/Canton Food Suppliers Credit Group
Zoom Meeting
August 26
Plumbing & Heating Wholesalers Credit Group
Conference Call
August 26
Cincinnati Construction Suppliers Credit Group
Conference Call
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 24
Event Calendar DATE
EVENT
TIME
PRESENTER / INSTRUCTOR(S)
July 1
NACM Connect Live ZOOM CCE Exam Review
5 p.m. – 8 p.m.
John Jaeger, CCE
July 2
NACM Connect Live ZOOM CBA Exam Review
5 p.m. – 8 p.m.
John Jaeger, CCE
July 8
NACM Connect Live ZOOM Roundtable Discussion Explaining the NACM Connect Benefits that Will Make Your Boss Want to Sign Off on Membership
10 a.m.
Leslie Harrison
July 8
NACM Connect Live ZOOM CREDIT 102
9 a.m. – 4 p.m.
Richard Bellis, CCE
July 9
NACM Connect Live ZOOM Emerging Leaders Roundtable Discussion
12 noon – 1 p.m.
July 21
NACM Connect Free 15-Minute D&B Webinar Are You Alerted if a Newly Onboarded Customer Becomes a Financial Risk?
1 p.m.– 1:15 p.m.
July 28
NACM Connect Live ZOOM Roundtable Discussion Your Virtual Staff - Telecommuting for the Times
3 p.m.
Leslie Harrison
August 6
NACM Connect Live ZOOM Roundtable Discussion Sleeping (or not) Through a Pandemic
10 a.m.
Leslie Harrison
August 12
NACM Connect Live ZOOM CREDIT 103
9 a.m. – 4 p.m.
Richard Bellis, CCE
August 12
NACM Connect Live ZOOM Roundtable Discussion IN/OH/MI/PA/New England Taxation Issues and Your Credit Department - 2020
12 p.m. – 1 p.m.
Eduardo Castrejon Bryan Perrone
August 17
NACM Connect Business Credit Principles (10 weeks) Available Through Videoconferencing
5:30 p.m. – 8:30 p.m.
Jason Bogardt, CCE
August 18
NACM Connect Free 15-Minute D&B Webinar Automated Onboarding of New Customers
1 p.m.– 1:15 p.m.
August 20
NACM Connect Financial Statement Analysis I (10 weeks) Available Through Videoconferencing
5:30 p.m. – 8:30 p.m.
Larry Grogan, CCE
August 26
NACM Connect Credit Law (10 weeks) Available Through Videoconferencing
5:30 p.m. – 8:30 p.m.
John Jaeger, CCE, ICCE
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 25
Caine & Weiner News
Caine & Weiner 2020 Quarterly Giveaways NACM CONNECT
JULY | AUGUST | SEPTEMBER
Place a collections claim with Caine & Weiner anytime during the months of July, August and September and become eligible to win a $150 The Home Depot gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Jim McGee at 847-407-2348. You may also place a claim online at www.caine-weiner.com.
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 26
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 27
NACM Connect Industry Groups
Have We Gotta Group for You! Make better choices, reduce outstanding delinquent receivables and write-offs by joining a group today! New groups are formed every day!
Join Today! NATIONAL
• Agricultural Credit Conference • Architectural Metal & Glass • Auto Glass • Circuit Board Suppliers • Christian Suppliers • Coated Paper & Film Manufacturers • Construction • Consumer Products Manufacturers • Electrical Manufacturers • Firearms & Ammunition • Foodservice Distributors • Garage Door & Operating Devices Manufacturers
• Home Centers & Buildings Materials • Home Healthcare Suppliers • Horticultural Distributors • International Flat Rolled Steel • Leisure Living Manufacturers • Lawn & Garden • Manufactured Housing • Meat Packers • Metal Buildings & Components • Metal Industry Raw Material Suppliers
• Metal Producers • Musical Instruments • Nursing Home Suppliers • Paper Packaging • Plumbing, Pipe & Heating
Manufacturers • Professional Apparel Manufacturers • Steel Mill Industry • Tool & Accessories Manufacturers • Truck, Trailer & Waste Equipment Manufacturers • Underground Utilities • Water Products
Network with other credit executives in your industry by joining an NACM Connect Industry Credit Group. Group members share invaluable factual credit information that may be used to make independent decisions with respect to the extension of credit. Discussions include shared information on common customers, the latest in technology for credit management and other creditrelated topics. Group members have access to expanded tradeline data from over 25 additional NACM affiliates participating in this valuable database enhancement at no cost. Group activities are monitored by NACM trained and certified administrators to ensure compliance with the Federal Antitrust Regulations.
