service – have you got the right mix?
In this edition:
l eInvoicing: helping with fast, efficient and secured payments.
l 5 ways AR automation will help your team.
l A special Tribute to Eric Milne, LICM CCE
l Distance Education – now is the perfect time to take charge of your learning.
ISSN 2207-6549
DIRECTORS
Julie McNamara MICM CCE – Australian President
Lou Caldararo LICM CCE – Victoria/Tasmania & Australian VP
Rowan McClarty MICM CCE – Western Australia/ Northern Territory
Gail Crowder MICM – South Australia
Peter Morgan MICM CCE – New South Wales
Debbie Leo MICM – Consumer
Steven Staatz MICM CCE – Queensland
CHIEF EXECUTIVE OFFICER
Nick Pilavidis FICM CCE
Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065
PO Box 64, St Leonards NSW 1590
Tel: (02) 8317 5085, Fax: (02) 9906 5686
Email: nick@aicm.com.au
PUBLISHER
Nick Pilavidis FICM CCE | Email: nick@aicm.com.au
CONTRIBUTING EDITORS
NSW – Gary Poslinsky MICM
Qld – Emma Purcival MICM CCE
SA – Clare Venema MICM CCE
WA/NT – Jeremy Coote MICM CCE
Vic/Tas – Alex Hawtin
EDITOR/ADVERTISING
Claire Kasses, General Manager
Tel Direct: 02 9174 5727 or Mob: 0499 975 303
Email: claire@aicm.com.au
EDITING and PRODUCTION
Anthea Vandertouw | Ferncliff Productions
Tel: 0408 290 440 | Email: ferncliff1@bigpond.com
THE EDITOR reserves the right to alter or omit any article or advertisement submitted and requires idemnity from the advertisers and contributors against damages or liabilities that may arise from material published. CREDIT MANAGEMENT IN AUSTRALIA is published by the Australian Institute of Credit Management, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065. The views expressed in CREDIT MANAGEMENT IN AUSTRALIA are not necessarily those of Australian Institute of Credit Management, which does not expect or invite any person to act or rely on any statement, opinion or advice contained herein (whether in the form of an advertisement or editorial) and neither the Institute or any of its employees, agents or contributors shall be liable for any opinion contained herein. © The Australian Institute of Credit Management, 2023.
EDITORIAL CONTRIBUTIONS SHOULD BE SENT TO:
The Editor, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 or email: aicm@aicm.com.au
eInvoicing: Helping credit professionals with fast, 35 efficient and secured payments
The human side of AR: 5 Ways AR automation 38 helps your team. Feel better, work smarter and stay longer
Eric Maisonhaute MICM How
make cash flow your tool for success
Welcome to the second edition of the AICM’s Credit Management Magazine for 2023.
It is shaping up to be a fantastic year of events within the AICM with both learning opportunities and social events.
Planning is well underway for an even bigger and better Young Credit Professional Award to be presented at this year’s National Conference in Adelaide together with a great line up of speakers and sessions currently being built. I look forward to yet another amazing conference and catching up with you all in October. We thank ARMA, a Credit Clear Company and CreditorWatch for their continued support of this award now in its 26th year.
I am excited to announce that we are launching the Credit Professional of the Year award that will recognise professionals who lead a team of 2 or more direct reports or work as a credit specialist at a senior/strategic level within a credit provider. Applications for the division awards will open shortly with the national award presented at the National Conference. We thank illion for sponsoring this award and making it possible for us to recognise the achievements of our high achieving credit professionals.
Our 2023 Women in Credit, WINC theme is “A Catalyst for change” and celebrates AICM’s actions toward a gender equal future. We have already had a great start of the WINC program with the first webinar, “4 Questions to move from Stuck to Significance” recently being held on International Women’s Day, 8th March. We had a record of 247 registrations and we are
Julie McNamara MICM CCE National President
already in the planning for the next webinar in July. I do hope you all took something away from the webinar as did I.
Almost all face-to-face WINC events are now open for registrations. The first WINC luncheon is kicks off in Sydney on the 5th of May! We are likely to sell out in most locations so check out the calendar in your state and hurry if you don’t want to miss out.
We look forward to supporting our chosen charity for 2023, The Women’s Resilience Centre.
We have published two reports since the last edition of the magazine with the Overdue Credit Index Report and Risk Reports being circulated, both of which are available on our website.
The Risk Report was published on the 22nd of March to inform the profession as a whole. The report draws on a survey of AICM members and Certified Credit Executives to provide insight on how recent and future economic conditions are impacting their ability to manage risk and ensure their businesses are paid promptly.
Our National Roadshow is currently taking place with the Risk Seminars and Economic Breakfasts.
We have been organising the Risk Seminar series for six consecutive years now; this seminar has been developed by a national committee of credit, legal and insolvency professionals in collaboration with the Australian Restructuring Insolvency and Turnaround Association, ARITA with a purpose to:
l Identify where credit and insolvency risk may arise
l Manage and forecast to include risk
l Adapt to new reforms and the ever changing landscape
l Understand emerging trends
AICM’s annual Economic Breakfasts are designed to give members a holistic view of economic conditions relevant to how they manage credit risk and cash flow for their business. Not to mention a lovely opportunity to network with old and new friends.
With the recent failures of significant building companies leaving so many families with unfinished homes, it is becoming more and more obvious that 2023 will be a time to be diligent and proceed with caution when we are making our day to day credit decisions making it even more prevalent to be attending AICM’s events provided for our benefit and to keep us all informed.
Don’t miss your opportunity to register and attend these great events including our new courses outlined on the AICM websiteAICM provides a range of qualifications and short courses for beginners who are keen to advance in their careers, right through to more senior position holders wishing to refresh their knowledge, or test their skill with the coveted CCE, Certified Credit Executive status.
The new AICM member portal makes it very easy to check your points and start planning how you can achieve 100 points to qualify to sit the assessment and achieve your Certified Credit Executive status.
There are many ways to earn your points whilst at the same time keeping up to date with changes in legislation, from the many seminars, workshops, certifications such as Cert IV and Diploma in Credit Management
through to the free webinars which are frequently and readily available.
We are on track with our membership target with great results to date, we are striving to reach 3,000 members by the end of June thanks to our hard working and passionate council members.
Once again, on behalf of our distinguished board of directors, I would like to thank all our members, colleagues, sponsors, partners and our AICM office for their continued support.
The AICM board, National office and Division Councils strive to continually provide more opportunities for you to succeed in your role and career. This work is highly reliant on a small but passionate group of credit professionals who volunteer on the board and division councils. Like all credit professionals these volunteers have very busy lives and workloads so on behalf of all members I thank them all for their contributions. You can see who your council representatives are here.
To continue growing the AICM we need more passionate credit professionals to step forward and contribute to their profession. If you feel you have the experience and passion to enable you to help in any way and you feel you could support your council or board, I encourage you all to do so. It is the most rewarding and satisfying experience knowing you can make a difference. We are currently looking to grow in most areas, particularly South Australia and Perth, so please email aicm@aicm.com.au and we will put you in touch with your local division council.
Julie McNamara MICM CCE National President
“AICM provides a range of qualifications and short courses for beginners who are keen to advance in their careers, right through to more senior position holders wishing to refresh their knowledge, or test their skill with the coveted CCE, Certified Credit Executive status.”
Eric joined the AICM in January 1981 at that time working for the Bank of NSW (now Westpac) in their Bankcard department, established in 1972 as Australia’s first universal credit card scheme.
He was recruited as one of several specialist consumer credit manager/controllers to set up and run this new department. He worked closely with long standing and very conservative senior bank managers to review and adjust conservative lending and collection policies to suit this new product. A key step to this was advocating for the bank to sign up with Credit Reference Australia (now Equifax), now fundamental to credit management but a significant step at the time.
Eric served 10 years on the NSW Divisional Council which he reflected on as a very rewarding experience where he witnessed the progression of the AICM from State/Divisional based organisation to a more unified and truly national body.
In 1998 Eric sat and passed the inaugural Certified Credit Executive exam in Hobart in 1998 maintained this certification ever since, including in recent years volunteering to review and update the classroom exam.
Eric is remembered by members from around Australia for his friendship and willingness to share and debate all aspects of credit management. He shared his knowledge generously through numerous forums including as a lecturer in Advanced Credit Theory and Practice at the NSW TAFE course, AICM conferences, authoring numerous articles and was invited to chair and present at several international credit management conferences including Kuala Lumpur, Mumbai and Hong Kong.
His experience spanned a number of industries, and he found a niche in the consumer electronic industry having worked for over 20 years for such global companies as Casio, Aiwa, Toshiba, Panasonic and Fujitsu General. At the 2022 National Conference Eric was sharing his most recent experiences and contributions in his role with Master Builders (NSW) where he had significantly increased cash collections and maintained member engagement.
In 2009 Erics contributions to the AICM and credit profession were recognised with Life Membership but this didn’t signal the culmination of his contributions as he continued to contribute to the AICM and his vast network of peers and close friends in all aspects of the credit industry.
Eric is missed by many but his experiences, knowledge, passion for credit management and zest for life lives on in all that had the pleasure of spending time with him as is seen from the testimony of his peers that follow.
We invite members to contribute their tributes and view other on the AICM Credit Network here
Eric was a great man and a huge contributor to the credit industry.
In addition to his extensive contributions to the AICM, Eric was a very long-standing Member of the Australian Credit Forum (ACF) a closed group of senior credit professionals who meet regularly to exchange experiences and strengthen their own credit standards and knowledge.
Eric served on the ACF Executive Committee for many years President before handing over the reigns to me in 2017 It always amazed me the time and energy he put to the ACF knowing he put equal passion into his professional career, credit bureaus the AICM and of course his personal life. But that is what made Eric such a great credit professional and person to know, he understood that leveraging a strong
network of peers professionally and personally is what empowers a credit professional to achieve outstanding results.
On a personal note, after moving to Sydney 15 years ago he was the first person to take me under their wing when I first started attending credit industry events. Singling me out wanting to get to know me and introducing me to others.
We went on to have many adventures, one that stands out is after I acquired another Harley, the two of us set off from Sydney to the Gold Coast for the 2014 AICM National Conference. It’s a long ride so he had booked a night’s accommodation at a resort in his beloved Port Macquarie. Our stay included ample time at the bar, enjoying steak and a bottle of red and watching the All Blacks beat the Wallabies yet again in a Bledisloe Cup match, complete with Eric’s version of the Haka!
My mentor, my friend will be greatly missed by me and many others in particular his wife Sharon.
We all meet people during our journey that leave an impression both good & sometime sadly bad. Eric Milne was one that has left great impressions!
I was lucky enough to have met Eric far too many years ago to mention. His passion for this Industry was way beyond what you may say was normal.
The many papers he presented were always topical/ easy to understand and so helpful not only to those new to this industry but for those of us who have been involved for many years. So, for that I say “Eric, thanks heaps mate.” Your assistance over the years was truly appreciated.
Each conference I have looked forward to sitting down over a single malt or meeting up for dinner on some of my trips to Sydney and discussing not only Credit related issues but topics that we both had opinions on. To say the AICM Conference will no long be the same without seeing you there is an understatement.
To think that the Oct 2022 conference was the last time is hard to accept but that’s life.
So, will raise a Single Malt in your name Eric –and simply say thanks mate.
From John Field FICM CCE CEO & Founder Reworq ConsultingI am truly saddened by the loss of my good friend and my mentor of over 25 years, Eric Milne. My immediate thoughts are of his wife, Sharon, and their respective families.
Eric was a proud and passionate supporter of the credit industry and in particular, our young credit professionals as they navigated their careers towards a senior credit role. He was only too happy to impart his vast knowledge of credit but especially with understanding your customers business (and situation) over numerous industry sectors.
I was privileged and honoured to be mentored by Eric. I also shared the stage presenting various topics at AICM Networking Meetings, Professional Development Workshops, and National Conferences over many years. He very much enjoyed presenting to an audience, the many hours researching material and the delivery engagement.
Eric provided a significant contribution to the Certified Credit Executive (CCE) program by not only preparing each year’s national exam questions but also undertook many coaching sessions with our Members, via the CCE Trial Exam journey by aspiring Members to sit (and pass) the exam. He always enjoyed researching new questions and topics over many years…I know because he would continually call me to bounce off so many of his ideas or direction!
When I joined Philips Electronics Australia in 2002 as National Credit Manager, Eric was the Chairman of the Consumer Electronics Credit Bureau (CECA) at the time. He welcomed me to the group but advised that I needed to take on another role! What role? Well, I eventually became the Chairman of CECA and Eric took on the new role of Social Secretary…he was so good at his research!
Until the day when we meet again Eric, I look forward to seeing your big smile, hearing your loud jovial laugh, sharing a great meal (with a few wines) and reminiscing on your thoughts for the next CCE Exam paper.
National Credit Manager for 47 years (retired)
AICM Member (45 years)
Ex Chairman and Life Member ACF
My friend Eric Milne left us far too early.
After almost 50 years of friendship; of sharing professional and personal insights, I had developed a sincere appreciation for Eric’s unapologetic authenticity. I recognised a man with an absolute passion for his chosen profession and I respected that his contributions were met with real appreciation from his peers.
There is no doubt that my friend’s passing is a loss to the credit industry but his legacy should not go unnoticed, in his inimitable fashion he established an enviable work ethic which set new benchmarks in professional involvement; an inspiration to those who follow, possibly even raising perception of the industry itself.
Following my retirement to Port Macquarie Eric became a frequent visitor, initially dressed
in full leathers, rumbling up my driveway on his “weekend” Harley Davison but later as a well-groomed and fashionable man-abouttown; an evolution brought about by the one person who will suffer his loss more than any other.
When Sharon entered Eric’s world, the changes were significant and entirely positive. Noticeably, his life took on new meaning, he embraced a whole new present and began to chart an exciting future. As a couple, they relocated from Sydney to Port Macquarie and the sun began to shine.
The cruelty of early passing is hard on friends and extended family but devastating for those closest, whose hearts and souls are entwined with a loved one lost. Eric and Sharon shared a relatively short time together but held plans for a lifetime.
I will remember Eric Milne for his passion and friendship and I sincerely hope that Sharon will be able to take solace in the knowledge that she brought so much joy to his final years. RIP my friend.
We lost not only a great man, but also someone who was very passionate about what it was to being a credit manager and a key contributor to the credit industry.
I was privileged to have met Eric in the very early days of my entry to the world of credit and collections and was introduced to him by Ian Coates. Eric saw I was new to the industry and he took me under his wing and we developed a master and apprentice kind of relationship over the initial period.
