Holy Angel University Angeles City, City, Philippines Philippines School of Business and Accountancy Accountancy
Comparative analysis of credit policies of different appliance stores in Angeles City: Its effects on financial performance
Revie of Related !iterature
A"ad, Rochelle Ann Ann #$ Ag%is, &arissa 'oy P$ P$ (asal, &eren Ria ($ Sa)on, !ouise Alyssa *$ Serrano, &acelyn S$ +alde), a$ Pamela A$
A - ./0
#r$ Al"ert 1$ orales
At present, more and more people are using home appliances appliances in their daily lives in hich they have "ecome so integral to modern life that, in many ays, they are hat distinguish the society of today from that of yesterday$ Because of the modern life e live in today, it ill "e 2uite difficult difficult if one does not have any home appliances$ Some of the the most most commo commonly nly used used prod product ucts s in the home home appli applian ance ces s mar%e mar%ett are are ash ashing ing machines machines,, refriger refrigerator ators, s, air conditi conditioner oners, s, electri electric c fans, fans, televisi televisions ons,, etc$ Since Since home home appliances are no important in our society, many people ill afford them despite their e3pensive e3pensive prices$ 4hat is important to those people is that the "enefits of having home appliances e3ceed their costs$ Conse2uently, there ill "e an increase in the demands in terms of volume and sales in terms of value of those home appliances here appliances stores are, therefore, "enefitting in this outcome$
#ue to the rise in demand of those home appliances here it influences its sales, appliances stores ill need to ta%e into account the pricing strategy of their products here"y price is the amount of money consumer has to pay to o"tain the product$ *heir pricing strategy should not only include the pricing list, "ut also other options such as disco discoun unts, ts, allo alloan ances ces,, etc$ etc$ 5or 5or custo customer mers s ho ho are not not a"le a"le to pay them in cash, cash, appliances stores should have in their options to provide those customers to pay in credit$ *hus, they should formulate a credit policy hich, according to 6ntrepreneur$com 7890;, are guidelines that spell out ho to decide hich customers are sold on open account, the e3act payment terms, the limits set on outstanding "alances and ho to deal ith delin2uent accounts
At present, more and more people are using home appliances appliances in their daily lives in hich they have "ecome so integral to modern life that, in many ays, they are hat distinguish the society of today from that of yesterday$ Because of the modern life e live in today, it ill "e 2uite difficult difficult if one does not have any home appliances$ Some of the the most most commo commonly nly used used prod product ucts s in the home home appli applian ance ces s mar%e mar%ett are are ash ashing ing machines machines,, refriger refrigerator ators, s, air conditi conditioner oners, s, electri electric c fans, fans, televisi televisions ons,, etc$ Since Since home home appliances are no important in our society, many people ill afford them despite their e3pensive e3pensive prices$ 4hat is important to those people is that the "enefits of having home appliances e3ceed their costs$ Conse2uently, there ill "e an increase in the demands in terms of volume and sales in terms of value of those home appliances here appliances stores are, therefore, "enefitting in this outcome$
#ue to the rise in demand of those home appliances here it influences its sales, appliances stores ill need to ta%e into account the pricing strategy of their products here"y price is the amount of money consumer has to pay to o"tain the product$ *heir pricing strategy should not only include the pricing list, "ut also other options such as disco discoun unts, ts, allo alloan ances ces,, etc$ etc$ 5or 5or custo customer mers s ho ho are not not a"le a"le to pay them in cash, cash, appliances stores should have in their options to provide those customers to pay in credit$ *hus, they should formulate a credit policy hich, according to 6ntrepreneur$com 7890;, are guidelines that spell out ho to decide hich customers are sold on open account, the e3act payment terms, the limits set on outstanding "alances and ho to deal ith delin2uent accounts
