From Accounting to Accounts Payable, more companies are showing gratitude for traditionally underappreciated Finance positions. And Credit and Collections is no exception. According to a recent survey by the Credit Research Foundation, 45% of credit managers believe their employers now feel that credit management is more important and more appreciated.
With a majority of firms wrestling with late-paying customers, it's hard to argue with the importance of Collections today. However, even though many credit managers feel that their companies understand the importance of their work, over a third (35%) still feel underappreciated. Other findings from the survey:
- Only 3% of credit managers feel that credit management is less important and underappreciated, and
- 17% haven't noticed much change in credit management.
To get the most out of your Collections department, have your credit manager create a priority list of the department's duties to be sure you're both on the same page. And be sure to show appreciation for the department's hard work.