I was blessed to have a business and personal relationship that has spanned 20 years. Over that journey we have worked together and we have also been part of different professional bodies. Eric was someone that loved life and he was able to combine his knowledge and experience with a genuine zest for the networking side of the profession. He did not see one more important than the other, but each was equally important in the quest to be a credit manager. He taught me a lot over the years and I know a lot of people who crossed paths with him testify to the same thing.
We miss you Eric and thank you for the man you were. I know as many people would agree, you were a great teacher, fountain of knowledge and friend.
My overriding memory of Eric will be how much of a people person he was. He spent his life thinking of others and derived such joy from planning the next event and who would attend. His generosity was legendary.
He had a huge heart and made time for others in both his personal and professional capacity and this is seen through the comments made here by his peers in the credit profession.
I met Eric through my involvement in a bureau in the 1990’s and would interact with him and seek out his senior credit management experience whenever I was fortunate enough to attend one of his insightful presentations whether they be on a serious credit risk topic or his involvement in the NSW division’s end of year debates.
Later my partner Tyson and I were privileged to be invited to social events and our friendship deepened and we were present at the first social outing where Sharon was given a baptism of fire into a group of credit professionals. We will miss our times together.
I am deeply saddened that my friend’s time was cut short as he certainly lived to the full and I know his children Brigham and Ashley will miss his involvement with his beloved grandchildren.
Distance education offers a great opportunity for learners to experience a collaborative learning environment. Collaborative learning is an important way to help learners gain experience in interaction and develop important skills in critical thinking, selfreflection, and construction of knowledge which helps busy credit professionals.
In a collaborative learning environment, knowledge and understanding of the subject are shared and transmitted among leaners as they work toward common learning goals or a solution to a problem. Learners gain interactive experiences as they participate in discussions, search for information, and exchange opinions.
A high-quality collaborative learning environment provides learners with opportunities to engage in interactive and collaborative activities and to get better learning outcomes including the development of critical thinking skills.
This is the perfect time to take charge of your learning with these simple steps.
Feeling overwhelmed at work is a common sentiment among AICMs existing students that can cause them to lose motivation, no matter how passionate they are about a credit
topic. Keeping focused on one subject at a time is very important. It’s also a good way to motivate students to focus on one thing at a time, so they don’t feel overwhelmed.
Defining learning milestones based on what an individual has already achieved sets them up for success and helps to ensure motivation to learn remains strong. It can also make a huge difference in attitude and expectations for individuals when looking to complete a qualification. This helps them chart their progress and set goals for the future.
In an online learning environment students take an active vs. passive role in managing their time and assessing their own progress. This encourages intrinsic motivation, as there is no outside pressure to perform or meet deadlines. Students set the pace and decide how much material to cover in each section of the course. A self-directed approach set within the general guidelines of an online course can be extremely motivating, particularly for students who like to complete a set of assessments each week to maintain progress.
This is a question which every student asks at some point in their studies. You must remember that it’s not the amount of time spent studying, but rather the quality of the
“
In a collaborative learning environment, knowledge and understanding of the subject are shared and transmitted among leaners as they work toward common learning goals or a solution to a problem.”
study that counts. It’s also important to note that there is no single answer. Some students study more effectively than others and will not need to spend as long studying a particular subject. Each student will find some subjects more difficult than others and have to spend more time studying a particular subject. It is always best to focus on your own needs and abilities, rather than others in the group. Your goal should be to improve your study methods so that you maximise the results.
Before looking at the amount of time you need to spend studying, remember the following points:
l Some subjects consume more of your time than others. This is natural and it will depend on how much work you need to do in each one.
l It’s easy to focus on the subjects we are familiar with, so be careful not to neglect other subjects.
l It can be difficult to keep on top of everything during the week, so the weekend can be a good time to catch up in some areas.
The good news is that deciding to invest in your career/future is never a bad decision. If you are ready to study with AICM and obtain a nationally recognised qualification in 2023, contact us today for further information aicm@aicm.com.au we are here to help.
AICM offers training courses which change according to the needs of the credit industry and with its high level of flexibility enables it to provide practical programs that will provide you with valuable knowledge and skills no matter at what stage you are with your career.
“
Some students study more effectively than others and will not need to spend as long studying a particular subject.”
AICM would like to congratulate its recent graduates:
FNS30420 – Certificate III in Mercantile Agents
Monica Aboudha New South Wales Probe Group
Hayley Sheen New South Wales CCSG
FNS40120 – Certificate IV in Credit Management
Raymond Kaaya Queensland TFH Hire Services
Tracy Johnson Victoria Recoveries Corp
FNS51520 – Diploma of Credit Management
Brody Cowling New South Wales BCU
Joshua Cundasamy New South Wales Waco Kwikform Group
Statement of Attainments
Stacy Ridge NSW FNSCUS402 – Resolve disputes SMEG Australia
Stacy Ridge NSW FNSCRD405 – Manage overdue customer accounts SMEG Australia
Tuesday 2nd May Masterclass Understanding the fundamentals of consumer lending
Wednesday 3 May Thursday 4 May Elective unit Diploma BSBCNV614 – Apply principles of trust accounting
Tuesday 9 May Toolbox Understanding credit risk
Wednesday 10 May
Thursday 11 May Core unit of Certificate IV FNSCRD401 – Assess credit applications
Tuesday 16 May Toolbox Fundamentals of Credit
Thursday, 18 May Toolbox Collect with confidence
Tuesday 24 March
Wednesday 25 March Elective Unit Diploma BSBMGT502 Manage people performance
Tuesday, 6 June Elective unit of Cert III FNSFLT213 – Develop knowledge of debt and consumer credit
Wednesday 7 June Masterclass How to trade with trusts
Thursday, 8 June Workshop Understanding Financial Hardship
Tuesday, 13 June
Wednesday, 14 June Elective unit Cert IV BSBOPS404 – Implement customer service strategies
Thursday, 15 June Toolbox Understanding Credit Risk
Tuesday, 20 June
Wednesday, 21 June Core unit of the Diploma BSBOPS504 – Manage business risk
Thursday, 22 June Workshop Personal Property Securities
This is the second article of the series discussing the importance of credit risk management to all businesses that provide credit. In Part 1, published in October 2022, we discussed the cost of bad debts, the correct approach to opening a new account and the role of a collection agency in recovering overdue debts. In part 2 we discuss terms and conditions of Trade.
A credit application and terms of trade form the basis of your relationship with customers. They establish the rules of the game and if a problem occurs with the relationship, you want to rely on these documents to resolve the issue.
Just like a prenuptial agreement, when the relationship is travelling smoothly, you don’t give it a second thought, but if things go awry, it is the document you reach for to check your options.
A well drafted credit application and terms of trade will pay big dividends over many years by removing any uncertainty about what was agreed between you and your customer. AMPAC regularly relies on these documents when chasing overdue debts and sometimes we find they are lacking in protection for the creditor.
Below are a few clauses which can help you recover overdue accounts and reduce the associated costs.
Compare the clauses listed below against your current credit documents to identify where you could benefit from a small investment which will pay you back many times over.
l A cost recovery clause allows you to recover most of your collection costs (including collection agency commission), thereby reducing the overall cost of recovering your debt. In most cases your collection agency will be able to automatically add all recovery costs to a debt and often you will recover not only the amount owing, but also most of your recovery costs.
Do your terms contain a Cost Recovery Clause? YES NO
l This allows the charging of an agreed amount of interest from the date the debt was due for payment. This is a real incentive for a customer to pay. It also provides a powerful negotiating tool to bring about a settlement.
Do your terms contain an Interest Clause?
YES NO
l Where organisations trade nationally, their terms and conditions should specify the state and the law to be used to determine a dispute. For example, if you are located in NSW, then the matter is heard in NSW, using NSW law. Predetermining where a matter will be heard and which law will be applied can save a lot of time and inconvenience.
Do your terms establish jurisdiction and Governing Law?
YES NO
l If you supply goods, and want to retain ownership until paid, then this applies to you. The Personal Property Securities Act 2009 (PPSA) was introduced in 2012 and allows a supplier of goods (not services) to register their Security Interest in the property, goods or equipment. Businesses need to consider
“A well drafted credit application and terms of trade will pay big dividends over many years by removing any uncertainty about what was agreed between you and your customer.”
whether registration of a security interest is appropriate in their circumstances, and if so, update their documentation to secure ownership.
Have you considered PPSA in relation to your business? YES NO
l Successful litigation is of little use if the debtor has no assets. If the debtor is a company, often assets will be secured by a financier, so wherever possible it is important to have the company directors guarantee payment of your debt. A good Guarantee will also contain a charging clause which allows you to lodge a caveat over property owned by the guarantor.
Do your terms contain a Personal Guarantee? YES NO
l Over time, you may need to vary certain terms in your agreement. This could result from a change in legislation a new product or market opportunity, or perhaps an acquisition of, or the sale of a part of your business. Does your documentation allow you to vary the way you do business and your terms of business? YES NO
l When granting credit, it is important to have confidence that the information provided is correct. If later, the information is found to be inaccurate, you may gain a tactical advantage in any subsequent legal proceeding. Do you require your customer to warrant their information? YES NO
l Where the customer is a trustee of a trust, it is likely that it has no assets, and all the assets are held in the trust. It is therefore important to bind the debtor in its capacity as trustee of a trust. Is your position secure when dealing with trusts? YES NO
You can’t contract out of warranties implied by the various Trade Practices Acts however, you can limit liability in the event that you breach the terms of your supply contract. For example, in the case of faulty goods, suppliers often limit their liability to either the repair or replacement of the goods or services.
Do your terms limit your liability?
YES NO
l The Privacy Act covers organisations with an annual turnover more than $3 million which means the Australian Privacy Principles (APPs) apply. These organisations must have a privacy policy in place. It is also a requirement that organisations meeting this criteria post a Privacy statement if they collect any customer or website visitor information, including email and physical addresses.
Are your privacy obligations up to date?
YES NO
These are just a few things to consider, and should be part of your ongoing credit risk management which costs little, but returns lots.
*Mark Logue MICM CCE AMPAC Debt RecoveryE:
m.logue@4ampac.com.auT: 0409 749 709
www.4ampac.com.au“
A credit application and terms of trade form the basis of your relationship with customers. They establish the rules of the game ... ”
Around this time last year, we wrote an article in this magazine warning of the difficulties ahead for Australia’s construction industry. Our data showed that construction industry insolvencies would be on the rise and that small construction business operators were dipping into their personal finances to keep their operations afloat.
A year goes by A year later, and the future is no brighter for this embattled sector.
In January 2023, 33% of the construction entities Equifax assessed had their credit rating downgraded. Considering the credit rating of many entities in this sector is in the Highly Speculative ‘B’ range, many businesses were already in a position where they were vulnerable to adverse business, financial and economic conditions. When faced with adverse conditions over a protracted period, the headroom
is often insufficient to weather the storm.
Should this trend of credit downgrades continue, we expect more construction entities over 2023 to be rated in the ‘CCC’ / High-Risk Credit Watch category. CCC-rated businesses exhibit significantly higher risk attributes, and the market typically avoids engaging with them. Where no viable alternative exists, principals and partners typically limit their exposure to these contracting entities by requiring third-party guarantees and strict contract terms.
With construction failures on the rise, financiers, insurers and other stakeholders are becoming more cautious. Equifax insolvency data for the financial year-to-date reveals construction insolvencies are up 89%. Construction insolvencies increased by 50% in the second half of 2022 compared to the first half. The construction industry has become one of the top five late-payers, and
we’ve observed a higher proportion of construction businesses experiencing cash flow difficulties with many reporting net cash outflow.
As shown in Exhibit 1, eroded profit margins are a characteristic associated with entities that have had their credit rating downgraded.
For too long, construction businesses have had to cope with supply chain issues, labour shortages and adverse weather events,
In January 2023, 33% of the construction entities Equifax assessed had their credit rating downgraded.
contributing to higher project costs and delay blowouts. This pressure can be too hard to bear in an environment where construction companies without the protections of rise and fall clauses may be unable to pass on increased costs under fixed price contracts.
Exhibit 2 shows that weaker margins have seen companies eat into their cash balances over the last 12 months. The decrease has been swift for more vulnerable entities who relied on temporary relief mechanisms and supportive policies through Covid to improve their cash levels. This rapid downturn points to further issues on the immediate horizon.
As shown in exhibit 3, entities with downgraded credit ratings have lower creditor days outstanding, which could reflect their reduced bargaining power with creditors. The slowing economy has made it harder for these businesses to continue to rely on supply chain finance from trade credit and early customer deposits, which have often been used to fund their operations.
Fewer new construction projects and reduced cash reserves have made it increasingly difficult for struggling businesses to have the resilience to weather further shocks to their cash flows. With increased interest
rates and a more cautious lending environment, the question remains how these businesses with relatively small balance sheets and diminished cash reserves will fund themselves for the remainder of 2023.
“With construction failures on the rise, financiers, insurers and other stakeholders are becoming more cautious. ... data for the financial year-to-date reveals construction insolvencies are up 89%. Construction insolvencies increased by 50% in the second half of 2022 compared to the first half.”Exhibit 3: Supply Chain Finance Exhibit 2: Cash Ratio (Cash/Current Liabilities)
Despite the challenges facing the construction sector, there are still operators exhibiting sufficient financial capacity, capital, capability and resilience to weather the storm. To recognise and reward these trustworthy players, a public and private sector working group has collaborated around a new star-rating regime, which enables construction businesses to go through an independent and rigorous review process to obtain a star-rating outcome that substantiates and verifies their resilience.
The new Independent Construction Industry Rating Tool, iCIRT from Equifax provides an opportunity for more reliable players to differentiate themselves in the market and be accountable for the quality of the built assets they deliver. Higher standards drive improved public trust and market confidence, vital ingredients for an industry’s long-term viability and profitability.
More than 200 construction businesses are working through the assessment to receive a rating of between one and five stars. By expanding the line of sight and providing early visibility into who are the reputable players, dealing with trustworthy
constructors is now a choice people can make. Confidence is already returning to the industry with the recent introduction of latent defects insurance, giving rated developers a way to offer 10-year protection to residential apartment buyers.
Real estate agents, financiers, insurers and industry partners are also beginning to seek out credentialed, star-rated builders and developers in a trend that may yet counterbalance some of the construction industry’s headwinds.