Credit policies are no idely used "y a lot of firms due to its positive effects, mostly on the li2uidity and profita"ility of the company$ 5or this reason, aside from appliance stores, other firms ith credit policies include "an%s and non<"an%s financial institution, manufacturing firms and merchandising firms$ Car and furniture dealers as ell as holesalers also esta"lish their on credit policy$ ost firms offering such involves products hich are of lo 2uantity "ut large and e3pensive in amount and value$ Several firms, in their attempt to improve sales and profits, adopt numerous strategies hich include e3tending credit to customers$ (oadays, credit policies play an important role in the "usiness operations$ But hat is it all a"out= Credit policies serve as the guidelines or standards "eing folloed henever goods are offered to their custo customer mers s on credit credit$$ Also, lso, they they are ritt ritten en docum documen ents ts strict strictly ly coher coherent ent ith ith the the company>s goals and o"?ectives$ *he importance of such, according to #eclan 5lood 7890@;, is it sets out clearly ho you are going to get ne customers, hat information you need, ho much credit you are prepared to offer in time and value$ (ormally, as stated "y Staff, 6$ 7890;, a typic typical al credit credit polic policy y includ include e the the follo folloing ing:: credi creditt limits limits,, credi creditt terms terms,, depo deposit sits s - to minimi minimi)e )e losse losses s in case case of defau default, lt, credit credit cards cards and and perso persona nall chec chec%s, %s, custo customer mer informat information ion - to guarantee guarantee his a"ility a"ility to pay, and and
document documentatio ation$ n$ Conformin Conforming g to
$lin%edin$com,, tight competition, target mar%et, financial status of the company, $lin%edin$com profit margins and economic decisions are the influences that affect the credit policies$ *he "enefits, ?ust li%e higher sales and customer loyalty, are the primary reasons hy they are a vital %ey to success$
Car"a?o 7890/; found out that, 63tending credit to your customers is a strategy proven to increase sales "y as much as @9 percent$ It can also attract ne varieties of customer to your "usiness, since credit appeals to potential clients ho ant to conserve their cash$ Since returns are alays accompanied "y ris%, the ris% of not "eing a"le to collect from customers is a ma?or donside in offering credit to customers$ In some e3tent though, companies may reduce ris% e3posure "y carefully considering hat amount of ris% can the "usiness accept, ho much credit the company is illing to e3tend and ho long can the customer defer their payment, hat 2ualifications should the prospective customers possess in order to avail of it and constantly monitoring of the policy in order to ensure that it is still "eneficial to the "usiness or not$
As pointed out "y ABC
5ocusing on the financial aspects, the purpose of designing a credit policy is to achieve certain o"?ective among hich are: to minimi)e "ads mi3 of assets, and conversion of the receiva"les to cash on a timely "asis$ All these things
falls
into
affecting
the
li2uidity
of
the
company$
According
to
