CMA Daily News

Effectively Managing Staff Vacations

As summer weather warms up and children enjoy a break from school, you're probably expecting many in your department to take vacation time. In a survey developed by Accountemps, 36% of senior executives polled said August was the best month for employees to take time off, while 21% said July. Yes, it's traditional, but don't forget: While breaks can offer a fantastic source of rejuvenation for your employees, they can also cause a bit of stress for those left back in the office. Here are some tips to help make vacation season relaxing for all involved:

• Plan ahead. Let employees know that you'd like as much notice as possible for their vacation requests. After all, not everyone can take a break at once. Clearly communicate your department's policy so that your staff understands the procedure when multiple workers would like the same days off. For instance, is your policy based on seniority or is it first-come first-served? Be sure to consider how vacation time was awarded in prior years, so that no one is left feeling unfairly treated.
• Create a back-up plan. To make sure things run smoothly, have employees who are taking time off designate a point person who will answer questions, make decisions on time-sensitive matters and carry out any necessary action items while they are away. This will allow the absent staffers to truly rest, rather than spend their break consulting with coworkers via laptops and cell phones.
• Enlist temporary help. Even with proper planning for vacation season, there will be times when several people will be out during the same time, which can leave the rest of your staff feeling frazzled. To prevent this, you may want to consider bringing in project credit professionals to help fill in the gaps. Interim employees can alleviate pressure placed on your non-vacationing employees.

Source: Robert Half Financing and Accounting and Accountemps

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Outsourcing Collections Adds Value

In a recently released study conducted by Euler Hermes ACI, outsourcing commercial collections was shown to have a positive effect on company value. The report, entitled "The 411 on Outsourcing Commercial Collections," stated, "engaging the services of a commercial collection company is about safeguarding the assets of a company, which is imperative for any company's financial well-being."

"By using an established provider of accounts receivable management, a company can keep its internal credit management staff focused on the function for which it is trained," said Michael Puckett, president of Euler Hermes' commercial collections arm, Euler Hermes UMA. "Through outsourcing, a company can eliminate in-house costs in a way similar to utilizing a payroll company or benefits management provider."

Puckett added that a solid collections strategy and reputation is also necessary to increasing company value. "Early placement policies and systematic pursuit of slow and non-payers will announce to customers and prospects alike that your company is serious about collecting what is due for goods and services," he said. "The opposite perception is no advantage in the marketplace."

Source: Jacob Barron, NACM staff writer

To learn more about CMA's Commercial Collection Services click here or call Raul Mendoza, CMA Collection Specialist at 818-972-5325.

HR Benefits & Compensation Glossary

Hot Tip from Deanna Marcroft at Sierra Select. Deanna found an interesting resource for employee benefits terminology. It is an online searchable glossary of benefits and compensation terms.

Here is the link:
http://www.ifebp.org/Resources/Glossary

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International Collections — Making Credit As Good As Cash Sales

Good collection policies and procedures can bring in cash for international sales as effectively as cash deals. That was the main message conveyed by Eddy Sumar, CCE, CICE, International Trade Financing Manager, for Rain Bird Intl., Inc., during an FCIB audio teleconference, March 22, 2007.

Sumar's teleconference, "The Fundamentals of International Collections," explored basic techniques and tips on how to strategically focus a company's international collection efforts to maximize the extent and timeliness of payments on credit sales. Credit sales, which are a necessity in many cases in order to compete for business, do not have to tie up a company's cash flow as long as sound collection fundamentals are planned and executed. "The objective is to turn the receivable into cash," Sumar said. "No matter what we do, if the sales don't turn into cash, the company won't exist very long."

There are a number of factors that are key to good collections cited by Sumar, such as those involved in forming good relationships with customers. That relationship with the customer should involve all segments of the company, not only in the credit department, but also in the sales, marketing and customer service departments. "Everybody in the company is involved in the collection process." If there is a payment dispute, Sumar advised approaching the impasse very carefully and diplomatically. "Never turn a dispute into a confrontation, especially in an international sales. (The legal department) should be the last resort of your collection effort. All you get is a big legal fee."

Exercising due diligence, in terms of investigating and evaluating the creditworthiness and character of a customer is very important to getting paid on a timely basis. Assessing risk in international sales also requires an assessment of country risk. Also, every country presents a unique set of variables that must be understood such as the culture of the citizens and the bureaucracy of the government. On the subject of culture, Sumar noted that in Germany, for example, if you called someone by their first name it could be considered an insult. One credit strategy for new customers suggested by Sumar is to start off with prepayments or letters of credit sales then, if the circumstances warrant, shift to credit terms.