*Brad Walters MICM Head of Product & Rating Services Equifax www.equifax.com.au“Despite the challenges facing the construction sector, there are still operators exhibiting sufficient financial capacity, capital, capability and resilience to weather the storm.”
The beginning of 2023 has been challenging for many households in New Zealand as the increased cost of living continues to squeeze wallets nationwide.
In February, the Reserve Bank made the tenth consecutive increase to the Official Cash Rate – up an additional 50 basis points to 4.75%.
Furthermore, New Zealand’s GDP fell 0.6% in the last three months of 2022. Despite coming off several quarters of consistent upward growth, this fall fuels ongoing concern the country is heading towards an engineered recession this year.
Movements in credit behaviour are a good reflection of consumer confidence. For
example, the current arrears trends in NZ point towards a rising difficulty for households to meet their credit repayment commitments.
In January 2023, consumer arrears rose to 11.9% of the active credit population, with approximately 430,000 Kiwis behind on their repayments. This was a 20,000 increase from December 2022, with 4.8% of credit active consumers currently 30+ days past due (up from 4.4% in January 2022).
While the arrears cycle tends to peak post-Christmas, the current arrears level is 6% higher compared to the same time last year, as economic conditions continue to deteriorate.
Although the increasing arrears rates are concerning and something to keep a close eye on, it is important to point
“
... the current arrears trends in NZ point towards a rising difficulty for households to meet their credit repayment commitments.”
out that we are still below prepandemic levels.
Unsecured personal loan
arrears jumped to 9.2% in January 2023 – the highest percentage on record since 2017.
Vehicle arrears continued to climb to 5.5% in January 2023 (up from 4.9% year-on-year).
Alongside consumer arrears, the number of Kiwis falling behind on their mortgage repayments is also beginning to climb back up from record lows
recorded at the end of 2022.
The number of households behind on mortgage repayments in January 2023 has risen to the largest number since April
2020, with approximately 18,400 mortgage accounts past due – or 1.26% of all mortgages.
This is a 22% year-onyear increase, which could be
attributed to Kiwi households rolling off fixed home loans and onto higher interest rates as the Official Cash Rate continues to climb.
Arrears on discretionary spending have also risen, with both credit card and Buy Now Pay Later repayments slipping in early 2023.
Credit card arrears have climbed to 5% of active accounts in January 2023, the highest level recorded since January 2021.
Buy Now Pay Later arrears have also climbed to the highest level recorded (9.3%), which is similar to arrears rates seen in unsecured personal loans.
Alongside arrears, the demand for new credit is also a good measure of how consumers are feeling financially.
In February 2023, the demand for credit cards has climbed 21.7% year-on-year, while new mortgage applications are down 25.6% year-on-year in February 2023.
In terms of new lending, new mortgage borrowing was 24% down year-on-year as the NZ housing market downturn persists.
However, new lending for consumer loans –while down from December 2022 – was up 3% year-on-year in January 2023. This could be due to households taking on more credit to get through the holiday season or maintain lifestyles.
“Although the increasing arrears rates are concerning and something to keep a close eye on, it is important to point out that we are still below pre-pandemic levels.”
Overall business credit demand is down 13% year-on-year in February 2023, impacted largely
by the retail trade and hospitality sectors, as discretionary spending slows and consumer confidence falls.
Additionally, credit defaults in
the construction sector climbed 8% in February.
However, tourism continues to improve compared to 2022 as the impact of open borders and
renewed foreign tourists helps to reignite the sector.
With further changes to the Official Cash Rate expected to try to rein in inflation, the challenging economic landscape is well and truly impacting Kiwi households.
Only time will tell if the next
quarter brings another fall in GDP and the beginning of recessionary times, which is likely to be front and centre as campaigning begins ahead of the election in October 2023.
For those who are struggling with meeting their repayments, now’s the time to get in touch
with creditors. It’s better to come to a repayment agreement than to slip into arrears and further financial strife.
*Monika Lacey MICM Chief Operating Officer Centrix Credit Bureau of New Zealand www.centrix.co.nz
Almost 90% of CFOs say that a lack of automation is one of the main roadblocks to an efficient financial close process. Yet most businesses continue to rely on spreadsheets and only the most basic level of automation when it comes to their accounts receivable.
We’ve heard the story before. Things are running fine. You’ve got that one team member who runs your credit control like a robot. They have lists and spreadsheets, reminder emails are automated via your accounting system. All the individual customer knowledge is stored in their head. They know the best time to phone business
A is 11am on a Monday morning. Like clockwork, they remind
business B of their invoice to pay every Thursday by email. And they know that business C will eventually pay their monthly bill, it’s just always eight days late. They are your accounts receivable superstar.
While the status quo might keep things ticking over, it’s not necessarily the best solution. If you want to be competitive, then automating your accounts receivable process, properly, is a simple but effective way to get the upper hand.
Automating accounts receivables tasks benefit businesses and teams in so many ways. In particular, automation increases productivity and protects cash flow.
“If you want to be competitive, then automating your accounts receivable process, properly, is a simple but effective way to get the upper hand.”
How can swapping out spreadsheets for automation deliver such significant results?
It’s about enablement. A finance team who isn’t bogged down with mundane, manual tasks is enabled to be more productive. They in turn will be enabling the business to grow through:
l A reduction in human error
l A decrease in risk due to reliance on one key person
l An increase in strategic thinking time
l Adding value with better debtor insights and reporting
l Decreasing the cost of AR
l Protecting cash flow through chasing all overdues, not just the large invoices.
We’re human. We make mistakes. Even with spreadsheets, automated formulas and a dedicated superstar whose memory is a vault of customer finance gold. Implementing simple, easy to use AR automation removes the risk of simple human error – think copying the wrong
email address into a reminder email. Small mistakes here can have larger consequences down the track, both in terms of customer experience and cash flow.
Automation also eliminates risks associated with a key person being your business’
“
Having one key staff member as the brains and knowledge vault for all things accounts receivable is quite common but is high risk. Most businesses in this situation don’t have a plan for if that person gets seriously ill or leaves quickly and unexpectedly.
”
knowledge base for all things credit control. Having one key staff member as the brains and knowledge vault for all things accounts receivable is quite common but is high risk. Most businesses in this situation don’t have a plan for if that person gets seriously ill or leaves quickly and unexpectedly. There might be some ‘handover notes’ floating around, but these often lack detail and can take time to digest. If either of these scenarios occur, cash flow can be impacted significantly with accounts receivables tasks slowed down even further and limited credit control happening.
Strategic thinking. Something most of us want to do more of, but often struggle to find the time. Automated accounts receivable is one of the quickest and most effective ways to enable yourself and your team to have more strategic thinking time. And importantly, not to the detriment of your accounts receivables. With spreadsheets made a thing of the past, and your automated workflows humming, there’ll be more time
for strategy and better overall cash flow results.
Ever had someone ask you a question which you know you can answer, except there’s a ‘but’. Is the question so valuable to answer that it’s worth all the time required to trawl through spreadsheets, run figures and then write up the report? With automated accounts receivables, you’ll have a clear accounts receivable process in place which will help uncover better insights. You’ll also have instantly accessible dashboards. So, when that important debtor question arises or the leadership team asks for a report on debtor days, you’ll have the details within a matter of minutes. It won’t just save time; it’ll look a whole lot slicker as well.
With a manual process managing your accounts receivable it can be difficult to stay on top of all overdue invoices. What usually happens is that the highest value ones are prioritised and chased with smaller invoices left to gather
dust. Automated accounts receivable software solves this problem. All overdue invoices, no matter how large or small, are chased on a regular and welltimed basis via the automated reminder workflows. Time is then freed up so that your team can focus on any added efforts required to collect cash from the highest value invoices or the longest outstanding.
Yes, if you automate your AR chances are you’ll be paying a subscription fee to a platform which delivers the tool. However, most solutions out there aren’t that pricey, and they’re certainly a lot cheaper than a full-time human being. Most customers we talk to find automating their AR results in maintaining of their dedicated AR resource, despite growth. Plus, with an automated accounts receivable process in place, your cash flow will be a lot healthier decreasing costs associated with chasing and collecting bad debt.
Matt McFedries Head of CreditorWatch Collect*
“Automated accounts receivable is one of the quickest and most effective ways to enable yourself and your team to have more strategic thinking time.”
“With automated accounts receivables, you’ll have a clear accounts receivable process in place which will help uncover better insights.”
By Mark Stockwell*
eInvoicing is different from the traditional methods such as paper, PDF and email and therein lies its power. eInvoicing is the exchange of standardised and structured invoice data between buyers’ and suppliers’ software via a secure network. It doesn’t matter what eInvoicing software you are using, any business set up to send or receive eInvoices can exchange eInvoices with any other eInvoicing enabled business. The Australian Government has been working to promote eInvoicing as a more efficient and secure way for SMEs to manage their invoices.
One of the key benefits of eInvoicing comes through increased productivity and
reduced admin costs. With eInvoicing, businesses sending eInvoices will benefit from timely and accurate delivery of their invoices, save time spent on chasing late invoices, can enjoy faster payments and better management of receivables. Businesses receiving invoices will save time and money currently spent on scanning, data entry, following up missing information and fixing errors when processing invoices. Better quality data will help businesses to further streamline their accounts payable processes, improve accuracy and reduce errors. It can also deliver other potential benefits, including better supplier relationships and decision making supported through data analytics, and help reporting obligations, such as Payment Times Reporting.
In addition to the productivity benefits, eInvoicing can also
In today’s fast-paced and increasingly digital world, eInvoicing has become a popular and efficient method for automating invoicing processes.Mark Stockwell
“Better quality data will help businesses to further streamline their accounts payable processes, improve accuracy and reduce errors.”
help to improve the security of business transactions. As cyber threats continue to increase against businesses it is more important than ever to make sure your business is as safe and secure as possible. eInvoicing can help keep do just this. eInvoicing provides increased security for businesses since invoices are sent and received via a secure network of accredited service providers, bypassing the need to use email, helping to eliminate emails and PDFs as possible attack vectors. This can help mitigate the risk of your businesses becoming the victim of a false billing or payment redirection scam and reduces the number of opportunities for attackers to send viruses disguised as PDF invoices. All of
this can help reduce the risk of theft and loss of money, data, or sensitive information, keeping you, your trading partners, and the community safe.
eInvoicing can also help businesses meet their ESG targets by reducing the environmental impact of their invoicing processes through reduced paper usage, minimized energy consumption for mailing and processing invoices, and decreased greenhouse gas emissions, and demonstrating good governance through the
enhanced accuracy and security eInvoicing provides.
The Australian Government has adopted the Peppol framework as the standard for eInvoicing. Peppol is a set of procurement standards, legal agreements and an eInvoicing delivery network that is used by more than 40 nations worldwide, including New Zealand, Singapore, and Japan in our region, to facilitate the exchange of eInvoices and other procurement documents.
In Australia, eInvoicing is not
“
As cyber threats continue to increase against businesses it is more important than ever to make sure your business is as safe and secure as possible.”
used for tax compliance. While the ATO is appointed as the Australian Peppol Authority, its role is to govern the framework. The ATO manages the changes to specifications, accredits service providers and works with many stakeholders across the economy to drive adoption. The ATO can’t see eInvoices transmitted through the network and does not collect any invoice data.
The ATO has worked closely with many large companies, including Bunnings and Woolworths, to determine the value of Peppol for digitally mature businesses and implementation impacts for their customers and suppliers. These companies are now eInvoicing champions, supporting their
trading partners’ transition to this new invoicing channel and reaping mutual benefits.
The ATO are also working closely with eInvoicing solution providers to ensure that their products are eInvoicing ready, including a range of free and low-cost solutions for small businesses with simple invoicing needs. Many small businesses are already enabled via their existing software, making your supply chain more efficient and secure. The more of your trading partners that get eInvoicing enabled the greater the benefits that will be seen by everyone as the network of businesses using eInvoicing grows.
Getting started with eInvoicing has never been easier, with more and more
eInvoicing ready products available on the market. The ATO website provides valuable information on eInvoicing and offers resources for businesses to explore their options and get started with eInvoicing. By embracing eInvoicing, businesses can improve productivity, reduce administrative costs, enhance security, and support their ESG targets while also contributing to a more sustainable future.
To find out more about eInvoicing, and to start your exploring your options, visit ATO.gov.au/eInvoicing
*Mark Stockwell Director eInvoicing Australian Taxation Office E: einvoicing@ato.gov.au
What does it mean to be a human-centric organisation? Free snacks? Ping pong tables? A flexible schedule with unlimited PTO? While perks are appealing, there are far deeper factors driving the engagement, loyalty and happiness of today’s employees – particularly those in accounts receivable (AR).
This article explores the psyche of modern AR professionals, how prioritising their humanity brings about broader company success, and why AI-driven automation is an ideal solution for nurturing such personal and professional fulfillment within your team.
Before we get into the weeds of invoices, payments and allthings AR, it’s worth asking ourselves as humans: How did we get here? Time for a quick 4.5-billion-year recap: See figure 1.
What do people want in an AR career?
A huge part of the modern human experience involves what many consider an inescapable inconvenience – going to work. But despite its compulsory nature, most people still care a great deal about what they do and how they do it.
For example, AR folks generally excel at math, research and record-keeping but doesn’t mean they expect to work a boring, one-dimensional job. Yes, a generous salary and benefits go a long way, but there’s much more fuelling their fulfillment (see Table 1).
Think members of your AR team might be part of the 40% of the unhappy workers1 looking for new opportunities? Typically, the signs and symptoms of a disgruntled AR employee are present long before they come
Before we get into the weeds of invoices, payments and all-things AR, it’s wor th asking ourselves as humans: How did we get here? Time for a quick 4.5-billion-year recap:
The hot, dense, cosmic explosion that theoretically star ted it all … guess you just kinda had to be there.
Homo sapiens stumble out of the menagerie, eventually inhabiting every corner of ear th. Yay for us?
You are here
Our planet cools whilst
insects all enter the chat.
The age of airplanes, air conditioning and accounts receivable. What a time to be alive, indeed.
Of the people who quit their jobs from April 2021 to April 2022, 41% did so due to lack of career development and advancement opportunities.1
Does poring over sticky notes and spreadsheets sound rewarding? AR folks don’t think so, which is why they value work that’s meaningful vs. mundane.
to the boss quoting Johnny Paycheck lyrics. Here’s what to look for:
According to survey results by Gartner:
Whether it’s flex schedules or recognition of good work, attractive companies are those that prioritise people’s professional and psychological needs.
potential
After years of continuous change, adapting a more human-centric AR approach is now a prerequisite for keeping a business competitive. Yet it goes far beyond a revamped mission statement or meagre salary bump.