$accountingtools$com, li2uidity is the a"ility of an entity to pay its lia"ilities in a timely manner, as they come due for payment under their original payment terms$ uritala and *aio 7890/; noted that, hen a company>s credit policy is favora"le, li2uidity is at a desira"le level and the findings revealed that companies should ensure the monitoring and regular revie of their credit policy and the alloance of cash discounts should "e minimi)ed as much as possi"le$ ffering credit policies is associated ith a significant amount of ris% particularly hen discounts are involved$ oreover, in su"stance, the additional sales that offering credit provides to the "usiness also provides additional costs$ And according to Pandey 7890@;, these are the production and selling costs, administration costs, and "ad de"t losses$ *he company should note that tight credit policy may increase the production and selling costs and lesser sales hile rela3ed credit policy may have an impact of higher sales "ut also higher "ad de"t losses$ *herefore, the credit policies must "e carefully assessed and evaluated "efore "eing implemented in order to ensure that the "enefits e3ceed the cost$ As a crucial and vital process, the factors considered in formulating credit policies needs to "e e3amined$ 6ffective procedures are designed to ensure efficiency in the management and to improve the decisions, actions and activities encountered in the
dayt "e disregarded after such creation 7uritala and *aio, 890/; 'ust as ho 6ntrepreneur$com 7890; says to, *hereEs no ones o"?ectives - good cash flo, minimal "ad de"ts, good customer services and development of an optimal level of sales$ Some companies might ant to offer credit policies to increase sales and mar%et penetration hile others might ant to promote punctuality in payment so as to improve receiva"les management and li2uidity$ #ifferent goals ma%e up different criteria that ould eventually create different outputs$ As pointed out in 6ntrepreneur$com 7890;, Fou need to decide ho much credit youEre illing to e3tend them and under hat circumstances$ *his ill determine the e3tent of outlay you are illing to spend$ An assurance that the "enefits e3ceed the cost is an imperative$ therise, the very purpose of esta"lishing credit policy ill "e defeated$
As discussed "y Ifurue)e 7890/;, (ormally, a typical credit policy include the folloing: credit limits, credit terms, deposits - to minimi)e losses in case of default, credit cards and personal chec%s, customer information - to guarantee his a"ility to pay, and documentation$ *he firm sells on credit as to credit period and cash discount$ Credit period is length of time for hich credit is e3tended to customers$ Cash #iscount is a decrease in payment on hand to customers to persuade them to repay credit o"ligations ithin a particular period of time, hich ill "e less than the normal credit period$ It is usually e3pressed as a percentage of sales$ Collection policy and procedures for collection policy is necessary for effective and efficient management of credit sales "ecause customers usually default in paying their de"t as hen due, that is ith reference to the terms of credit$ *he collection policy aims at accelerating collection from slo payers and thus reducing incidence of Bad de"ts losses$ Credit limit is the ma3imum amount of credit hich the firm ill e3tend at a point of firm$ nce the firm has ta%en a decision to e3tend credit to the applicant, the amount and duration of the credit have to "e decided$ A collection policy should ensure prompt and regular collection$ Prompt collection is needed for fast turnover of or%ing capital, %eeping collection$
Still many factors such as demographic, social, political, regulatory and economic aspects can "e considered in order that the credit policy adapted and esta"lished "y the company ill "e fit for the firm$ As for regulatory, the company must comply ith the rules and regulations of the regulatory "odies esta"lished to "e fair and protect the customers> interest$ As noted "y $nacmoregon$com, the company is affected "y legal restraints "rought a"out "y the credit terms$ *erms of sale, cash discounts, and
late charges are considered to "e aspects of price and, as such, they fall under the Ro"inson
In implementing a credit policy, the company should consider ho it ill "e communicated to its customers or clients$ Before implementing it, it should "e discussed and approved "y the higher level of management$ *he credit policy must state clearly ho can get the credit, ho can they avail of it, and hy engaging ith the credit is more advantageous for them$ Accordingly, it is essential for credit policies to "e enforced consistently to all customers to permit satisfactory feed"ac%s from them and to "e a"le to develop customer loyalty$