In terms of building successful customer relationships, Sumar advised making personal customer visits and building up a network of other organizations such as dealers and collectors that can help. "FCIB could help you with a network," Sumar said. "If you gain the respect of a customer, your chances of getting paid are much greater," he added. Customers must also be educated on the expectations of the credit department he pointed out. "Educate your customer on your terms and conditions." He noted, for example, that if a customer wants to be paid in 30 days, when that time period starts needs to be clearly communicated, such as at the time of the invoice or the date of shipment. Also, in terms of cash in advance he said, "Cash in advance doesn't mean a check. If a check is on foreign currency it's not immediate cash. When we talk about cash in advance, we need cash in my bank."
  By Tom Diana, NACM Staff Writer

Credit Today's 2007 Salary & Job Satisfaction Survey Is Now Open!

It's time for Credit Today's 2007 Salary & Job Satisfaction Survey. Your participation is very important to helping ensure a robust sample size to enable us to "drill down" in the data to have meaningful data in various segments.

As a special thanks for your participation, all Credit Today Members will receive a free copy of the entire $175 report. Non-members will receive a free copy of the Executive Summary. Make sure you use the signup page following the survey to let us know you participated!

For your information, there are 6 parts to the survey:

1. Tell us about you and your company...
2. Your earnings information...
3. Credit staff positions...
4. Description of your job...
5. Your department...
6. Your job satisfaction...

Click here to find out more and take the survey.

Managing Energy In The Workplace

Managing energy is not just about food. It's about managing working conditions that affect how your body releases energy. This includes managing stress, oxygen levels, exercise levels and food breaks. Work demands can zap energy very quickly so you need to have a few tricks up your sleeve to boost your energy supply to help you both physically and mentally.

The Brain Protein Continuum

The neurons in your brain are largely made of fat. The brain cells communicate with each other using neurotransmitters. Neurotransmitters are made up from amino acids; protein building blocks. Another important amino acid is tyrosine.

Eating protein increase levels of tyrosine in the brain, helping the brain generate nor-epinephrine and dopamine. These chemicals promote alertness. The absorption of protein is assisted by carbohydrates. So eating a balanced supply of carbs and protein throughout the day will keep that brain network humming and avoid that 3pm black hole.

Top 10 Work Day Energy Guidelines

 

1. Start the day well rested - Treat your bed as an important energy re-supply station and ensure you book in long enough for the process to be completed. That means 7 to 9 hours a night.
2. Try a workout first thing - even 20 minutes will boost your bodies oxygen supply and keep your head thinking straight longer during the day. It's often much harder to feel inspired at the end of the day. If morning isn't your thing - the evening can still work. Try tricking yourself. Change into workout gear as soon as you get home. Switch on the television or put on a DVD, and instead of heading for the couch, sit on a workout bike or yoga mat with some weights. A few seconds later the brain starts connecting the visual messages and before you know it an hour has gone by.
3. Keep the body supplied with fuel - Eat a small, healthy snack every few hour of lean protein and whole grain carbs. The carbs provide a rapid energy release, while the protein provides longer-lasting energy.
4. Keep the body well hydrated - air conditioning is extremely drying on your system, and that includes the brain.
5. Take an oxygen break - if you don't have time for a full lunch break, take at least a 10 minute walk around the block or anywhere where there is more oxygen than car fumes. I use walking catch-ups. If a staff member wants to chat about something briefly I get us both out for a walk.
6. Try boosting energy during the day - some deep breathing [preferably not whilst on the phone to the CEO]; taking the stairs instead of the elevator or just standing up doing some leg raises all help to move oxygen around the body and boost the cells energy producing processes. I keep a small hand weight on my desk and it's amazing what you can do during a phone call!
7. Keep good energy nutrition snacks at work - protein balls are my favourite. I make them on Sunday and they last the whole week in the refrigerator. [that is if I don't eat them all by Thursday]. I use them for my 3pm low zone snack and as a mental pick-me-up before entering a long meeting.
8. Reduce the alcohol during the week - try getting it down to one glass a night - you will be amazed how much easier it is to get out of bed in the morning and you will be more likely to feel like doing that early morning workout. And your skin will look fantastic!
9. Go easy on the coffee - caffeine is not a good long term solution for energy throughout the day. It's addictive and better left to one cup first thing in the morning. You will sleep better also.
10. Reduce the size of your evening meal and avoid carbs after 6pm - you will find you will sleep better and that translates into more energy during the day.

And if you want to contribute to the worlds renewable energy supply - take a leaf from enterprising gym enthusiasts like Doug Woodwring who are harnessing energy created from everyday workouts and converting it into usable power.

Author: Nicola Carr is a fitness and life advocate for anti-tiredness.com Learn how to avoid tiredness and maintain muscle mass using antiaging bodybuilding She has also been a management performance consultant for many years.