3.2x
Employees who operate in human-centric work models –where they are seen as people, not just resources – are 3.2 times more likely to enjoy their jobs with a high intent to stay.2
To truly put people over process, AR departments need the help of modern technology that’s capable of transforming the ability of AR employees to perform daily tasks, serve customers and fulfill their own professional aspirations.
For many Finance teams, that technology is AI-powered automation – a solution arguably best defined by what it doesn’t do vs. what
it does. For example, in an AR environment, automation:
Doesn’t replace humans or eliminate nuance. Functioning more like a highly specialised team member, AI-driven automation does the mundane “heavy lifting” so your team is free to perform more strategic tasks.
Doesn’t supplant existing tech stacks. Automated AR solutions maximise the value of whatever systems are in place by working alongside them and augmenting areas they may fall short in (i.e., manual gaps).
Doesn’t mean you’ll solve every issue. Even with AI assisting, your AR process won’t be running on autopilot.
Sustained success will require a proactive strategy and dedication to continuous process improvement.
5 ways AR automation helps your team feel better, work smarter & stay longer
According to Gallup research, only 32% of U.S. employees were actively engaged in their jobs in 2022 – down from 36% engagement as recently as 2020.3 Not great news for AR, which is one of the largest assets on the balance sheet and a department that deals directly with customers. In the following pages, you’ll learn about AR automation’s role in combating this disturbing trend – detailing the five major ways it dramatically improves the output and outlook of the average AR employee.
1. Makes onboarding & training crazy-simple
You know what today’s workers hate? Obstacles. That’s why AR employees – particularly those who fall in the category of Millennial or Gen Z – gravitate toward companies that allow them to hit the ground running from day one.
Automated solutions are a great way to bypass drawn-out onboarding processes or painful training sessions thanks to their ability to remove any unnecessary delays, disruptions or duress for your newest team members.
A single interface with custom KPIs
Not only are AR automation solutions backed by a cloud infrastructure for 24/7 availability, all the information your team needs – from invoices, contracts and credit apps to credit risk data and customer details – flows directly through a single, easy-to-use interface.
No mastery of tribal knowledge necessary!
2. Replaces the mundane with meaning
It’s no secret that traditional AR operations can be a hotbed for all sorts of menial and downright mindnumbing work. This isn’t just destructive to your team’s well-being, it’s also antithetical to the kind of strategic value-driving that’s now expected out of modern AR departments.
Thankfully, AR automation solutions have powerful technologies working behind the scenes that absolve employees of these time-consuming tasks. What’s more, the “free time” they’re now afforded can be directed toward work that is more meaningful and valuable – both to the individual and the enterprise.
Automating credit applications and approval workflow takes a lot of pressure off your AR staff, making customer onboarding a walk in the park.
Andrea
Instead of folding, stuffing and stamping paper invoices, AR staff can mail them directly from your ERP for worldwide postal delivery in < 24 hours.
Free up your team for higher value tasks by automating the manually intensive process of matching payments received from incoming payment information sources.
Priority call suggestions. Customised to-do lists. Personalised bulk messages and templates. Automated solutions have no shortage of AI tools to help your team optimise its collections strategy.
For Credit Manager Andrea Linke, “busy work” was often the rule rather than the exception for her team at Kuriyama of America, Inc. That is, until they decided to explore digital solutions for centralising their collections process and delivering new levels of speed, efficiency and visibility to the team.
Much like being a good server at a restaurant with atrocious food, it’s hard being an exceptional AR employee at an organisation with second-rate CX strategies. From when a collection call was made, to how a claim was managed, to what payment options were offered – every point of customer contact within AR ultimately reflects on your team, for better or worse. A consistently bad CX sows the seeds for consistently unhappy employees. Thankfully, customer–employee tension is cut down dramatically when AR automation is employed. Payment allocation is immediate and accurate, dispute resolution is quick and painless, and essential data is just a click away for all parties.
Most automated solutions offer a convenient online portal where your customers can choose their preferred payment option (card or direct debit) and process their payments on a selfserve basis. The result is happier customers and an AR team with more time to spend on collections and other dopamine-producing activities.
“
The call prioritisation feature is a favourite within the team.
Every morning it generates what calls need to be done which makes it incredibly easy to plan their day.”
– Andrea Linke, Credit Manager, Kuriyama of America, Inc.
Currently, only 1 in 3 workers feel as though they receive ongoing recognition for their work.4 Not only is this statistic more than a little depressing, it’s also straight up bad for business. Consistent praise is shown to increase employee’s sense of belonging, their work performance, and their willingness to stay at their current job.
Naturally, with praise comes opportunity.
Automated AR solutions enable both by not only helping managers use KPIs to better identify top-performing AR employees, but also creating new career-pathing opportunities by necessarily redefining some positions.
Good work never goes unnoticed in an automated environment!
From response time to follow-up calls, customisable dashboards allow AR managers to track metrics tied to individual team members – ensuring high achievers are consistently recognised and rewarded (and never blamed for a laggard’s poor performance).
Receiving up to 700 payments a day, the Banking team at Laminex had heavy manual workloads – particularly at month-end when payment allocation was priority No. 1. What was Operational Team Leader Pamela Rochester’s solution for improving her team’s workload and well-being? Automating daily remittance advice processing.
While the concept of “worker insecurity” is seemingly baked into our economic model, more and more companies are finding out just how harmful it can be to their employees and bottom line. In addition to its effects on people’s mental well-being and physical health, recent research found that engagement decreased by 37% among workers with fears of job stability.5
Automated AR solutions play an important role in quelling many of these fears. Not only do they help AR employees create more value for their team (thus becoming less expendable), they provide the company itself with a strong, modern digital foundation that makes it much easier to stay competitive and resilient should more COVIDesque disruptions be in our future.
“
The Banking team is under much less pressure to complete payment allocations each day. They have more time to focus on other duties and learn new tasks.”
– Pamela Rochester, Operational Team Leader, Laminex
One of AR automation’s uniquely non-tangible features is its ability to benefit every stakeholder without ever achieving that success at the expense of another party.
For employees, this concept of “positive-sum growth” means that everyone in their orbit is ensured a better experience – teammates, managers, customers, even the business itself. And when everyone wins, well, everyone wins.
It’s time to awaken the humanity in your AR team Accounts receivable is no longer some back-office afterthought. In a time of significant change and challenge, companies are looking to their AR departments to secure revenue and fortify critical customer relationships.
The ones tasked with carrying out these imperatives are not robots or commodities. They are living, breathing human beings with physical,
emotional and intellectual needs that require fulfilling. Automated solutions do all the above, helping AR employees make more of an impact, with fewer obstacles, and with a greater sense of dignity and value.
Humans have come a long way in a just couple hundred thousand years – a testament to the power of humanity. By putting people at the centre of your AR function, you can awaken this power for the betterment and longevity of all.
*Eric Maisonhaute MICM Director – Accounts Receivable Solutions Esker Australia Pty LtdT: +61 479 089 668
esker.com.auSOURCES:
1. The Great Attrition is making hiring harder. Are you searching the right talent pools? July 13, 2022. McKinsey Quarterly.
2. Gartner Research Shows Human-Centric Work Models Boosts Employee Performance and Other Key Talent Outcomes, Press Release, December 7, 2022. Gartner, Inc.
3. Harter, Jim. U.S. Employee Engagement Needs a Rebound in 2023 January 25, 2023. Gallup.
4. Nink, Marco, Robison, Jennifer. Add Team Praise to Your Employee Recognition Toolkit. February 9, 2021. Gallup.
5. Nelson, Bailey. Supportive Managers Relieve Job Insecurity, Boost Engagement. August 27, 2019. Gallup.
Inflation, rising interest rates and geopolitical uncertainty remain key threats to businesses as recent global events, such as the collapse of Silicon Valley Bank and the emergency buyout of Credit Suisse by UBS, indicate that decades of relaxed monetary policy and poor risk management have left some companies over-exposed and over-leveraged.
These recent events are a signal for company executives, finance teams and credit managers to make strong cash flow a priority. And while managing a company’s financial risk and boosting cash flow in an unstable global economy can feel like an insurmountable task, it also serves an important lesson. Take steps now to improve the systems and processes that can boost cash flow across
your business and you’ll have a competitive edge in a particularly challenging market.
Accounts receivable is the lifeblood of a business’s cash flow. While revenue may be growing, and there’s a strong sales pipeline, these factors don’t matter if customers aren’t paying their invoices on time. In Australia, for example, 30-day payment terms are standard across many industries. But when an invoice is paid late, companies often wait 50 to 55 days to get paid, resulting in a slow credit-to-cash conversion cycle. To speed up this cycle, businesses should start by identifying and addressing weaknesses in their accounts receivable management process.
“Take steps now to improve the systems and processes that can boost cash flow across your business and you’ll have a competitive edge in a particularly challenging market.”
Typical weaknesses in legacy accounts receivable management systems and processes include:
l Data entry errors
l Disjointed manual systems
l Slow or no follow-up of overdue invoices
l Limited payment options for customers
l Sending invoices in paper form or as a PDF via email
l Inefficient reconciliation and reporting processes
l Inefficient dispute resolution
Digital accounts receivable systems address these weaknesses by automating invoice processing, claims and disputes, and online payment acceptance while enabling realtime cash flow forecasting. This helps businesses speed up their credit-to-cash conversion cycle and improve their cash flow. Decreasing the payment cycle, even by a day, can compound into unlocking significant cash flow. For example, a business turning over $500 million can unlock $1.5 million of capital a
year for every day it removes from its payment cycles
Having a prudent approach to credit management ensures companies don’t have too many high-risk accounts with growing balances and helps them prepare for economic uncertainty. In fact, 65 per cent of Australian credit managers said they were tightening collections in 2022, compared to 53 per cent in 2021.
“
Having a prudent approach to credit management ensures companies don’t have too many high-risk accounts with growing balances and helps them prepare for economic uncertainty.”
Other things credit managers should do to strengthen their credit policies include monitoring high-risk accounts, reviewing risk across their businesses customer base, and completing more regular account reviews. While many companies will have a system in place that will trigger a hold on a customer’s account when their credit is reached or they have defaulted on a payment, the current economic environment provides a prompt to assess whether these credit
limits are still appropriate, especially on problem accounts. Taking the time to review and update credit policies now not only improves credit risk management but it has widespread benefits across a company too. If credit policies are refined to eliminate or closely manage problem accounts, the time spent following up late payments and the cash flow bottleneck they create is reduced. As a result, finance professionals enjoy the ability to spend newly available
time on more strategic work and projects.
Partner with solution providers that deliver techdriven cash flow solutions
Today, 66 per cent of SMEs want faster access to credit – something banks have limitations in offering due to their legacy credit assessment and operating models. By finding the right integrated payments and finance tech solution provider, businesses can not only improve their end-to-end invoicing
“Other things credit managers should do to strengthen their credit policies include monitoring high-risk accounts, reviewing risk across their businesses customer base, and completing more regular account reviews.”
and payment processes in one connected platform and get paid faster but improve their overall cash flow management.
Using data and technology to quickly assess the credit worthiness of borrowers, means there is less red tape involved in getting the funding required to cover cash flow gaps and grow, while the agility of these solutions suits the often fastchanging needs of SMEs. For example, invoice finance provides suppliers with upfront payment for their customer invoices. Similarly, supplier and buyer finance connects both parties with a tech-enabled lending platform to provide flexible trade terms, benefiting both buyer and supplier.
Early settlement discounts allow customers to secure a discount if they pay before the due date. With an integrated platform, these discounts can be customer specific, allowing suppliers to reward customer loyalty and strengthen customer retention. Similarly, using a platform that provides customers with access to lending solutions means your business gets paid on time, which helps improve trading
relationships and reduces supply chain friction. Keep an eye out for software that allows you to switch from seller to buyer so that you can dynamically manage your accounts payable within the same platform and propose early settlement discount offers to your suppliers too.
The most powerful part of being able to offer early settlement discounts and finance solutions is that an integrated platform provides a facility that is decoupled from cumbersome traditional lending guidelines. No, it’s not a license to lend money to businesses that aren’t suitable. It’s designed to assess a business’s credit suitability based on nuanced criteria applicable to SMEs, not a bank’s rigid credit assessment framework. By using integrated payments and finance solutions, a company’s data and trading history is assessed to secure the right type of finance. As a
dynamic solution, the facilities available to the business can scale as it changes, so there is always a suitable facility to draw from.
The perfect storm of inflation, rising interest rates and the growing likelihood of a recession present an opportunity for policymakers, businesses, and their funders to innovate. Nonbank lenders are a key part of this puzzle, providing SMEs with the funding flexibility and solutions they need to exercise better control over their cash flow, better manage their expenses, take the guesswork out of waiting for customer payments, and plan for investments in growth.
For credit managers, working internally to review credit policies and with the company’s broader finance team to improve systems and processes will not only reduce and eliminate inefficient manual tasks but empower them to gain greater control over invoice management and business cash flow.
*Adrian Floate MICM Managing Director at Spenda www.spenda.co
“...using a platform that provides customers with access to lending solutions means your business gets paid on time, which helps improve trading relationships and reduces supply chain friction.”
“The perfect storm of inflation, rising interest rates and the growing likelihood of a recession present an opportunity for policymakers, businesses, and their funders to innovate.”
We recognise those members who achieved membership anniversaries between January and March 2023. Congratulations to these members on achieving such important milestones.
As we head into winter, the SA Division Council are working hard towards providing some great events for our members.
An event that we always look forward to is the Women in Credit Luncheon, and we are excited to announce that we’ve locked in 26 May as the date for this event. Our Councillor for Functions, Alice Carter from Lynch Meyer Lawyers, has an excellent track record for helping to put on great events for SA, and we are excited to see her passion come through to celebrate this year’s focus on celebrating the AICM’S actions towards a genderequal future.
With this year’s charity partner being Women’s Resilience Centre, which supports women who have experienced or witnessed domestic abuse and trauma, we are sure that the generous spirit of our members will come through in supporting this excellent charity in their focus on hope, healing, and recovery.
Something that I would like to leave all you with, is my encouragement to consider joining the SA Council. Not only will you get to know the ins and outs of the credit profession, but you’ll also have a great opportunity to develop strong professional and friendly connections with like-minded individuals.
If you would like to speak with a member of our council to get some more information about this, please feel free to reach out, we’d love to hear from you!