oreover, $creditcollective$com cited that for companies ho ant to "e conservative on credit "ut applies aggressive collections ould mean that the company ould only ant to ta%e very little ris%$ *hus, the credit department must do e3tensive credit and collection efforts in determining ho ill receive terms$ *hus, the company ould mostly end up ith feer credit customers and more cash customers$ *he credit customers for the most part pay their "ills on time thus, decreasing "ad de"ts$ n the other hand, the company that ta%es additional ris% must e3pect additional return for this added ris%$ Such a company might prefer to esta"lish a more restrictive credit policy$
4ith enough good credit ris%s availa"le to provide ade2uate profits, there must "e an added incentive to ma%e sales to fair or marginal ris%s$ Hoever, the capital restriction is usually accomplished "y a poor mar%et position, and the company may "e una"le to insist on prompt payments$ As sales drop, companies are faced ith maintaining volume during a period of decreasing sales and more demanding selection of credit customers$ In general, most companies prefer to have a ritten credit policy "ecause: 5irst, there is a great accounta"ility for the company to manage its receiva"les$ *his ill include limiting "ad de"ts and improving cash flo$ Second, it could promote consensus among departments$ By riting don the credit policy, each department 7production, mar%eting, or finance; ill "e directed toards a common goal ith respect to improving organi)ation>s position$ 5inally, it promotes un"iased correspondence "eteen concerned departments hich includes Sales and approach hen dealing ith the customers hich improves company>s credi"ility$ By having a ritten policy, the company is e3pected to apply this policy ith fairness in all %inds of its customers$ A company>s credit policy could "e a useful yet crucial tool in increasing its sales and achieving its goals$ 4hether such policy is "eneficial or not depends on ho the entity implements it and if it conforms to its long
giving up the money that they currently have$ Also "y e3tending credit, the sales for e3pensive goods ould increase "ecause purchasing such goods cannot "e done in a single payment easily$ Also, the credit policy could help the company first "y protecting its accounts receiva"le$ *he more predicta"le and effective the organi)ation is in converting the ADR, the "etter the cash flo ill "e$ *his can "e achieved "y Credit departments$ In this regard, regularly scheduled meetings "eteen the sales manager, the "usiness and finance manager as appropriate to promote understanding of policies and "ring to light pro"lems ith policy and procedure, prior to a formal credit policy revie$
Second, an e3ceptional credit policy could give a company a competitive edge against its competitors$ In considering credit policy relative to conditions ithin the industry, the companyEs long
*hird, it attracts customers$ Also, e3tending credit to customers ould ma%e them feel that they are trusted and in return, they ould also trust not ?ust the 2uality of the products they are purchasing "ut also the company as ell$ It ill provide consistent customer care$ By %noing ho accounts ill "e cleared for credit and the manner in