Contact Themis Vlahos, CCE, CGA, Director of Group Services at (800) 935-6226 x6428 or themis.vlahos@nacmconnect.org ILLINOIS | NEBRASKA | WISCONSIN • Advertising Media • Basic Material • Building Suppliers • Electrical Distributors • Floor Covering & Wall Tile • Institutional Credit Association • International Credit Professionals • Masonry • Metal Distributors • Northern IL Heating & Plumbing Wholesalers • Nebraska Builders & Industrial Suppliers • Wisconsin Best Practices MISSOURI
• Agricultural • Caterpillar Dealers • Central Illinois Electrical Distributors • Electrical Distributors • Kansas City Building Materials • Mid Missouri Construction • Midwest Regional Food Service & Supply Purveyors
• Refrigeration & Warm/Cool Air Suppliers
INDIANA | MICHIGAN | OHIO • Automotive Suppliers • Cincinnati Construction Suppliers • Cincinnati/Dayton Wholesale Electric Supply • Cleveland/Akron/Canton Food Suppliers • Columbus Wholesale Electric Supply • Ft Wayne Building Materials • Grand Rapids Electrical/Industrial Suppliers
THE INTERCONNECTION
• Grand Rapids Lumber & Building Materials
• Indiana Electrical Suppliers • Indiana Wholesale Floor Covering • Indianapolis Building Trade Suppliers
• Indiana Best Practices • Metal Service Center • Michiana Credit Association – Manufactured Housing
• Michigan Electrical Supply • Plumbing & Heating Wholesalers • West Michigan Heating Wholesalers NEW YORK
• Albany Building Supply • Best Practices • Buffalo Building & Construction • Buffalo Plumbing and Electric Supply
• Central New York Building Supply • Central New York Food & Beverage Supply
• Rochester Building Supply • Rochester Plumbing and HVAC • Western New York Food & Beverage Supply
PENNSYLVANIA
• Pittsburgh/Altoona Building Trades • Pittsburgh Construction, Plumbing & Heating
• Pittsburgh Electrical Suppliers • Pittsburgh Food Suppliers • Northeast Regional Metal Distributors
USER AND SPECIALTY GROUPS
• Law Firm Forum • National SAP Credit & A/R Users
JULY / AUGUST 2020
PAGE 28
NACM Connect industry Groups
Industry Credit Notes from Themis: NACM Connect Industry Credit Groups are still meeting during the pandemic lockdown via Zoom video conferencing, TEAMS and conference calls. These calls give group members an opportunity to see a friendly face, or to talk business, and everything in between. The response to these calls has been overwhelmingly positive because it has provided an outlet to get real-time information from other group members. With Zoom and TEAMS meetings, members can turn on their camera or choose to turn off their camera and participate via audio. Group members always follow federal, state and local Anti Trust rules and regulations during all meetings.
Stay Connected with NACM Connect! Face to face group meetings are the best way for group members to meet, network and discuss industry payment trends and hot topics. During this Corona Virus pandemic with travel bans and stay at home executive orders, group members need to stay connected with each other and stay on top on how this crisis is affecting their industries. A few of our groups have held Board Meetings and educational presentations via Zoom. One presentation addressed the challenges of working remotely and how to best manage your workforce who are now working from home. The only thing missing was the group dinner!
Groups
Moving forward, NACM Connect has ideas for some virtual experiences to keep things interesting. For local groups that usually would meet for lunch, we have suggested that each member order their lunch from a local restaurant so that we can all “dine” together during our meeting. This way we are trying to virtually re-create the setting of the meeting while also supporting our local restaurants. It’s fun to see the virtual backgrounds during a Zoom call or the random cat that walks across the laptop. And, of course, the barking dogs in the background and the kids wandering in and out of the camera frame during the call. It’s the new normal and we are all adapting to it. So, in a climate of uncertainty, getting back to the basics of good old-fashioned communication is keeping our groups grounded and in touch. Participating and exchanging information confirms the value of being a member of an industry credit group.■
Member must the referring ation to press gift card, ir contact inform 0 American Ex $5 the e the vid for pro fy NACM er and an n mb * To quali joi Me st p mu ou ospect spective Gr to follow up. Pr t ec contact the pro nn Co ive from NACM a representat it Group. Connect Cred
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 29
Member News
elcomeres W emb New Members New M
Welcome New Members & Reps
Blue Marble Global Payroll Kimberly Loftis
Tucker Ellis LLP Thomas Fawkes
Gregg Kirk Logicalis Inc
BrandSafway Scott Wilson
United Abrasives, Inc. SAIT Chris Sacrey
Shelly Clark Marshall Bldg. Specialties Co.
