To Your Credit - CIC e-Newsletter

Welcome to the CIC e-Newsletter - Fall 2011

Editor's Message

Dear Members,

Welcome to the fall 2011 edition of To Your Credit. In a recent survey to members, many of you told us that you enjoy reading and benefit from the articles in our newsletter. This is very gratifying to us, and we hope you'll find the articles in this newsletter continue the enjoyment trend. This issue provides updates on the hot topics in credit, things you need to know to stay on top of the game in credit management – especially when it comes to credit fraud. You will also find some articles will be beneficial in your own career planning as well as help you develop your general management skills.
Here is a preview of what's in store for you:

In our spotlight on members, we highlight Paul Cook, ACI, a member in our BC chapter who has been a long time CIC volunteer and mentor.
Paul is a noted authority in credit fraud, and he offers some very helpful tips on preventing credit fraud in your company.
Noted Forensic Accountant, Al Rosen provides tips on how to be aware of financial trickery in a company's financial statements.
You've probably heard your colleagues talk about postings on LinkedIn. If you're short on time, have wondered what the benefits are and if there are any benefits in getting started, find out by reading the article in our fall edition written by a recent graduate in Corporate Communications, Andrew Donnachie. Andrew also worked on many of the articles in this edition, and I'd like to take this opportunity to thank him for his work. Our economic update also focuses on jobs, asking if they are the engine or caboose of economic growth. You'll be interested in reading it to find out the answer.
Check out our regular features like Members on the Move, as well as links to the OSB website and bankruptcy statistics.

Please remember we're always interested in receiving articles from our members, and learning about topics that interest you. Andrew interviewed Paul Cook and thus was able to write the article on Credit Fraud Prevention. If you have a topic you'd like to be interviewed on, please don't hesitate to contact me at: rdelovitch@creditedu.org

Happy reading...

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:

Association News
	Members on the Move & in Memoriam

Bankruptcy & Insolvency
	Latest Bankruptcy Statistics - Second Quarter 2011

Credit & Collections Management

How to Prevent Credit Fraud - A Starting Point - The Credit Application
by Paul Cook, ACI
They always say "the best defense is a good offense" and nowhere is that more accurate then in credit (...well maybe Hockey). The best way to safeguard yourself against Credit Fraud is to be proactive by doing your due diligence. An important thing to remember is that a good credit application is MORE than one page. This way there is no reason for the customer to not give you accurate and complete information...

Credit Laws
	Tips to consider before hiring a lawyer by Patricia Sullivan A lawsuit over unpaid invoices/product is often a complicated process which involves far too much time and money, and which might not even yield any discernable result. When considering litigation as a means of getting your money back from a customer, you should consider a few things...

Financial Analysis

Be Alert For Financial Trickery
by L.S. (Al) Rosen
Analyzing financial statements for credit evaluation purposes has become far more complex in recent years. Yet, many analysts seem to be using obsolete techniques, including comparisons to financial ratios based on earlier-era reporting rules. Conclusions derived from obsolete assessments can easily be misleading, and perhaps be the opposite of reality...

Focus on Members
	Paul Cook, ACI For those of you who may not know Paul Cook, his story is quite the adventure. A longtime member of the Credit Institute, throughout his long and decorated career Paul has consistently emphasized the idea of a life-long learner...

Industry & Economic News

Jobs: Engine or Caboose
Economic Update from Peter Hall, VP and Chief Economist, Export Development Canada
Nothing puts a smile on the face these days like a good month of job growth. But the frowns etching the faces of leaders and lackeys alike tell today's tale - employment numbers have not impressed, increasing the focus on this key indicator. Concern is motivating new job-creation programs in various countries as a means of kick-starting economic activity. Will the programs meet expectations? ...

Professional Development

How to Hold Onto Star Temps
by Jackie Burns
Times have changed. With more people consciously choosing to move from job to job - acquiring new skills, working the hours that suit them and staying away from long-term commitments – companies are hiring more and more temporary staff. Until recently, 'the temp' was called in for sickness or holiday cover and given little in the way of incentive, motivation or even common courtesy. Now, finance and credit departments often have the go ahead to hire only temporary talent. What can you do to ensure those excellent credit professionals who come your way, actually stay the course - and maybe even join your company on a more permanent basis? ...

4 Tips to Get the Most out of LinkedIn
by Andrew Donnachie
Fill out your profile - Some people get nervous about putting information on their profile, but if you're not willing to put information on your profile, then you shouldn't be making one in the first place. An unfinished profile does not communicate professionalism; it communicates the opposite. Plus, completing your profile is the easiest way to maximize your efforts on LinkedIn...