hich collections ill "e conducted, customers ill %no e3actly hat to e3pect hen dealing ith your company$ *he "etter focused the company is, the higher the li%elihood is that the customers ill understand and follo the re2uirements$ !astly, According to $dn"small"usiness$com, credit policy ma%es the company loo% financially sta"le$ 4e all %no that money is the medium of e3change e all use in transacting ith others either purchasing or paying our on o"ligations$ 4ith this, only companies ho are financially sta"le could afford to e3tend credit to their customers "ecause they could afford to survive ithout the urgent need of collecting from their customers$ Hoever, it can>t "e denied that having credit policies also has its dra"ac%s$ 5irst, ris% of having default from customers$ 63tending credit to customers ould alays entail ris% that some customers ould pay on a later date than e3pected and some customers ould not even pay$ Second is the payment of processing fee$ 6very time a purchase is made using credit, the company should pay to the credit processing company for a transaction fee$ *he entity should "e a"le to anticipate such payment and should easily "e ready to pay$ *hird, it ould affect the company>s a"ility to pay their on o"ligations$ If more customers are purchasing using credit, the company ould "e restricted to the cash that it currently has and such money could not "e sufficient to sustain their operations and also to pay o"ligations$ !astly, in esta"lishing credit policy, the entity should create individual accounts for every customer$ In doing this, they ould "e a"le to trac% their customer>s "alances "ut ould also entail the cost of hiring an accountant or "oo%%eeper hose main focus is monitoring customer>s
accounts$ As pointed out in $small"usiness$chron$com, the entity should evaluate the potential "enefit of the credit policy compared to the cost of the added accounting$
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@$ Household appliances$ 7890@;$ Retrieved 'uly G, 890, from https:DD$statista$comDmar%etsD.0GDtopicD.GDhousehold
J$ In2uirer, P$ #$ Appliance demand rises in S6 Asia$ Retrieved 'uly G, 890, from http:DD"usiness$in2uirer$netD0.08J/Dappliance
K9$ Research, ltd, $ 7890., 'uly 0;$ 1lo"al household appliances industry 890.< 890J: *rends, profits and forecast analysis$ Retrieved 'uly G, 890, from http:DD$researchandmar%ets$comDresearchD/s3r%Dglo"alhousehold
K0$ Academy, ($ 7890;$ Household appliances *imeline < greatest engineering achievements of the tentieth century$ Retrieved 'uly G, 890, from http:DD$greatachievements$orgD=idN/KG
K8$ History$com$ Home appliances$ Retrieved 'uly G, 890, from history$com, http:DD$thepeoplehistory$comDappliances$html
K/$ Credit evaluation and approval$ 7890/, arch 0;$ Retrieved 'uly G, 890, from http:DD$inc$comDencyclopediaDcredit
K.$ Staff$ 7890., arch 0;$ Ho to create a smart credit policy$ Retrieved 'uly G, 890, from Boo%%eeping, http:DD$inc$comDmaga)ineD899J9/90Dho
K@$ 5arle3 7n$d$;$ In *he5ree#ictionary$com$ Retrieved from http:DDencyclopedia8$thefreedictionary$comDCreditTPolicy
K$ !ee, '$ 7890., August 0/;$ *he pros and cons of e3tending credit to customers$ Retrieved 'uly G, 890, from http:DD"log$anytimecollect$comDpros
KJ$ 5argo, 890 4$ 5ive Cs of credit < hat lenders loo% for$ Retrieved 'uly G, 890, from https:DD$ellsfargo$comDfinancial
G9$ Basu, C$ 7890@, Septem"er 8.;$ *he *hree components of credit policy$ Retrieved 'uly G, 890, from eHo, http:DD$eho$comDinfo00.0@J.three
G0$ Ingredients of credit policy in "usiness planning$ 7890., #ecem"er 8G;$ Retrieved 'uly G, 890, from Business Planning, http:DDaccountlearning$comDcredit< policy<"usiness
G8$ 5ran%lin, '$ 7890@, Septem"er 8.;$ Importance of credit policies$ Retrieved 'uly G, 890, from eHo, http:DD$eho$comDfactsG98/K8importance
G/$ *he 6conomic rganisation of a 5inancial System 7n$d$;$ $ In $ doi:09$./8.DJKG989/.9J.9$chJ G.$ Pinho, &$ 7890.;$ !ocal appliance stores still stand, "ut itEs not easy$ CrainEs #etroit Business, /978K;, 0$ Retrieved from http:DDsearch$pro2uest$comDdocvie[email protected]@89@0J=accountidN0.GKJ G@$ Bertola, 1$, #isney, R$, 1rant, C$ 76ds$;$ 7890.;$ 6conomics of Consumer Credit$ Cam"ridge, US: I* Press$ Retrieved from http:DD$e"rary$com G$ Household appliance stores < 2uarterly update 8D0KD890.$ 7890.;$ 7;$ Austin: HooverEs Inc$ Retrieved from http:DDsearch$pro2uest$comDdocvieD0@90//JJ.=accountidN0.GKJ GK$ Poll, 6$ 7890@, 'ul 9J;$ Ris% management: 4hen it comes to credit, attention to detail is paramount$ ichigan !ayers 4ee%ly Retrieved from http:DDsearch$pro2uest$comDdocvieD0J089.K8=accountidN0.GKJ GG$ 4e"5inance 7890;$ In Business#ictionary$com$ Retrieved from http:DD$"usinessdictionary$comDdefinitionDfinancial