CornellCookson, LLC Jamie Simoson
W W Grainger Inc. Marco Cepeda
Dawn Ritz National Building Products
Ferguson Enterprises LLC Yamira Partida Gibson Brands Inc. Kevin Barton Herman Miller Kenia Espinoza Lignotech USA Jeanne Bleck M Holland Company Jared Silver Maplehurst Farms Bronwyn Burgweger Masco Cabinetry LLC Melissa Hill OMNOVA Solutions Michael Schmidt OMNOVA Solutions Valerie Ristau Phoenix International Publications Kelsey Koterla PVS Chemicals, Inc. Mike Bulatovic
NEW REPRESENTATIVES Kim Kiggins Badger Daylighting Corp. Jake O'Brien CFM Distributors, Inc. Carla Casper Femco Holdings LLC Jack Hall Foundation Building Materials #21 Natalie Peever Garaga Inc. Benjamin Huner Graybar Electric Company Inc. Al Hoelker Gustave A. Larson Company Holly Wensyel l. S. Paluch Co.
Ashley Simula New Era Cap Co., Inc. Tara Hakes Rexel USA, Inc. Julie Copenhaver Saturday Knight LTD Adam Honerkamp Security Equipment Supply Inc. Morgan Arnold Sheltered Wings dba Vortex Optics Kim Howard Sherwood Food Distributors Rob Etzel Starline USA Inc Mary Rowley W W Grainger Inc. Dalton Messman West Walker Steel
Ed Applegate Kent Cartridge Connie Dildine Kirby Risk Corp
SRS Aquisition Corp. dba B&L Wholesale Michelle Studer
Evan Schultz Kitchen Suppliers Inc.
The Boelter Companies Andra Buckner
Luis Torres LaSalle Bristol LP
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 30
Midwest Business Staffing
An NACM Connect Company
Need a Credit Professional?
Midwest Business Staffing is Your Solution
Finance Focused Staffing Our knowledge of the Credit, Collection and Finance industry and our thorough and hands-on approach to hiring is more specialized than other staffing agencies. Our goal is to reduce your hiring risks and time-to-hire as much as possible, while finding you the qualified candidates you want. Whether it’s direct-hire, temporary-to-hire or temporary staffing, Midwest Business Staffing connects top talent from entry to senior and executive level managers in the credit industry.
Dorann Guenard dorann.guenard@nacmconnect.org 847.483.6434
Midwest Business Staffing 3005 Tollview Drive Rolling Meadows, IL 60008
Follow us
Our placement fees are far below the industry average, and we guarantee our candidates will match your job criteria. Discover the difference a partner like Midwest Business Staffing can make and let us help you make an ideal match today!
Partner with Us Since 1993, Midwest Business Staffing clients have relied on our expertise to better understand their needs and to provide the best selection of qualified candidates. We offer a broad selection of employment verifications including: Criminal Record Checks, Drug and Alcohol screening, Education Verification, Social Security Number Tracing and more. All candidates are thoroughly interviewed in credit/collections and accounts receivable skills. Our credit industry expertise allows us to better assess candidate potential. Credit and Finance classes are offered at no charge to all temporary employees while they are on assignment through the NACM Connect Institute of Credit.
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 31
Institute of Credit (IOC)
Institute of Credit
2020/2021 Course Schedule
3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 nacmconnect.org
All courses are available through live videoconferencing! CBA COURSES FALL 2020
WINTER 2020
Basic Financial Accounting (10 weeks)
SPRING 2021
Thursdays January 7 – March 11
Business Credit Principles (10 weeks)
Mondays August 17 – October 26*
Mondays March 15 – May 17
Financial Statement Analysis I (10 weeks)
Thursdays August 20 – October 29*
Thursdays March 18 – May 27
CBF COURSES Business Law (12 weeks) Credit Law (10 weeks)
Wednesdays March 17 – June 2 Wednesdays August 26 – November 4*
* No class September 7 (Labor Day); October 21 and 22 (IL Conference)
COURSE FEES Member – $450 (plus textbook fee**) Two coupons are valid per person.