The SA Division Council is delighted with the announcement that this year’s National Conference will be held here and extend our most warm welcome to the rest of the States.
In preparation for the Conference, if you might want to extend your stay and soak up the Festival State, here are some ideas:
If you’d like some fun in SA’s gorgeous Adelaide Hills, the Beerenberg Family Farm is a must visit for all foodies, with it’s farm shop showcasing Australia’s oldest family owned jam, condiments,
and sauce producers. While you’re at it, another great stop is Maggie Beer’s farm shop in the Barossa Valley, with group cooking classes, exquisite gourmet products and a lovely eatery showcasing Maggie’s products.
If you’re feeling like blowing off some steam and are feeling adventurous, West Beach Adventure
Brayfield Park Lavender Farm
runs Australia’s largest aerial challenge course with 5 levels of unique obstacles taking you to 28m in the air.
3. Cleland National Park
If you feel like getting back into nature, Cleland National Park offers a fantastic network of walking and cycling trails, which introduces you to the diverse native wildlife, cultural heritage and spectacular views of the Adelaide Hills and surrounds.
4. Star of Greece
If after the Conference you feel like a leisurely lunch with friends, the Star of Greece showcases SA’s local produce as well as breathtaking views of the coastline.
5. Brayfield Park Lavender Farm
From beauty products, mists, sleep sprays, essential oils, lavender wheat bags, bath salts, culinary lavender and so much more, the Brayfield Park Lavender farm is a must-see if you’re wanting to
stock up on premium products to help you relax after the Conference.
For more ideas on fun activities to do while you’re in SA, reach out to our Councillors, we can’t wait to showcase our State to you!
Alice Carter MICM CCE Partner at Lynch Meyer Lawyers
A member of the SA division that is truly worth celebrating is Alice Carter, Partner at Lynch Meyer Lawyers, former council President, Young Credit Professional of the Year State finalist, and current Councillor of Functions.
Alice was recommended as a Leading Insolvency & Restructuring Lawyer in Doyle’s
Guide in South Australia for 2020, and practices in Lynch Meyer’s insolvency, debt recovery and credit management team, and is an extremely valued member of the council.
Alice has been a member of the AICM for 8 years, with her biggest professional accomplishment to date being becoming a Partner at Lynch Meyer Lawyers, where she is leading and growing her team. With such a wealth of experience under her belt, Alice encourages emerging credit professionals to absorb as much information as possible, as well as to be enthusiastic and prepared to learn.
Alice advises that her biggest professional challenge to date was developing her leadership skills to be a great leader. The SA Council can certainly attest to Alice’s great leadership skills when she sat as President, and she now also shows them in organising wonderful events for SA.
Alice has found that being a member of the AICM has allowed her to grow her skillset and her network, and she also enjoys catching up with clients, many of whom have now become friends, as a direct result of her involvement with the AICM.
Alice enjoys her busy life, and outside of her profession she enjoys spending time with her beautiful family.
Congratulations to Alice on all you’ve achieved so far, and a big thankyou from the SA Council for all your hard work, support and dedication.
The Australian Institute of Credit Management welcomes our Partners for 2023
Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.
We are already three months into 2023 and it’s not slowing down! Everyone I talk to is busier than ever and just like everyone else, the AICM is also getting busier. In QLD we have already held two events this year and we have our third event next month (National Risk Seminar.)
We kicked off the year with our Social Trivia event in February, held at the Caxton, which was a fun event for our members, even if you go home with a win or a loss, a good time is always had.
Then in March we heard from Emily Hayward at Deloitte Access Economics to hear what the year ahead could possibly look like for us given the current state of Australia with rising interest rates, inflation and cost of living.
One of biggest events is coming up later this year, our Young Credit Professional of the Year
awards. I would encourage all our members to tap into their network to encourage our young credit professionals to apply for this years YCP award with registrations now open and due to close the first week of June. It’s a fantastic opportunity not be passed up.
– Stacey Woodward MICM, AICM QLD President Credit Manager – CovetrusOn 15 March 2023 we met for an informative Economic Breakfast at Darling & Co in Paddington led by Emily Hayward, Manager from Deloitte Access Economics.
We all enjoyed a delicious breakfast while Emily discussed the Global Economic Outlook for 2023.
Her presentation was very insightful about the current economy and what we can expect in the near future, household disposable income, inflation and labour market were a few areas covered.
At the end of her presentation, Emily opened the floor to a variety of questions from the filled room. If your children are still thinking about their future careers the advice given by Emily was
to get them thinking about Engineering and IT, the skills required for the future.
What a fabulous turnout for the first social event of the year held at the Caxton in February.
Always a sellout event, the room was a buzz with chatter from new and old members eager to catch up for the first time in 2023.
Madison Ryan was our amazing MC for the night, keeping the excited crowd engaged.
Once again some creative team names, a couple of the most creative being Down for the Account, Token Male and Street Credit.
The Watermelon Sugar team took out first place and coming in a close second was Down for the Account. Maria Schandl and Mackenzie Gunn showed their knowledge of all things credit and tied in “last man standing”, sharing the prize donated by Vincents.
Limited photos available from the night as our normal photographer was delayed and I am clearly not a great photographer.
At the recent Economic Breakfast two of our members were awarded with some amazing membership milestones.
Our Queensland President Stacey Woodward had the pleasure of presenting Judith Riley with her 5 year
Angela McDonald MICM
Managing Director, OptimumHow long have you been involved with the AICM?
I’ve always respected the AICM as an institution that helps people in our sectors, who don’t always enter it through the usual career planning channels, to achieve recognition for their business acumen and the important role we all play in the financial health and growth of an organisation, as well as helping individuals achieve their continuing education goals.
I worked with a National Sponsor for many years and was initially involved through their corporate
membership – personally, I am thrilled to have received my 20+ year pin and to have tried to give back by joining Council in NSW, sponsoring areas and mentoring where I can.
Why are the Pinnacle Awards so important to our industry?
The AICM Pinnacle Awards provide a platform of recognition of the success in specialist areas of extraordinary people in our sector throughout a year. It also recognises their abilities, the struggles that they may have overcome to be there, their efforts and excellence in their chosen career, a career, that many of us have “fallen in to”, but where, with determination and passion they can shine.
I’m always thrilled to hear the nominees’ stories, how they got there, why their managers and clients nominated them; and what they have achieved professionally and personally to be standing shoulder to shoulder with other outstanding credit professionals on the night. In the years that we have been involved we are always blown away by the extremely high calibre of finalists.
As a category sponsor and judge what key aspects do you look for in a nomination?
I take this important role very seriously, setting aside quiet, uninterrupted time to read and consider the nominees submissions, including the letters of recommendation provided by managers and clients who have taken time from their busy days to lend their support (or nomination) to someone who has truly made a difference to them.
The award questions are not the same each year and it’s important that the nominees have considered and responded to up-to-date criteria. I love to see how they not only answer each question, but how they demonstrate their achievements, initiatives and plans for the future and share how those actions or activities have been the catalyst for strong results, positive teamship and culture and overall impacts.
What advice can you give to our future nominees? One of our most encouraged values (borrowed from Michael Strasner) at Optimum Recoveries is to ‘work on the skinny branches’. If you imagine a beautiful fruit tree, on the ground you will find fallen fruit that anyone can pick up with little effort. The delicious juicy fruit hangs high in the air and if you want that you need to have the courage to climb the tree and get out on the skinny branches. You have to have the courage to step outside of your comfort zone for the sweeter reward.
At Optimum everyone is encouraged to step
out of their comfort zone and do things that make them nervous and uncomfortable so that they can achieve things they never thought they could. Nothing makes me prouder than a team member with a massive smile and genuine surprise that they did it!
What usually follows is curiosity. A curiosity to discover what other previously inconceivable targets are now within reach. And so the growth begins!
We are often self-deprecating and putting yourself in the spot-light or accepting a nomination just isn’t comfortable, but I passionately encourage nominees to lean in to the experience, step up, be recognised for your efforts and achievements and build great connections with others in your professional sector – stretch for the sweet reward of personal and professional growth!
Melissa Kirk MICM
l Position and company that you work for: I am the Collections Partner at NCS Group Pty Ltd. We operate under the National Collection Services, Reliance Recoveries and Campus Collections brands.
l Current position on council: Currently I am taking care of the Professional Development portfolio; I also help with sponsorship on events when needed.
l How long you have been a member on council? I think I am the newest member! I joined the council just under 12 months ago.
l How long have you been a member of the AICM? I have been a member for 2 and a half years now, since coming aboard at NCS.
l What is your biggest professional accomplishment to date? This would have to be winning the External Collections Agent of the Year at the AICM Pinnacle Awards in 2022.
l What advice can you give to emerging credit professionals? The best advice I received myself was to continue learning. In the credit field, changes in legislation and the economic state of the country, can force us to adapt. These changes need to be acted on quickly, being in
a constant state of learning is a great way to stay up to date. Attending the AICM Webinars, Economic Breakfast and Risk Seminars are a great way to stay involved.
l What has been your biggest professional challenge to date? As a collection agency, managing the expectations of both clients and debtors is the largest challenge. The past 2 years has also been a large learning curve in learning to manage a larger staff as the company continues to grow.
l What has being a member of the AICM done for you? The AICM has been a great place to meet likeminded people. I have found great relationships in people who are in the same positions as me, who can provide advice and mentorship through different challenges as they arise. Joining council has also done wonders for my confidence. The PD offered by the AICM also is a magnificent help in staying up to date with changes in the industry.
l What are your hobbies or favourite things to do outside of your profession? I am mum, a bookworm and an avid DIY-er.
Zandalee McKenzie MICM
l Position and company that you work for: Associate at Enyo Lawyers.
l Current position on council: general council member – Law and Legislation portfolio, sub-committee for events.
l How long you have been a member on council? A year in July
l How long have you been a member of the AICM? I believe for four years
l What is your biggest professional accomplishment to date? Generally, just achieving a favourable outcome for our clients is a big accomplishment. It can sometimes be difficult to achieve positive outcomes, especially in the current climate. Academically, completing my advance certificate in insolvency.
l What advice can you give to emerging credit professionals? It is an extremely rewarding career, talk to your colleagues and industries like AICM, make the most of all the opportunities that come your way.
l What has been your biggest professional challenge to date? Figuring out what area I would like to work in. It is difficult when at university as you are exposed to so many different areas without specialising in any. Finding an area that I actually enjoy working in was difficult, however, makes a big difference.
l What has being a member of the AICM done for you? Being a member has helped me make connections within the industry and keep up to date with current trends and issues in the industry. It has helped me to grow as a professional by helping my confidence (particularly speaking in crowds).
l What are your hobbies or favourite things to do outside of your profession? I have an 11-year-old dog that I like to take out and about, hiking or, anything outside really, dinner with friends and puzzles.
What a wonderful start to the year! We have hit the ground running with 3 of our milestone events.
We hosted the 17th Annual Golf Day and Lou Caldararo did a brilliant job organising this event. I hosted the NAB economic breakfast and Mary Petreski our VP hosted our Risk and Insolvency Seminar. A big shout out to my council team for their commitment in creating 3 fantastic, knowledge sharing and well thought out events.
I’m also excited to announce our new Life Member, Brian Kay. He has been an invaluable member of our division; his knowledge of credit is profound and on a personal note he has been my rock and sounding board while I have been President. Congratulations Brian!
I am delighted to announce Rothwell Lawyers will be joining AMPAC and Esker as one of our divisional sponsors. We are thrilled with this appointment and excited to work with Tracey and Amanda.
What’s next for the VIC/TAS Division?
l Networking lawn bowls –Thursday 20th April
l Tasmania Economic breakfast – Thursday 11th May
l Melbourne WINC Luncheon –Friday 19th May
YCP is around the corner so please start thinking of younger members in your team to nominate.
Lastly, I will be heading overseas on extended leave until July. Mary Petreski will be stepping in as the President of VIC/TAS during this time. I am looking forward to writing to you when I return and a big thanks as always to our divisional sponsors AMPAC, Esker & Rothwell Lawyers as well as our incredible council members.
– Michelle Carruthers MICM, PresidentOver the last couple of years, we have been lucky to have an economist from NAB present an Economic update, this year was no exception. Brody Viney, NAB’s Chief Senior Economist allowed us to reflect on the past, as well as giving us valuable insights into the future economy.
A statistic that I enjoyed hearing was that the population growth is running at an annualised rate of around 2.3%, which is well above the preCOVID norm of around 1.6%. This will help close the labour shortage that I witness every day when speaking with Credit managers. Our members asked lots of questions and our attendees truly took something away from this event.
– Michelle Carruthers MICM, PresidentThe Southern Golf Club this year was in amazing condition for the 17th Vic/ Tas Golf Day. Despite the sweltering 38-degree heat, attendants enjoyed a fantastic round of golf! It was once again a sold-out event, with over 90 people in attendance.
The winning team was NCI with Simon
Chown, Aiden Quinn, Jonathan O’Doherty and Michael Baker. Congratulations again!
A huge thanks to our major sponsors for their participation and contribution: NCI, CreditorWatch, Equifax, SV Partners and SPK Glass.
The day wouldn’t have been as big a success without the help of both Vic/Tas President Michelle Carruthers and Vic/Tas Vice President Mary Petreski. Also, a massive thank you as always to Lou Caldararo for his instrumental role in organising the event and thank you to Brian Kay for driving all the way from Ballarat to photographer for the day!
– Alex Hawtin MICM PublicationsMilestone Celebrations
l 20 years membership – Karen O’Rourke MICM CCE
l Life Member – Brian Kay LICM CCE
Brian Kay LICM CCE
Godfrey Hirst
Brian has been in the credit industry for more than 30 years and is currently the Credit Manager at Godfrey Hirst Australia. Having played an instrumental role in helping
develop the AICM into what it is today, Brian’s recent elevation to Life Membership award is more than fitting. We sat down with Brian to learn a bit more about him.
Prior to doing credit, I was in the Royal Australian Air Force. I moved to Western Australia, where I worked at a Coles warehouse. They had an opportunity to do some collections work, so I started performing an account’s role within the Coles warehouse. A credit officer role came up for a company called Bell Brothers, which was a family-owned construction supplies business that was eventually bought out by Boral.
It was a very interesting role; people would come in from the bush and pay their accounts with thousands of dollars of cash. I got to meet remarkably interesting characters as a credit officer, and I realised that I quite enjoyed working in credit.