J8$ 1ome), !$, C$C$6$ 7890.;$ Impact of orld developments on credit management$Business Credit, 007;, /.
J.$ Asia pacific is propelling the consumer electronics industry$ 7890@, 'ul 8.;$ 8 Pressire Retrieved from http:DDsearch$pro2uest$comDdocvieD0JG/9899.= accountidN0.GKJ
J@$ Consumer electronics mar%et: 1lo"al industry analysis and opportunity assessment 890@ < 8989$ 7890@, 'un 9G;$ 8 Pressire Retrieved from http:DDsearch$pro2uest$comDdocvieD0G/9JK0=accountidN0.GKJ
J$ Boden, R$, Fassia Paul, S$ 7890.;$ Credita"le "ehaviour= the intra
JK$ *he effects of credit management on li2uidity position of a manufacturing company$ 7890, arch 8K;$ Retrieved 'uly G, 890, from Accounting, http:DD$scharticles$comDthe
JG$ An empirical evidence on impact of credit management and li2uidity position on profita"ility of (igerian "an%ing sector 7890;$ $ Retrieved from http:DD$academia$eduD.8/GG@DAn6mpirical6videnceonImpactofCr editanagementand!i2uidityPositiononProfita"ilityof(igerianBan%i ngSector
JJ$ &ungu, '$ ($ 7890.;$ 6ffects of credit policy on profita"ility of manufacturing firms in &enya$ ISR 'ournal of 6conomics and 5inance, 87.;, 90-9K$ doi:09$JKJ9D@J//<989.909K
099$ uriu%i, #$ ($ 7890.;$ *H6 6556C* 5 CR6#I* P!ICF ( PR5I*ABI!I*F 5 A(U5AC*URI(1 SA!! A(# 6#IU SI6# 6(*6RPRIS6S I( (AIRBI CU(*F, &6(FA$ Retrieved from http:DDerepository$uon"i$ac$%eD"itstreamDhandleD008J@DK9.Duriu%i*he M89effectM89ofM89creditM89policyM89onM89profita"ilityM89of M89manufacturingM89smallM89andM89mediumM89si)ed M89enterprises$pdf=se2uenceN/isAlloedNy
090$ CarolPro?ect pdf$ $ Retrieved from http:DDchss$uon"i$ac$%eDsitesDdefaultDfilesDchssDCarolPro?ect
098$ *H6 6556C*S 5 CR6#I* A(A166(* ( !IOUI#I*F PSI*I( 5 A A(U5AC$$ 7890;$ Retrieved 'uly G, 890, from http:DD$ipro?ect$com$ngDaccountingDfinal
09/$ #ocPlayer$ *H6 CR6#I* A(A166(* ( !IOUI#I*F A(# PR5I*ABI!I*F PSI*I(S 5 A A(U5AC*URI(1 CPA(F I( (I16RIA ABS*RAC*$ Retrieved 'uly G, 890, from http:DDdocplayer$netD0GJ...<*he
09.$ 6?oh0, ($ 7890.;$ *he relationship and effect of credit and li2uidity ris% on "an% default ris% among deposit money "an%s in (igeria$ , @70;, $ Retrieved from http:DDiiste$orgD'ournalsDinde3$phpDR'5ADarticleDvie5ileD0.G8JD0@./G
09@$ Ho Credit Impacts Four #ay
09$ arshall, S$ 7890/, 00;$ Credit management < the real challenge$ Credit anagement, , 8.<8@$ Retrieved from http:DDsearch$pro2uest$comDdocvieD0.J0/GKJJ@=accountidN0.GKJ
09K$ Barron, '$, C$I$C$P$ 7890/;$ *he clim" continues: easuring the ever
09G$ >#onnell &eane Co$ Retrieved 'uly G, 890, from http:DD$odonnell%eane$comD890/D9Dimplementing
09J$ Sadler, #$ 7899J, 'uly G;$ utsourcing$ Retrieved 'uly G, 890, from perations, https:DD$all"usiness$comDho
009$ Pettinger, *$ 7890/, ay G;$ Credit policy$ Retrieved 'uly G, 890, from http:DD$economicshelp$orgD"logDK.KDeconomicsDcredit
000$ 890, S$ 7890;$ Credit policy$ Retrieved 'uly G, 890, from http:DD$soliditet$seDcmsDlangDen1BDsoliditetDSolutionsDCreditPolicy
008$ Information and guidance on ho to finance your "usiness$ 7890.;$ Retrieved 'uly G, 890, from http:DD$small"usinessfinance$ieDmanaging
00/$ HUS6, $ 7890, 'uly 0;$ C!U(: !a3 credit policy leads to pro"lems$ Retrieved 'uly G, 890, from http:DD$codyenterprise$comDnesDopinionDarticleGG.J/f/8
00.$ Credit ris% 7890;$ $ In 4i%ipedia$ Retrieved from https:DDen$i%ipedia$orgDi%iDCreditris%
00@$ +entura, '$, Reed, $ 7890;$ 1et to %no types of credit$ Retrieved 'uly G, 890, from http:DD$dummies$comDho
00$ ConsumerInfo$ 7890@, arch 8@;$ *he different types of credit L creditreport$ComW$ Retrieved 'uly G, 890, from Credit, https:DD$creditreport$comD"logDdifferent
00K$ 1overnment, A$, Securities, A$ 1$ A$, Commission, I$ 7890, 'une K;$ ther types of credit L ASIC>s oneySmart$ Retrieved 'uly G, 890, from https:DD$moneysmart$gov$auD"orroing