Non-Member –$900 (plus textbook fee**)
**Additional rush charges may occur if registration is not submitted two weeks prior to start of class.
Evening Class Times: 5:30 – 8:30 p.m. As a remote student, you can take live classes via our videoconferencing platform from the comfort of your home or office.
Questions?
Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org
Tuition Must be Paid Before the First Class Begins.
All registrations for NACM Connect educational events are taken online at nacmconnect.org Absolutely no registrations will be accepted after one week prior to the class date. No exceptions. All testing must be done during regular business hours unless you are taking class in Rolling Meadows. Contact Lillian Novak for exceptions. While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.
Classes are subject to cancellation based on enrollment. Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 800.935.6226 THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 32
Credit 101, 102, 103
CREDIT 101, CREDIT 102, CREDIT 103 Credit 101, 102 and Credit 103 are interactive and invite the class to give real world examples of the credit department environment. In each class, NACM Connect provides a textbook for each student to take back to the office and use as a reference guide. The intention of these courses is to teach students about credit and prepare them for the workplace. These classes also set the stage for continuing education in future seminars and Institute of Credit classes, in which students prepare to earn their professional designations.
CREDIT 101
CREDIT 102
CREDIT 103
Credit 101 is a basic-level orientation program that introduces newcomers to the multifaceted field of credit management. This session examines the credit function, the procedures and tasks performed in a typical credit department and how those procedures impact an entire organization.
Credit 102 is an intermediate-level program designed for inquisitive credit personnel who wish to exceed the basics of credit management. This professional educational program examines the underlying knowledge required to successfully function and advance in today’s ever-changing credit department.
Credit 103 is designed for mid-level credit professionals who would like to learn where they fit into the corporate structure and give them tools, which are not widely talked about and creating a positive impact on the mission of their credit department. This course is interactive and will include scenarios that will teach students ways to use the tools presented in the class.
CURRICULUM
CURRICULUM
CURRICULUM
• The credit department function • Credit investigation • Credit policy • The legal forms of business • Basic bankruptcy • Sales/credit relationship • NACM Connect Education and the Institute of Credit
• Legal issues and out-of-court settlements • Negotiable instruments • Bankruptcy • Financial statements • NACM Education and what it can do for you
THE INTERCONNECTION
• The role of the credit department within an organization • An ethical look at the credit department • Choosing professional vendors • Putting the pieces together, how to use the tools • The importance of education and obtaining your certification
JULY / AUGUST 2020
PAGE 33
Merritt Search
One of the best tools we use in the Chicagoland market is Merritt Credit Bureau. With their services we can check out a job to see if there are any mechanics liens or foreclosures. Between Merritt and our NACM Distributors Group, we can see almost everything going on in our marketplace. I heartily endorse both organizations. Norman Cowie, CCE, Director of Credit Paramont-EO, Inc.
avoid getting involved in a project that already has lawsuits with other suppliers, tax liens or mechanics liens in the chicagoland market.
YOU HAVE A NEW RESOURCE AVAILABLE! County coverage includes: Cook | DeKalb | DuPage | Grundy | Kane | Kankakee Kendall | Lake | McHenry | McLean | Peoria | Will Winnebago and more.. Cost for each search:
To request a “Merritt History” search, complete the form located on the NACM Connect website under the Services tab. Choose Merritt Search from the dropdown menu. Your request will be submitted to Merritt Credit Bureau, Inc. Results will be returned directly to you.
►
Company name (as plaintiff & defendant) search: $40
►
Owner/Member/President search: $40
($36 when requested as an additional search w/company name)
►
Job site address search: $40
►
State of Illinois UCC Search: $40
►
Copies of UCC: $2 per page
►
No information/Search fee applies: $40
THEFor INTER CONNECTION JULY / AUGUST 2020 PAGE 34 additional information, please contact Paula Slyder at 937.401.2710 or paula.slyder@nacmconnect.org
NACM Southwest Collections
NACM Southwest Collections
2020 Quarterly Giveaways
JULY | AUGUST | SEPTEMBER
Place a collections claim with NACM Southwest anytime during the months of July, August and September and become eligible to win a $150 The Home Depot gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Kelly Hall at 317.225.4281. For more information visit www.nacmconnect.com
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 35
The InterConnection
800.935.NACM
Stay Connected
THE INTERCONNECTION
JULY / AUGUST 2020
PAGE 36