I eventually ended up as the credit manager for Western Australia and Northern Territory, which was a new experience, and had its own challenges. Boral was really my first proper stint in credit, and one of my managers Rona Day involved me in the institute activities on a sub-committee. My next role was with York Australia, an Air Conditioning Company as National Credit Manager, I moved to Sydney. I attended an AICM function and Michael Peet was the NSW AICM President and he inspired me to be involved in the AICM council, more
specifically Professional Development and sat in the Chair as New South Wales Council president for a few years. Work then took me to Brisbane and back to Melbourne I became involved in the Queensland AICM Council and then the Victorian Council where I am the current AICM Foundation councillor.
What is the one thing you’re most proud of in your career?
There are two things that I am really proud of. The first thing is that I’ve been able to train people to succeed me. I’ve always been taught that if you want to move on, you should make sure that the person underneath you are trained and able to do your job, and I subscribe quite strongly to that philosophy. I’ve done that about five or six times now, and I’m pretty proud of being able to help develop these individuals into credit managers and credit professionals.
The other thing is from an institute point of view, I have been very heavily involved in the early setup of the registered training organisation and the progression of professional development programs.
There was a team of us, Toni Sawyer, Mike Murphy; Gerry Cavanagh; Neil Ricketts; Brian Fulmer. In NSW Grant Morris, Merv Mahony, Heather Spring; John Field; a whole range of people focussed on Professional Development, we spent two to three years getting it there, and that’s really when the national office became
more centralized and professional. The emphasis was on a standard approach to training.
Originally, the institute was like a collective of minds about credit, whereas when we started going down the path of an RTO, there was certainly much more professionalism given to our outlook; rather than being the poor cousins of CPA, the idea was that we would actually stand alone, and I think the institute does that very well now. Rather than just having trade courses that offer guidance on how to deal with different scenarios in credit, we are actually issuing Certificates and Diplomas. I’m proud of the contribution and part I played as a team member.
Well, I think a few things. I think that the networking is still really good. And I’m not talking about going down the pub and having a few beers. I’m talking about something had come up at work, I can jump on the phone and call up, you know, a CCE or call someone else and go, “Hey, look, have you had this experience?” And then they can sort of go “Oh, look, I’ve had this. It’s not quite the same, but you know…” and you can sort of extrapolate from what you know what their experiences are. I think there is a something intrinsic about giving back. I think that really, there’s quite a bit of value in that. And I think that it’s just a camaraderie. Even now on our council, for example, the assistance that I can give to the young minds that are coming up. I think that that’s how we grow the whole
institute as well is that people need to come up and have a crack at it and get involved. I’m hoping that that’s going to make a difference to other people, as it certainly has for me.
What changes have you seen in your time in credit?
Technology is obviously a big one. Back in the day we had index cards which were about the size of an iPhone, and we had age trial balances printed on blue and white zip form paper, both of which we hand wrote notes. The facsimile machine was touted as a time saver over “snail mail” A range of electronic messaging and communication were to follow in quick succession. SMS alerts.; texts; emails. Cash, the mainstay of the credit department gave way to EFT’s, Direct deposits, and now real time payments.
I think that the general processes and principles of credit have very much stayed the same. We still do credit checks at customer onboarding, but these days we have the ability to check on google maps to see if there is actually a shopfront, and we have a better ability for customer information validation. I think it is much easier to do now, and the state of reporting has really improved getting better information and to really know who your customer is.
In the credit professional space, the changes have also been noticeable. The introduction of the Young Credit Professional; Pinnacle Awards and Women in Credit have elevated the profession by recognising excellence.
What advice would you give the younger generation coming through the ranks?
Be a lifelong learner. Take every opportunity to gather knowledge from those around you. Would I recommend a career in credit management?
Absolutely! I Do.
Become a member of the AICM and take advantage of free reference material including regular webinars and magazines and if you can enrol in the workshops, toolboxes, or a full qualification. Network with others in the industry. Stick to the basics to start with, there is a lot to learn a lot to explore.
What do you do outside of work?
I take the sidecar out for rides when I can, I love my photography, so I go out to country towns
in Victoria for a day trip or even a weekend and explore and discover local produce, wines, and the natural beauty of the Victorian countryside.
Currently a Credit Manager at Nutrien Ag Solutions, Joseph was the worthy recipient of the 2022 Credit Manager of the year award for Victoria. We sat down with Joseph to learn a little more about him.
I wasn’t particularly sure what credit really was about before I begun. When I finished school, I wanted to do something potentially in IT and business, but my plans were very broad in that sense. I wasn’t too sure exactly what I wanted to do, so I decided to do a reasonably broad degree of accounting at RMIT.
I then did a bit of traveling; I was in Europe for three months in 2018 and another three months in 2019. When I came back, I began aggressively looking for jobs and found my way to Nutrien. I’ve been with Nutrien about three and a half years now, I started off as credit analyst, and it took me a while to learn the ropes fresh out of uni.
I started off slow, just doing some small deals initially, but as the business grew, more opportunities were arising, and I put myself out there. I find it quite exciting to work on new solutions and to help develop new tools that can benefit the business on a national scale. Initially, I had started working out of the southeast, the position was very region centric. It was a bit difficult to get exposed elsewhere in the business. I ended up running a couple of solutions that were quite successful, which got me promoted to credit manager around four months ago. I’ve now moved on to work for the Northeast region, so Queensland and New South Wales.
Can you tell us about the projects you undertook as a credit analyst?
My role was analysing customers based on different metrics. At Nutrien we do a lot of large-scale reviews of our clients. We support massive livestock and cropping operations in each region, and the
core of the job is really to keep that on track and customer on-boarding. We’re consistently chasing up financials and assessing account conduct. I saw the opportunity to create a solution to assess customers by their peak debt levels how well they pay down their debt, what’s their average payment days, and then combined all that to produce a risk grading.
I did start off with a mentor, Lou Caldararo. He was originally my manager at Nutrien, and I’ve been keeping in contact with him since he left about a year after I started. He’s always available to recommend guidance as to what I should be trying to achieve and how to achieve those goals. Lou has certainly been a close mentor. My colleague Cherith Dissanayake has really taught me most of what I know. I’ve asked him a lot of dumb questions in my time, I’ve learned from those. My current manager, Scott Williams has also taught me a wealth of knowledge. I feel like without a mentor, specifically for the younger generations, getting a grasp on your role and industry is growing ever difficult.
Coming out of university, you’ve got not much idea what you’re doing. You don’t finish an accounting degree and then do credit in agriculture knowing what you’re in for. Its invaluable when there’s other people out there that will help you, and it makes you want to help others in a similar journey.
I enjoy reading the magazine, and I find the social events really valuable. Making connections is important to me, and I think if you’re not involved in an association like the AICM, you’ll be left behind when it comes to building a strong network around yourself. The institute also makes it convenient to learn about what’s going on in the wider credit environment. I’m in a very specific industry, and otherwise don’t have much visibility about what’s happening in other industries and environments.
I would suggest that you must be open and excited about what your future could hold. If you’re
worried about stepping into the unknown, you might not get the most out of an opportunity. I really do think you just got to throw yourself in the deep end and is truly the best way to learn important lessons. People will help you along the way, you just have to ask questions and make those connections.
I play futsal, enjoy camping and travelling. I think money is better spent on experiences than material items. I’m keen to travel to Asia or maybe Europe at some point in the future. Also love watching the football, reading, building websites, and am currently enjoying my new PlayStation 5!
We are now well into calendar year 2023, and I need to look twice at the date at times with the realisation that we are now into April and rapidly approaching the EOFY, where does all the time go?!
On my mind at present, is of course the rising cost of living impacts that we are seeing around the country, particularly in the areas that my customers reside in, Regional and Remote Western Australia where times can be tough at the best of times.
The recent work that the AICM has been doing in the consumer space, for example the AICM Overdue Credit Report and the establishment of its Consumer Advisory Group has been refreshing and is throwing even more light on to the oft misunderstood, misrepresented financial hardship, and entrenched disadvantage that millions of Australians deal with daily.
Rising Energy Debt is just one of the financial pressures that everyday Australian’s must deal with, and we are all hoping that both Federal and State Governments will remain mindful of this when considering their Annual Tariff, Prices and Fees for the next financial year.
Hopefully, we will also see some more financial relief from the government in terms of energy
credits and more investment and priority on decarbonisation and renewable energy.
For the WA Division, our year has had a promising start, with around 40 attendees at our Economic Breakfast in February.
Over the clink of cutlery on china and the smell of bacon and eggs, once again, Aiden Depiazzi from Deloitte Access Economics delivered an insightful and informative presentation on the global outlook, inflation and economic growth, summarised with the message that the risks remain but are tilted to the downside and that we should look to the future with ‘cautious optimism, with an emphasis on cautious’.
As always, Aiden was spot on with his delivery
and we look forward to welcoming him back again soon.
Coming up on the AICM WA Division Calendar, we have our ‘For the first time in a long time’ Annual Golf Day, to be held at the Collier Park Golf Course on Friday 12 May. The WA Council are very excited about this event, and eagerly encourage all WA members , whether they be golfers or not, to come along and enjoy the day with your fellow credit professionals.
Sponsorship and team packages are available, and we really need member support to make it a successful event so please, get a team together and come along for some hijinks and shenanigans on the course!
WA Division’s first event of the year was the annual Economic Breakfast presentation by Aiden Depiazzi of Deloitte Access Economics at the Doubletree By Hilton in the city. We had 40 attendees, a great turnout for first event of the year. Aiden’s presentation provided good insights into how the economy is coping with the rises in interest rates and inflation.
The WA economy is well placed to weather any possible downturn with the resources sector particularly strong due to the persistently higher than normal iron ore prices and the increase in demand for Lithium, which is mostly extracted from Spodumene, of which WA has some of the largest deposits in the world.
Aiden was able to answer some tough questions at the end of the session and general feedback was very positive of the event and the presentation.
Please visit the AICM website for details of our next two events, the Risk Seminar or 4 May 2023 and the much anticipated Golf Day on 12 May 2023.
The Australian Institute of Credit Management welcomes our Partners for 2023
Partners
Divisional Partners
Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals. As these organisations support your Institute and your Industry please consider them when you require assistance.
It’s hard to believe that summer has come and gone already. As the year progresses, we are able to look back on some fantastic events over the last few months including the NSW Economic Breakfast in February. This event is a personal favourite of mine and once again was a pleasure to attend. In late March we held the 2023 Risk Seminar – I had the privilege of being MC. A special thanks to all those involved on the day including the panellists, attendees, sponsors, council and national office. I hope that you can all forgive the cheeky announcement of my recent engagement to my wonderful and supportive fiancée Kristina.
Unfortunately, the Golf Day had to be cancelled – this was due to a scheduling issue, in lieu we will have a social event in its place and look to reschedule the golf day for later in the year. I’m sure this would be welcomed by the keen golfers in our ranks.
Upcoming events include the aforementioned Social Event at B. Lucky & Sons on 27 April and the increasingly popular Women in Credit Event on 5 May. Please be sure not to miss these events because I am sure that as always there will be abundant opportunities to connect with likeminded credit professionals.
The next few months will also bring us the muchanticipated Young Credit Professional and the Credit Professional of the Year Awards. The latter being a new award that recognises experienced credit professionals who contribute at a strategic
level within a credit provider. There will be more details to come in the weeks ahead and I look forward to meeting the talented professionals who put themselves forward for this award. No doubt it will be a hotly contested one bringing the leading credit professionals together for the opportunity to win on a state and then national level – a familiar and proven format similar to the YCP.
As always, if you’ve got this far thank-you for reading! I look forward to seeing you at the next event.
February 2023
On behalf of the NSW Council, we would like to congratulate AICM NSW Board Member Peter Morgan and wife Odette on their truly romantic wedding ceremony on 14th February (Valentine’s Day) which was held at the picturesque historic location; Katoomba Carrington Hotel. We wish you all the very best and a long happy marriage xxx
19 February 2023
The NSW AICM Council team are a close-knit team that work together throughout the year. Each year-end we get together to celebrate our achievements. In early February we gathered at
our favourite spot, the Theatre Bar at the end of the Wharf in the Rocks for a relaxed dinner. Let us know if you would like to be a part of the team – we are always happy to include additional councillors.
23 February 2023
The annual NSW AICM Economic Breakfast was another successful event. It was held at SMC Conference and Function Centre in Goulburn Street, Sydney CBD.
After a brief introduction by our President Nick Pilavidis, and a 25-year AICM anniversary award to Fabian Sommariva, our keynote speaker Blair Chapman, Associate Director in the Deloitte Access Economics practice in Sydney presented. As an expert in macroeconomic policy and
labour markets, his insights were particularly related to the credit industry. There was a lot of discussion around current rising interest rates and the crisis around housing supply. Insights included the large delay in time for rents to increase after CPI increases which are now coming through. The productivity of the economy was also covered, and with recent advances such as chat GPT the benefits of AI in productivity are becoming clearer.
The wide-ranging discussion also covered China, NZ, Covid and of course insolvencies. We left feeling more informed of the risks we face. It was empowering information that can only assist us manage credit risk and cash flow in our own organisations.
All attendees including some new members enjoyed the experience. We look forward to next year.
23 March 2023
The NSW Risk Seminar for 2023 included many new faces, first-time AICM attendee’s and nonmembers that together made up a third of our attendance. What brought the delegates together was the fantastic insights and idea’s the attendees and panel shared. It was held at Rydges World Square, Sydney CBD.
Our chair and panels included James Smith MICM CCE and MC, Nick Pilavidis FICM CCE, Bruce Gleeson MICM, Hannah Griffiths, Theresa Brown MICM CCE, Rhys Buzza MICM CCE, Grant Morris LICM CCE, Andrew Spring MICM CCE and Simon Holloway MICM CCE.
This year’s Seminar included a Credit networking Forum, a segment for the Risk Outlook,
a Legal and Insolvency Update with Bruce Gleeson and Hannah Griffiths as our panellists, and the always popular Credit Manager Panel with Rhys Buzza, Grant Morris, Andrew Spring and Simon Holloway as our panellists. The day also included lunches, canapes and informal networking sessions where delegates get to meet one another and catch-up with old friends and colleagues.
Memorable themes were how we are dealing with the COVID Hangover, and something that was new to many delegates was the creditor defeating disposition. Discussion around this was engaging and beneficial we learn from each other’s experiences to lift the knowledge base of the credit profession.
We look forward to another action-packed seminar next year.
Andrew won Legal Representative of the Year at our NSW Pinnacle awards. A likeable personality matched with superb intellect makes Andrew a pleasure to interview and share with our members.