00G$ cBride, C$ 7890;$ 4hat are *hree types of consumer credit= Small Business Chron$ Retrieved from http:DDsmall"usiness$chron$comDthree
00J$ *aillard, $ 7890;$ 6valuate the ris% of e3tending credit$ Retrieved 'uly G, 890, from http:DD$dummies$comDho
089$ !ee, '$ 7890., #ecem"er 0@;$ *he ris%s of e3tending credit to your customers ho to avoid them$ Retrieved 'uly G, 890, from http:DD"log$anytimecollect$comDthe
080$ Should you e3tend credit to your customers= 7890@, Septem"er 0;$ Retrieved 'uly G, 890, from Startups, https:DD$entrepreneur$comDarticleD8.G98@
088$ iller, *$ 7890., #ecem"er 09;$ 6valuating the potential of e3tending credit to your customer$ Retrieved 'uly G, 890, from http:DD$sm"ceo$comD890.D08D09Devaluating
08/$ Admin$ 7890, ay 0/;$ #iscuss the importance of credit in detail$ Retrieved 'uly G, 890, from Ban%ing 5inance, http:DD$"usinessstudynotes$comD"an%ing
08.$ Advameg$ 7890;$ Credit evaluation and approval < advantage, percentage, type, "enefits, disadvantages, cost, evaluating credit orthiness$ Retrieved 'uly G, 890, from http:DD$referencefor"usiness$comDsmallDCo<#iDCredit< 6valuation
08@$ CPA(F CR6#I* P!ICF$ $ Retrieved from http:DD$pmsilicone$comDp< contentDuploadsD890.D98DCredit
08$ 08.$ Creating a credit policy in nine easy steps$ Retrieved 'uly G, 890, from http:DDenterprisehu"$comDarticlesDfinanceD/8
08K$ Credit 7finance; 7890;$ $ In 4i%ipedia$ Retrieved from https:DDen$i%ipedia$orgDi%iDCredit7finance;
08G$ Credit investigation$ Retrieved 'uly G, 890, from http:DDcreditprocess090< ?can$ee"ly$comDcredit
08J$ Credit policy in "usiness cycle analysis economics essay$ 7890@, arch 8/;$ Retrieved 'uly G, 890, from https:DD$u%essays$comDessaysDeconomicsDcredit
0/9$ Credit$ 7890, ay 0;$ 88 items that every credit policy should include$ Retrieved 'uly G, 890, from http:DD$credittoday$netDpu"licD88
0/0$ #irect rite
0/8$ #o>s and don>ts: Credit policies$ 7890;$ Retrieved 'uly G, 890, from http:DDsmall"usiness$findla$comD"usiness
0//$ 5raser, #$, 1odsey, 1$ 7890/;$ *he BI1 small "usiness event B!U6 RI#16 CU(I*F C!!616$ Retrieved from http:DD$valleys"dc$orgDp< contentDuploadsD890/D9@DCR6#I*
0/.$ 1oldstein, $ 7890, arch 0.;$ *ypes of credit and their influence on your score$ Retrieved 'uly G, 890, from https:DD$credit%arma$comDarticleDtypes
0/@$ Helstrom, &$ 7890a;$ Ho to rite a credit policy manual$ Small Business Chron$ Retrieved from http:DDsmall"usiness$chron$comDrite
0/$ Importance of "usiness credit to the economy$ 7890/, arch 0@;$ Retrieved from http:DDthin%green$typepad$comD"logD8908D9JDimportance
0/K$ Importance of credit ris%$ 7899/;$ Retrieved 'uly G, 890, from http:DD$u%essays$co$u%DessaysDfinanceDimportance
0/G$ Inc, S$ I$ 7890, arch 00;$ Credit ris% management: 4hat it is and hy it matters$ Retrieved 'uly G, 890, from http:DD$sas$comDenmyDinsightsDris%< fraudDcredit
0/J$ Peavler, R$ 7890, 'une 0@;$ #eveloping a credit policy 5ive factors to consider hen deciding hether or not to e3tend credit$ Retrieved 'uly J, 890, from oney, http:DD"i)finance$a"out$comDodDAccounts
0.9$ &appel, $ 7890., (ovem"er 8.;$ ffer credit to customers: *he pros and cons$ Retrieved 'uly G, 890, from Accounting, https:DD$patriotsoftare$comDaccountingDtrainingD"logDoffer
0.0$ &earns, S$ 7890., (ovem"er 0G;$ Ho to create a credit policy for your "usiness$ Retrieved 'uly G, 890, from 5inancial anagement, http:DD2uic%"oo%s$intuit$comDrDfinancial
0.8$ !i, 5$, ou, F$ 7890.;$ *he impact of credit ris% management on profita"ility of commercial "an%s: A study of 6urope$ Retrieved from https:DD$diva< portal$orgDsmashDgetDdiva8:K./.98D5U!!*6X*90$pdf
0./$ %oacad$ 7890;$ Credit policy of 1hana commercial "an% < essays < &oacad$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay< onDCredit
0..$ &ungu, '$ ($ 7890.;$ 6ffects of credit policy on profita"ility of manufacturing firms in &enya$ ISR 'ournal of 6conomics and 5inance, 87.;, 90-9K$ doi:09$JKJ9D@J//<989.909K
0.@$ !imited, B$ 1$, Registered, 9J9J00@, 6$, 6ast, 8 B$ R$, City, 4$ 1$, H!, A$ K 0$ 7890@, 'anuary 0.;$ A guide to credit management policy$ Retrieved 'uly G, 890, from http:DD"i)i"l$comDfinanceDdonloadDguide
