Welcome to the CIC e-Newsletter - Winter 2011/12
Editor's Message
Dear CIC Members and Students,
Welcome to the Winter 2011/12 issue of To Your Credit. I would like to dedicate this issue to Joyce Chuang, CCP. Joyce is the national director representing the Hamilton chapter. A few months ago, Joyce urged us to start interviewing credit managers and picking their brains, so to speak, since they are a wealth of knowledge about the world of credit and collections. We started doing this in our fall issue, and have continued the trend with this issue. In addition to the interview with Vivek Gambir, CCP, a recent graduate and CIC award winner, who explains how the Credit Institute helped him in his career, I'd like to thank Paul Cook, ACI for his article on Fraud and the Criminal Code of Canada, and Geoff Last, CCP, for sharing his company's accomplishments in automating many functions in the credit department. Geoff works for Anixter, a distributor to the construction industry. Geoff's insights in the article on Productivity and Automation is a companion piece to the results of a survey that appeared in the Canadian Treasurer magazine which reported that the majority of US credit managers had not yet embraced advances like e-invoicing. The strides Geoff's company has made seem to indicate that there are Canadian companies ahead of the curve. We hope this article will stimulate some ideas on what can be done in your company. If your company has already started to implement advances in automation, please share them with us. I can be reached at: rdelovitch@creditedu.org.
All the best for a great 2012!
Reggie Delovitch
General Manager
Disclaimer
The views expressed in the articles are the opinions of the writers and contributors not those of the Credit Institute of Canada. Nothing in this publication is intended as legal advice, or tax or accounting advice. Nothing in this publication should be considered an alternative to seeking professional legal or professional advice. You are encouraged to use your judgment in deciding which of the ideas to accept or adopt, and which to reject and ignore.
In this Issue:
| Credit & Collections Management |
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9 Steps You Can Take To Ensure You Get the Best Results
from Your Collection Partners
by Loral A. Narayanan
Editor, Credit-to-Cash Advisor,
a publication of ABC-Amega Inc.
Sooner or later it's going to happen. You've followed the book on best credit management practices and used a fine tooth comb to select your customers. But it's the nature of the beast, the law of averages - whatever you choose to call it; some accounts are going to end up past due. And you're going to have to call on a professional to help you collect...
Being Alert To The Red Flags Of Fraud
By Mark Chow, CA, CIRP, CFE, and Matthew Lem, CIRP
Companies must always be diligent and conscious of fraud in the workplace. As financial pressures increase, particularly during economic downturns, occurrences of employee or occupational fraud tend to rise. Good people can do bad things - especially when times are tough. The Association of Certified Fraud Examiners' report, 2010 Report to the Nations, estimates that fraud costs the average...
Survey Results on E-Invoicing in Accounts Receivable
Source: Canadian Treasurer, September/October, 2011
The following survey results can be viewed as a companion piece to the previous article on Paperless Receivables. A spring 2011 survey of US A/R professionals by the Institute of Financial Operations, found that the majority, did not use e-invoicing. One third of respondents...
Productivity And Automation In The Credit Department
After reading the survey results on the reluctance of US A/R managers to adopt e-invoicing, we felt it would be interesting to find out what Canadian managers are doing.
In a time of staff cutbacks and doing more with less, is it possible that more Canadian companies have moved to e-invoicing as a...
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| Credit Laws |
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Fraud And The Criminal Code Of Canada
by M. Paul Cook, A.C.I.
Fraudulent activity is a criminal offense, and the criminal code of Canada applies across Canada, unlike many civil laws that may differ from jurisdiction to jurisdiction. Credit Managers who suspect fraudulent activity by a customer can apply for conviction to both the civil and criminal courts. We would like to thank Paul Cook for the article that follows in which he highlights sections of the criminal code...
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| Focus on Members |
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Interview - Vivek Gambir, CCP
Vivek is a 2011 graduate of the CCP program. He is also an award winner He came to Canada from India in 2009 and now works for TD Canada Trust. To Your Credit editor, Reggie Delovitch, recently interviewed Vivek to find out more about his background and why he chose certification through the Credit Institute of Canada to help him advance in his career.
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| Industry & Economic News |
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The Import of Capacity
by Peter Hall, CCP, Chief Economist, Export Development Canada
It takes teamwork to build an economy. Economic development plans at the local, regional and national level play a key role. Over the years, much has been written and myriad plans have been implemented by economic developers. Does all the economic transformation we have seen in the past 20 years in any way change the shape of modern economic development? ...
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| Professional Development |
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How To Give and Receive Feedback
Some managers find it extremely difficult to give negative feedback to their team members. It is even harder for employees to give such feedback to their boss. How can feedback be made easier?
Managers who avoid giving negative feedback often resort to hints or sarcastic remarks to...
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