The day I was admitted as a solicitor in 2010, I accepted a role at a boutique law firm in Sydney CBD. That law firm had a debt collection agency connected to it, which enabled me to gain an in-depth understanding of the world of credit.
Initially, I enjoyed learning about the moving parts of a legal practice, as well as the recovery process more generally. As I gained experience, I began to advise my clients on increasingly complex matters. I felt like I grew into the role naturally. As a lawyer, my inherent style was to be a combination of welcoming, friendly, direct and transparent with my clients – an approach which has been very well received over the years.
In my earlier years of practice, I was fortunate to have been mentored by my father, John, who passed away in October 2022. John worked in the
insolvency industry for over 35 years and taught me the foundations of the insolvency process, particularly in relation to insolvency litigation. He was a guiding light in my career and in life.
In 2014 I accepted a position at Holman Webb Lawyers. The firm generally has a friendly, professional and “no nonsense” approach to recovery matters, which suited me from day one. In 2019, I was promoted to Special Counsel in the Commercial Recovery and Insolvency team.
Over the years I have gained a specialist knowledge of all things credit, securities, recovery and insolvency, and have developed a breadth of experience – including in defended wind-up and bankruptcy proceedings. I am fortunate to now have a practice which incorporates various recovery and insolvency matters across several Australian jurisdictions, particularly within NSW and Victoria.
I’d say that in my professional career, I have recovered many millions in debt for my clients.
Most of my trade credit clients are in the building and construction industry, so I have had the opportunity to defend a large number of unfair preference claims, delivering favourable results.
Another highlight was when a large ASXlisted company that I acted for was pursued by a liquidator for an unfair preference claim, with a potential exposure in the millions. After careful and considered analysis of both the liquidators claim, and the various defences available to my client –and subsequent to rigorous negotiations with the liquidator’s solicitor, the liquidator decided not to pursue the claim any further.
I would add that many of my successes are a team effort. I would not have been able to achieve these results without the assistance of the team around me, and the support of my incredible clients who work tirelessly to provide me the ammunition needed in fighting these cases and delivering successful outcomes.
How long have you been a member of the AICM?
I became a member nearly 5 years ago. A colleague at Holman Webb suggested I join. I am a keen supporter of the AICM for its wonderful work in supporting credit professionals, and its efforts to seek reform on behalf of credit providers.
The AICM continues to provide me with opportunities to network with credit professionals, as well as other stakeholders in the credit industry. In 2022 I had the privilege of being a guest speaker at the AICM National Conference, which was a fantastic experience.
The AICM gives me the opportunity to share my insights and learned experiences more generally (even when I’m not in front of a crowd!), particularly in relation to recoveries, securities and enforcement strategy. I have encountered many valuable experiences as a member of the AICM and those experiences have only strengthened me in my professional career. These opportunities give me a wholistic understanding of what credit professionals experience behind the curtain (before matters are referred to the lawyers). They also give me a better understanding of creditor operations, from both a sales and credit perspective, which helps me to collaborate with credit professionals when the time does come.
Why do you think the judges selected you for the Pinnacle Award?
I think it must have had a lot to do with a letter
of recommendation submitted by one of my clients. My client commented that I have won a large majority of debt recovery and insolvency cases, that I am extremely thorough, persistent and that I have outshined in every legal matter they have had to date against opposing parties, administrators, liquidators, and bankruptcy trustees.
My client also indicated that I remain calm in crisis – a quality that people appreciate; that I am very personable and easily gain the trust of my clients and others alike. I was genuinely blown away, and very humbled by that letter.
I genuinely enjoy working with all of my clients and I know that nurturing these great relationships only works to fuel our joint success.
What advice can you give to emerging credit professionals?
Keep learning, meet new colleagues in the industry and share war stories. I’ve now been practicing for over 13 years as a commercial recovery and insolvency lawyer, but have never stopped learning and engaging in new experiences.
I would say don’t be afraid to participate in workshops, the AICM, credit events and insolvency seminars – as these activities will strengthen your ability to progress in your career.
It’s always a good idea, although particularly in this current economic environment, to engage in healthy conversation with insolvency professionals at industry events. Learn about the insolvency process, and how to best navigate your way through with the guidance of your lawyers.
What are your favourite things to do outside of your profession?
In terms of my social life, I generally like to spend time with close family and friends and travel locally whenever I can. My son Peter was born last year and has been the centre of my life since. Peter has a kind nature about him and tends to laugh at anything and everything. Being a father is so rewarding.
NRL is also a large part of my family life – in fact back in the 80’s my family used to host BBQ’s for the Canterbury team. I suppose that means besides teaching my boy about the Corporations Act, I will have to also have to show him how to kick goals with the footy!
Joseph (Joey) Safi was the winner of External Collections Agent of the Year in our 2022 Pinnacle Awards. A young man with wisdom beyond his years I am not surprised to see that he shone brightly to win the award. He has the drive and determination to succeed.
I joined ARMA full time at 18, straight out of school whilst also juggling full time Law degree at Notre Dame University, I was excited to start learning about the real world and was committed to making my mark. At ARMA I have progressed organically through the business, first as a commercial collector where l established the base of my communication skills. In this role, l spent my time on the phones, engaging with debtors who were typically business owners and company directors negotiating resolutions to their debt problems.
After a couple years, I moved into account management where I was able to develop personal relationships with our clients. In that role I gained an intimate understanding of the credit process works, from the moment a customer engages a credit provider to when litigation action to recoup their debt is in order.
I am now in my final year of Law School and now work in the role of Key Account Manager which is fantastic. Here I nurture often complex and sensitive relationships with a high-level view to get the best outcome for my clients. To do this well, l have learnt to understand the unconscious motives and intentions of the clients who l am servicing and deliver outcomes which they may not have expressly voiced, but desire nonetheless.
There was this hilarious instance that an individual who was being served by a Process Server tried and failed at the old ‘no that’s not me’. As the Process Serves was at the door asking for the individual to confirm his details he said, “sorry mate, my names not John”, and an instant later his friendly neighbour stitched him up. He greeted his next door buddy, “Hiya John”. Classic!
What has been a member of the AICM done for you?
The AICM has allowed me to connect with people in the industry. Sometimes I work with likeminded and similar people and other times I see different perspectives. Not everyone does the same thing. Some are Credit Managers with different stresses so being able to engage with them and understanding them helps me do my job better.
Why do you think the judges picked you?
Communication skills made the difference. Commercial debt collection is often complex, and having the ability to accurately articulate and strip down the elements of the problem and find a logical resolution is key. Where large sums of money are involved, tensions run high and unchecked emotions can distract from the ultimate outcome – total resolution of the matter.
What advice can you give to emerging credit professionals?
Be disciplined in all areas of life, this will in turn will promote consistency in your performance which you and your peers can learn to depend on. Sharpen your superpower, figure out what you are naturally talented at and work at it with
a view to deploying it into your profession. From my perspective, you can have separation between work and life, but the way you spend your time at work influences your life outside the office, so create it in your image.
What keeps you busy outside of the profession?
I enjoy playing classical music on the piano and football. l am training for my next boxing bout which is scheduled in for a few months. Boxing
takes years of preparation, and is like a second profession to me. I train twice a day in the morning and evening. You need to follow a strict diet, so you are able to make the required weight for the weight class. From my perspective, learning how to box is more than just throwing punches. If you pay attention, it’s more like chess with logical moves and counters based on how your opponent interacts in the ring – excited to bring home the win in my next fight.
Barbara won Consultant/Solution provider of the Year in our 2022 Pinnacle Awards. As regular contributor to the AICM and with such a wealth of industry knowledge, it should be no surprise to see that she was selected for the accolade.
What has been your career story so far?
I grew up in Italy and in my early 20’s I stumbled across a newspaper add for a job that appealed to me. It wanted someone who could speak both German and English and as I studied these languages at school I applied and to my surprise I landed the role. The job was in Credit Insurance at Atradius (then called Gerling), which I knew nothing about! My work was initially more backoffice and admin but I progressed to helping the team, then working as an account manager with clients. After a while moved to a new business role which I loved doing for 7 years.
I was there until 2012 when an interesting opportunity opened in Sydney. I gave it a go. There was a phone interview – keep in mind, this required chatting to some Aussie a world away with an accent that was hard to understand in the middle of the night. They offered me the role so I had to quickly sort out the visa, pack and within 2 months of applying I was in Sydney!
I changed roles after a few years and became a broker. Then in 2019 I started to work at AON and I’m now a Client Manager in Credit Solutions.
What is your biggest professional accomplishment to date?
It’s the move to Australia. In looking back, I can
see it really took guts but it was a good decision. I did question what on earth did I do when I arrived and couldn’t buy a coffee after 2:30pm. I picked an area to live that was close to the beach and nothing else. Welcome to Manly. This helped me settle in pretty quickly and Sydney has been home ever since. Sydney has given me the professional opportunities to progress my career and allowed me to meet some great professionals over the course of the years.
What advice can you give to emerging credit professionals?
Find something fun you can do every day. Not 100% of your days are going to be fun, and at times work
can be taxing, so you need to find something in the job that you enjoy, then try do a little of that every day. For me it’s the satisfaction of new business and sales. Looking for companies that will benefit from trade credit, connecting with them and finding a solution that fits gives me satisfaction.
How long have you been a member of the AICM? I joined in 2018 when I became a broker.
What has being a member of the AICM done for you? It helps me understand what credit managers face on a daily basis, and not just the area I focus on but their other daily challenges. It also enables me to give back and share insights in my area of expertise. Be sure to look for my article titled ‘In a context of intense geo-political and macroeconomic volatility, which trends may affect businesses’ ability to trade and/or access finance’ in the next AICM Risk Report!
Why do you think the judges selected you for the Pinnacle Award?
I really tried to put forward my best. I think this showed the effort I always put in to help credit managers and credit professionals understand trade credit. Not everyone knows what it is, or how it works as it is complex. I try to make it digestible so it’s not as challenging and daunting as it looks like.
What do you get up to outside of work?
I met my partner not too long after moving to Sydney. We have two kids together and I love spending time with them and making pizza. I’ll share my recipe with you if you want?
AICM special: I was talking to Barbara about her Italian background since she was in Italy during the interview. We spoke about the pizza she makes at home every week. See below for her Nonna’s recipe that I tried and loved!
1. Ingredients: For the dough – 500 grams standard flour, 2 tablespoons EV olive oil, 100 ml water, 7 grams dry yeast, salt to taste.
2. Method: Combine everything at once in a bowl and mix until smooth. Knead the dough for 5-10 minutes and place it back in the bowl. Leave in a warm place with a towel over it. I prepare it in the morning so it has hours to rise.
3. Toppings: Simple ingredients such as a tomato base, nice mozzarella, cherry tomatoes and oregano.
4. Dish: I cook it in a big dish but you could use a pizza stone as well. Place the dough in, spread to the sides.
5. Oven: Cook for approx. 10 mins depending on the size. I put the oven on super-hot and watch it like a hawk!
Congratulations again to Andrew, Barbara and Joey for their awards. Thanks for letting me interview you and share your successes with our members.
– Gary Poslinsky MICM, NSW Council.
The Institute welcomes the following credit professionals who were recently admitted to membership between January and March.
