Cforia and NACM Set New Standard for Old Industry Practice
Columbia, MD: March 6, 2014 – The National Association for Credit Management (NACM) and Cforia Software have teamed up to develop a simple, yet unique way for Cforia customers to share commercial credit data. While reporting business credit information is an essential component of building and using a quality credit source, the process is often a challenge for the credit manager and more often a low priority for their tech team. NACM is hoping to change that dynamic through its Preferred Partner Program, of which Cforia is a founding member.
NACM realized that leaders in the industry, such as Cforia, which focuses on automating A/R workflows through improving efficiencies and supporting better credit decisions, want to help their customers more easily participate in what is often the most critical tool in the creditor’s arsenal: the industry trade group. Also referred to as industry credit groups, these groups, and the data-sharing concept as a whole, are loaded with benefits for the creditor, but often forgotten is the positive impact to their customers and the economy as a whole. A solid commercial credit report is critical to fast, accurate and efficient credit granting, of which our economy would come to a standstill without. Segregating consumer credit from commercial credit helps the business owner on a variety of levels.
“With a majority of the Cforia customer base already NACM members, it was an easy decision to develop this credit-reporting tool within the Cforia A/R Workbench” said Chris Caparon, CEO and president of Cforia. With their eyes on future products based on the common challenges that credit professionals face, NACM and Cforia worked together to pull additional data elements and more granular aging buckets into this unique export capability. “By expanding upon the standard data elements and providing Cforia users the option of segregating deductions, which can unfairly paint
a good customer in bad light, we are at the forefront of improving a process that literally has not changed in decades and has been a top client request,” said Caparon. After months of testing, the NACM export is now available to Cforia users as part of the standard software at no additional charge.
Cforia Software presents accounts receivable data in a number of ways, most notably, displaying dollar amounts for only those invoices which are truly collectible. This provides a more accurate snapshot of a customer’s true credit performance and enables the creditor to report their aging in the most accurate light based on their own business process and experience.
“The Cforia data export significantly reduces my time for industry group meeting prep and I know that data is reported the way our company feels comfortable. Joining the International Aviation Group has been an incredible experience and this data export makes our return on investment considerable,” said David Fritz, CCE, credit manager at Cytec Industries.
“Industry Trade Groups are truly the heart of NACM,” said Robin Schauseil, president of NACM National. According to Schauseil, with over 1,000 groups operating locally, regionally, nationally and even internationally “this partnership with Cforia, and all of our partners, helps support our mission and our purpose tremendously.”
Cforia Software is also a Platinum Alliance Partner with Forius NACM North Central, the NACM affiliate that manages the International Aviation Group. “Many of our members work with Cforia and this new capability is a game changer for those who wanted to report, but could not,” Toni Nurenberg, president of Forius said. “We are excited about the possibilities that can be realized within our industry groups and in the NACM National Trade Credit Report database as well.”
Join Cforia, Forius and the NACM National Trade Credit Report team at NACM’s 118th Credit Congress & Exposition at Orlando’s Rosen Shingle Creek Resort from June 8-11 for the session on technology that will explore how automation drastically improves application processing and review and deduction and dispute management, and how the sharing of A/R data through NACM plays a critical role in each of those processes.
ABOUT CFORIA SOFTWARE
Cforia Software, Inc. (Cash Flow Optimized, Real-Time Information Access) is a global company that provides the industry leading A/R Automation software used by large corporations to manage over $220 billion in open A/R. Cforia’s rapid growth is driven by superior technology that includes real-time data integration across disparate ERP systems, order management, separate clean and dirty receivables tracking, plus handles multi-currency, multi-languages and multi-business units. Our comprehensive software suite maximizes A/R performance through an integrated platform that includes OCR Auto Cash Application, Credit, Collections and Deductions Management Workbench, Electronic Billing and Online Payments and A/R Collaboration Portal. Cforia’s A/R Automation empowers Finance Departments to manage their own electronic dunning correspondence, reports and credit and collections business logic without having to rely upon overburdened IT staff or outside consultants.
ABOUT THE NATIONAL ASSOCIATION OF CREDIT MANAGEMENT
NACM was founded in 1896 to promote good laws for sound credit, protect businesses against fraudulent debtors, improve the interchange of credit information, develop better credit practices and methods, and establish a code of ethics. Headquartered in Columbia, Maryland, NACM supports more than 15,000 business credit and financial professionals worldwide with premier industry services, tools and information. NACM and its network of affiliated associations are the leading resource for credit and financial management information, education, industry trade groups and other premier products and services designed to improve the management of business credit and accounts receivable. Its annual Credit Congress, held this year from June 8-11 in Orlando, Florida, is the largest gathering of credit professionals in the world.
Launched in 2011, the National Trace Credit Report (NTCR) is the result of NACM affiliates nationwide sharing their local and regional databases. NACM’s Preferred Partner Program helps members easily participate in the NTCR initiative through the software they use on a daily basis.
ABOUT FORIUS NACM NORTH CENTRAL
Forius is dedicated to commercial credit professionals, providing the education, networking opportunities and credit reporting tools to make credit departments more effective. Forius consists of two entities: NACM North Central and Forius Business Credit Resources. Forius Business Credit Resources offers predictive business credit information from the major commercial sources in addition to the NACM National Trade Credit Report. NACM North Central serves commercial credit professionals in Minnesota, North Dakota, South Dakota and western Wisconsin. Membership in
Forius provides access to a nationwide network to help answer the toughest questions, coupled with relevant tools and training.