David Adams Business Australia
Dean Aspland Transurban
Sylvia Atsalis Oakbridge Lawyers
John Banfield illion
Janine Banks Thoroughbred Recoveries
Martin Bell TTEC International Pty Ltd
Tabitha Bertram Benedict
Janet Betham Hudson Global Resources(Aust) Pty Ltd
Alana Buckley Transurban
Alice Clissold Transurban
Julieanne Cochrane Onsite Rental Group Operations Pty Ltd
Marie Collard Transurban
Christopher Copland Coates Hire Operations Pty Limited
Jade Dale Coates Operations Pty Ltd
Joanne Dangerfield Onsite Rental Group
Adam Dayeian Debt Sale Brokers Australia
Ajay Deshar Hudson Global Resources Aust Pty ltd
Ignacio Di Meglio Amber Technology
Lucy Dimovska Alliance Australia
Deborah Dries SMYA
Annette English Thoroughbred Recoveries
Maree Foley IPF Digital Australia
Dominic Gattellari Spenda
Susan Goodman Gadens
James Grant Thoroughbred Recoveries
Jackalene Hainsworth Baiada Poultry Pty Limited
Corrie Hassan Spenda
Hayley Hawke Baiada
Elaine Huang Whale Logistics (Australia) Pty Ltd
Toni Jones Credit Corp Group – NCML
Georgina Kappatos Electrolux
Kristi Klaus
Sharelle Klein TPG Telecom
Paul Kollias
Mohit Kukreja
Simon Leslie Equifax
Gabrielle MacKinnon Deloitte Touche Tohmatsu
Maya Bala Maximo Valmont Shared Services ANZ
Matthew Mcatee Southern Steel Group
Smita Mishra Cleanaway
Holly Mitchell Thoroughbred Recoveries
Richard Moretti Revive Financial
Stephanie Nguyen Transurban
Kim Nguyen Sixt Australia
Tam Nguyen Sixt
Ines Nikolic Oakbridge Lawyers
Alexandra Olsen Transurban
David Palamara The Distribution and Logistics Company Pty Ltd
Nina Pearce AWM Sydney
Thanh Pham Vinidex Pty Ltd
Melissa Pittello Sydeny Catholic Schools
Julie Pourtarvirdi Holman Webb Lawyers
Lisa Rahimi IPF Digital Australia
Kushal Rathod Coates Hire
Chris Roblet Amber Technology
Cecilia Rong NSW Business Chamber Recruitment Solutions Group
Vera Ruhayel Gadens
Daniel Saade illion
Fiona Scott Thoroughbred Recoveries
Birol Senol Tutt Bryant Group Ltd
Marcella Tandrayuwana Hudson Global Resources Pty Ltd
Natalie Tuialii Alliance Community
Vanessa Van Vliet Amber Technology
Allison Vassallo Manassen Foods Australia Pty Ltd
Brad Walters Equifax
Lifei Wang Alliance Australia
Emily Welch IPF Digital
Camille Wolfe Amber Technology
Jingjing Zhang Hudson Global Resources (Aust) Pty Limited
Queensland
Jarrod Allen-Ankins Revive Financial
Jarvis Archer Revive Financial
Kimberley Badke Integria Healthcare
Tamara Bennett Central Plumbing Supplies Pty Ltd
Kylie Brunsmann Integria Healthcare
Hasreen Clarkin Deloitte
Caitlyn Coonan BGW Group
Evelyn Dauth Norton Rose Fulbright Australia
Tori Doedens Stramit
Shane Edwards Revive Financial
Samuel Fenwick QRIDA
Brett Gavin Revive Financial
Robert Gower MM Electrical
Logan Grillo Deloitte
Yee Kee Har Rodgers Reidy
Natalie Hartness Stoddart Group
Jenny Heymer Stramit
Mitch Hindle Hudson Global Resources Pty Ltd
Amanda Hodder Integria Healthcare
Rebecca Hodgson Stoddarts
Teah Hoeppner Commercial Credit Control
Gloria Johnson One Harvest
Polly Lowing Cement Australia
Gay Lucas Integria Healthcare
Terry Luis Equifax
Melissa Mackay Stoddart Group Pty Ltd
Lachlan McKinnon Vincents
Nathan McQuade Allianz Trade
Amanda Melvin Metal Manufactures Limited
Kimberley Miller Australian Liquor Marketers Pty Ltd
Casey Morrison Finance One
Liza Muir Neumann Steel Pty Ltd
Anh Nguyen Stramit
Sadikchya Panta Rodgers Reidy (Qld)
Naomi Parker Revive Financial
Ekta Parnami Brisbane City Council
Michael Partis Assure Global Plus
Colin Pittorino QRIDA
Kim Read Stramit
Joanne Reghunath Integria Healthcare Australia Pty Ltd
Kerry Reichle Brisbane City Council
James Rossiter Cement Australia
Shaun Rourke AON
Meagan Rowe Revive Financial
Alice Ruhe SMB Advisory
Seei Sa’u Cement Australia
Steve Schaeche Revive Financial
Javiera Schwab Revive Financial
Mick Seduadua PeopleIN – FIP Group
Nadia Shah Wyndham Destinations
Sahil Shah Rodgers Reidy
Naomi Shepherd QRIDA
John Souter Commercial Credit Control
Aimee Steel Revive Financial
Tessa Stevenson Integria Healthcare
Jason Turner
Julie Wallis
Rachel Watson
South Australia
Commercial Credit Control
Queensland Rural and Industry Development Authority
Fletcher Building
Tatiana Alvarez Toro Oracle Insolvency Services
Kathryn Cruse Metal Manufactures Pty Limited t/as
MM Electrical Merchandising
Elizabeth Dobbie
National Credit Insurance
Michael Hayball Stratco Pty Ltd
Victoria Hedger Koukourou Pty Ltd T/A FMG
Engineering
Jodie Lawrence NCI Brookers
Matthew Liew
Oakbridge Lawyers Pty Ltd
Hudson Pitt The Polygon Group
Alby Schettini SV Partners SA Pty Ltd
Merinda Smith Thomas Foods International Australia
Victoria/Tasmania
Shannan Bailey Optus
Carmel Bennett Viva Energy Australia Pty Ltd
Shilpi Bose Moula Pty Ltd
Patricia Bowers Visy Industries
Mark Bowers Optus Telecommunications
Rachel Burdett Cor Cordis
Rhea Cabanilla PFD Food Services Pty Ltd
Anuga Caldera Reece Plumbing Australia
David Chalk Commercial & General Collections Pty Ltd
Kellie Chambers Jeld-Wen Australia Pty Ltd
Soong Chau Viva Energy Polymers Pty Ltd
Dennis Chua Nimble Australia Pty Ltd
Sara-jane Constable Optus
Oscar Dilek Treasury Wine Estates
William Duong Bizcap
Robert Ferrara Optus Communications
Julia Fritzlaff Ball & Doggett
Mika Mae Gallego Nimble Australia Pty Ltd
Dianne Goncalves Stihl Australia Pty Ltd
Shivani Gulati Urbis Pty Ltd
Jodie Hawkins Ball & Doggett Pty Ltd
Abbie Hoiberg-Cox Zezt Pty Ltd
Donna James Visy
Kerry Javni Optus Singtel
Janitha Jayasinghe TaleFin
Dominic Jayasuriya Optus Singtel
Gregory Jones Orix Australia Corporation Limited
Georgios Karagiannis The Probe Group
Zahid Khan Zahid Khan
Zubin Kurian Equifax Australia
Michelle Lane Ball and Doggett
Debra McKenzie Optus Singtel
Thien Nguyen Treasury Wine Estates
Shane Oates Optus
Aaron Parker Viva Energy Australia
Simone Partridge Haymes Paint
Chelsea Paterson Reece Group Pty Ltd
Ashley Percy Tasmanian Collection Service
Suzy Rosandic Optus
Michelle Saavedra TREASURY WINE ESTATES AUSTRALIA LTD
Jim Sotiropoulos Optus
Nithiya Sridhar Mecwacare
Kristen Taylor Tasmanian Collection Service
Claudia Tricker-Reissig Stramit – Fletcher Building
Alyce Tucci Optus
Andrew Vize Bizcap
Kathleen Walker Reece
Roshan Wijekoon Australian Pharmaceutical Industries
Joe Zhou Singtel Optus Pty Ltd
Mustatab Ahmed Hudson Australia
Graeme Black Consolidated Energy
Ola Crouch Spenda
Clarke Lawrence BP Australia
Dean Palmer Spenda
Nicholas Pikos Power Water Corp – Credit Management
Kelly Turner Auxilium Partners
Kervin Ian Belda Wyndham Destinations
Chen Chen
Sam Magee Detective Desk
Sakina Mandhai Hudson
Fang Lin Ong Sanofi
1 Industry news and insights
Members continue to be informed of the latest news in credit, regulatory changes and receive insights to best practice from leaders in the industry.
2 Complimentary registration to our webinar series
Members receive complimentary registration to our webinar series valued at over $300! The value from this member benefit alone covers the majority of your membership fee.
3 Discounts for all AICM activities
Receive a member discount for all AICM events and training courses. The more engaged you are with us, the more you’ll save and have your membership to thank for it.
4 Access to resources
Being a member will provide access to resources that will assist in navigating the ever-changing business economic and regulatory environment. This includes articles, reports, webinars and our quarterly magazine.
5 Be part of our professional community
Last but not least, join our growing professional credit community which has reached over 2800 members for the first time in the last 17 years! Interact with fellow credit professionals to build relationships and tap into credit management insights.
Do you manage or work within a team? AICM offer a group membership for organisations to enrol multiple employees as members at discounted rate.
Level 5, 35 Clarence Street, Sydney NSW 2000
Tel: 1300 426 722
Email: info@4ampac.com.au
Web: www.4ampac.com.au
AMPAC Debt Recovery is a specialist debt collection practice supporting organisations around Australia and in over 180 countries worldwide. With decades of experience and global reach, AMPAC is a trusted partner to some of Australia’s highest profile private and public sector organisations. Call or email us to next time you are reviewing your debt recovery needs.
Suite 1502, Level 15, 227 Elizabeth Street, Sydney NSW 2000
Tel: 02 8596 5126
Email: info@esker.com.au
Web: www.esker.com.au
Cash is the heartbeat of your business, so give your AR department the tools they deserve! Esker’s AR solutions help companies reduce cost for invoice delivery, accelerate cash collection process and automate the reconciliation of payments. Contact us to easily achieve your cash collection goals, tackle root causes of payment delays and reduce collection disputes while improving customer relationships.
CMA Collect Tel: 07 3108 2840
Email: wbj@cmacollect.com
Web: www.cmacollect.com
Collections:
l Online commission free Mercantile demands
l Easy online referral option
l Full integrated
l Access to QCAT claims up to $25,000.00 (Fully funded T&C’s apply)
Credit Documents:
l Digital Credit Application via the CMA webpage
l Approval confirmation and DocSign authorisation
l Personal deed of guarantee from
l Data stored in the CMA webpage in a historical format
OnGuard
Tel: 1800 123 613
Web: www.onguard.com
OnGuard’s Credit management solution will help you hit your collection targets – each and every month.
By working smarter and providing better visibility, OnGuard will help you reduce your DSOs. Why not give your staff a friendly solution that will make their life so much easier. Contact us to show you how OnGuard has made life a whole lot easier for our customers.
Unit 1/245 Fullarton Road, Eastwood SA 5063
Tel: 08 8418 1450
Email: gcrowder@creditsolutions.net.au
Web: www.creditsolutions.net.au
Credit Solutions, a division of the Credit Clear Group. A debt collection partner you can trust. Working with some of the country’s leading providers of information management and data intelligence solutions. Since 1965 Credit Solutions has set the benchmark for providing quality collection and recovery services to South Australian businesses and government.
Lane Communications
Tel: 08 8179 9900
Web: www.laneprint.com.au
Lane are widely regarded as one of the largest and most technologically advanced print production and distribution companies in Australia. We are an industry leader in digital and offset print, point of sale signs, complex embellishments and print finishing, storage, kitting and mailing. With innovation at our core, our services extend beyond transactional mail and promotional print production to include SMS, bulk email communications, and electronic billing solutions. Lane are your partner in print and multi-channel communications.
For information, options and pricing please contact Claire Kasses on +61 2 9174 5727 or E: claire@aicm.com.au
GPO Box 276
Sydney NSW 2001
Tel: 1300 501 312
Web: www.creditorwatch.com.au
CreditorWatch is a leading commercial credit reporting bureau used by over 50,000 businesses across Australia. CreditorWatch offers a variety of products including customer monitoring/alerts, credit reporting, an indepth trade program and online credit applications to assist with customer onboarding and decisioning. Contact us today for more information or to organise a FREE DEMO of any of products.
TaleFin
Tel: 1300 284 193
Email: info@talefin.com
Web: www.talefin.com
www.linkedin.com/company/talefin
TaleFin is Australia’s fully comprehensive credit reporting agency.
We can help you to identify the reasons to say ‘yes’ to your customers, increasing your conversion rate, while helping you to reduce your arrears rate.
TaleFin – Fit for the 21st century, we’re the home of fair credit reporting.
Vincents
Level 34 Santos Place, 32 Turbot Street
Brisbane QLD 4000
Tel: 1300 VINCENTS (07) 3228 4000
Web: www.vincents.com.au
Vincents is a firm of highly specialised experts delivering comprehensive insights into complex situations, enabling our clients to take control of decisions and get the best possible results. We cater for every business need where numbers are involved, including Insolvency & Reconstruction, Corporate Insolvency, Turnaround & Restructuring Solutions, Solvency & Investigative Reports, Informal Arrangements and Personal Insolvency.
Equifax
Tel: 13 83 32
Web: www.equifax.com.au
Equifax is a global information solutions company, providing data and insights that help organisations and individuals make more informed decisions. As a leading provider of credit information and analysis in Australia and New Zealand, Equifax serves key markets in risk management, marketing services and HR solutions.
Drawing from trusted sources to compile and process data, Equifax helps its customers see things and make connections that others can’t.
BRI Ferrier
Unit 3, 99-101 Francis Street
Northbridge WA 6003
Tel: 08 6316 2600 Fax: 08 9227 8008
Email: info@brifwa.com.au
Web: www.briferrier.com.au
BRI Ferrier is a national affiliation of insolvency accounting firms with offices across Australia as well as the United Kingdom and New Zealand. BRI Ferrier prides itself on being experts in business recovery, insolvency, forensic accounting, and advisory. All BRI Ferrier offices offer extensive experience across several industries, laying the foundation of our outside the box reputation. At BRI Ferrier, we focus on providing transparent solutions to financial challenges to help financially distressed businesses and individuals recover, change, and renew.
Nova Legal Level 2, 50 Kings Park Road
West Perth 6005
Tel: 08 9466 3177
Web: www.novalegal.com.au
Nova Legal can assist with the recovery of problem debtors (large and small). Founding director Raffaele Di Renzo acts for creditors, debtors, directors, credit managers and insolvency practitioners in relation to solvency issues and dispute resolution.
illion
Tel: 13 23 33
Web: www.illion.com.au
Renowned for our expertise in credit risk management, we pride ourselves in providing market leading products and services which securely store and analyse the unique data of millions of individuals and commercial entities. While we specialise in credit risk assessment and decisioning software solutions, we also provide a full suite of products that span the entire credit lifecycle. This includes lead generation and sales prospecting tools and receivables optimisation solutions.
SV Partners
Level 8, 68 St George’s Terrace, Perth WA 6000 GPO Box 2527, Perth WA 6001
Tel: 08 6277 0026
Fax: 07 3229 7285
Email: perth@svp.com.au
SV Partners is a specialist accounting and advisory firm with 17 offices across Australia. Our expert accountants have the skills and experience to provide tailored insolvency, turnaround and advisory services. We partner with professionals and their clients, providing expert advice with a human touch.
Rothwell Lawyers
Tel: (03) 9329 3500
Email: admin@rothlaw.com.au
Web: www.rothlaw.com.au
At Rothwell Lawyers, we are a commercial team of solicitors and other legal support staff that are experts within our field. We pride ourselves on our ability to provide sound legal advice to individuals and businesses of all sizes, from sole directors and shareholder companies and large national corporations. Whether it is basic debt recovery, commercial law and litigation, insolvency advice to agreements and contracts, the team at Rothwell Lawyers can help you today.
Level 4, 183 North Quay
Brisbane QLD 4000
Tel: 1300 757 534
Web: www.resultslegal.com.au
Results Legal is a national firm with a focus on promoting and protecting the rights of trade creditors. Our clients are some of Australia’s largest trade credit companies who rely on our assistance for legal recovery, dispute resolution, preference claim defence and PPSA rights. Results Legal are the obvious first choice for companies seeking a national solution to resolve commercial disputes and pursue swift, successful and cost effective legal recovery action.
Turks
Tel: 02 8257 5700
Web: www.turkslegal.com.au
Contact: Daniel Turk
Turks is a specialist commercial law firm with 33 Partners and over 160 staff across our Sydney, Melbourne and Brisbane offices. We are proud to look after the interests of trade creditor suppliers and financial institutions in:
l Portfolio debt recovery using our marketleading, real-time client interface, ‘TurksFocus’
l Resolution of complex debt disputes
l PPSA recovery
l Defence of unfair preference claims
l Supply documentation and guarantees.
National Credit Insurance Brokers
Tel: 1800 882 820 (freecall)
Email: info@nci.com.au
Web: www.nci.com.au
National Credit Insurance Brokers (NCI) has established itself as the premier trade credit insurance broker in Australia, New Zealand, Singapore and Malaysia. Trade credit insurance is a highly specialised area of insurance and with its 35 years of experience, NCI has developed an unmatched depth of expertise in arranging the right protection at the best price for your particular trading needs.