0.$ !i2uidity definition$ Retrieved 'uly G, 890, from http:DD$accountingtools$comDli2uidity
0.K$ edia, !$ 7890, 'uly G;$ IPR*A(C6 5 CR6#I* A(A166(* IS I(CR6ASI(1 AS CR6#I* CRU(CH PU*S *H6 6PHASIS ( !IOUI#I*F RA*H6R *HA( 1R4*H$ Retrieved 'uly G, 890, from http:DD$"iia$comDimportance
0.G$ Revie, C$ 7890., 'uly 8G;$ Ho important is credit ris% management$ Retrieved 'uly G, 890, from http:DD$slideshare$netDaron"estileDho
0.J$ Small, Corporation, #$, Reserved, A$ R$ 7890@;$ Providing credit to customers$ Retrieved 'uly G, 890, from https:DD$small"usiness$a$gov$auD"usiness< topicsDmoney
0@9$ sra"on$ 7890;$ Credit appraisal process < college essay < Sra"on$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0@0$ tauheedameen$ 7890;$ Credit angement policy "y Bangladesh "an% and its implementation "y "an% Asia limited < term papers < *auheedameen$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay< onDCredit<angement
0@8$ *he importance of "uilding "usiness credit$ 7890., April 89;$ Retrieved 'uly G, 890, from https:DD$s"a$govD"logsDimportance<"uilding<"usiness
0@.$ +ertical analysis$ Retrieved 'uly G, 890, from http:DD$accountingtools$comDvertical
0@@$ vinittaamenon$ 7890;$ Credit policy < research paper < +inittaamenon$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay< onDCredit
0@$ Retrieved 'uly G, 890a, from https:DD$lin%edin$comDpulseDcredit
0@K$ Amsterdam, R$ B$ +$ Ho is credit management defined= Retrieved 'uly J, 890, from http:DD$icisa$orgDtrade
0@G$ Bron, &$, oles, P$ 7890.;$ Credit ris% management$ Retrieved from https:DD$e"sglo"al$netD6BSDmediaD6BSDP#5sDCredit
0@J$ Credit management L credit softare Lanage credit ris%$ Retrieved 'uly J, 890, from http:DD$emagia$comDproductsDcredit
09$ sra"on$ 7890;$ Credit appraisal process < college essay < Sra"on$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
00$ Credit policy cash management for a multi operational unit ofsail$ 7899/;$ Retrieved 'uly G, 890, from https:DD$u%essays$comDdissertationDe3amplesDfinanceDcredit
08$ *he concept of account receiva"les and credit sales finance essay$ 7890@, arch 8/;$ Retrieved 'uly G, 890, from https:DD$u%essays$comDessaysDfinanceDthe
0/$ Best home appliances in south Asia mar%eting essay$ 7890@, arch 8/;$ Retrieved 'uly G, 890, from https:DD$u%essays$comDessaysDmar%etingD"est
0.$ practice, ielts$ 7890@, #ecem"er 0G;$ I6!*S essay a"out advantages and disadvantages of home appliances$ Retrieved 'uly G, 890, from I6!*S Practice$rg, http:DD$ielts
0@$ Bla%eley, S$, 6$S$O$, Calahan, Paul,C$C$6$, C$I$C$P$ 7890@;$ *a%e "ac% your normal credit terms ith long
0$ Home appliance 7890;$ $ In 4i%ipedia$ Retrieved from https:DDen$i%ipedia$orgDi%iDHomeappliance
0K$ Appliances are necessities of life mar%eting essay$ 7890@, arch 8/;$ Retrieved 'uly G, 890, from https:DD$u%essays$comDessaysDmar%etingDappliances< are
0G$ Investopedia$com 7890/;$ Receiva"les turnover ratio$ In $ Retrieved from http:DD$investopedia$comDtermsDrDreceiva"leturnoverratio$asp
0J$ Accountingverse$ 7890.;$ 5inancial ratio analysis < list of financial ratios$ Retrieved 'uly G, 890, from http:DD$accountingverse$comDmanagerial< accountingDfs
0K9$ AccountingCoach, 890$ 7899.;$ Accounts receiva"le and "ad de"ts e3pense L e3planation$ Retrieved 'uly G, 890, from http:DD$accountingcoach$comDaccounts
0K0$ A, $ 78998;$ Percentage of sales method$ Retrieved 'uly G, 890, from http:DD$)enealth$comD"usinessfinanceonlineD55DPercentagefSales$html
0K8$ 4e"5inance 7890;$ In Business#ictionary$com$ Retrieved from http:DD$"usinessdictionary$comDdefinitionDcredit
0K/$ SBA common: ain menu$ Retrieved 'uly G, 890, from https:DD$s"a$govDmanaging<"usinessDrunning<"usinessDmanaging< "usiness
0K.$ Smiley, S$ 7890/, April 89;$ Credit department: 4hat does a credit department do= Retrieved 'uly G, 890, from Construction 5inance, http:DD$)lien$comDarticlesDcredit
0K@$ Credit manager 7890;$ $ In 4i%ipedia$ Retrieved from https:DDen$i%ipedia$orgDi%iDCreditmanager
0K$ Canada, C$ I$ of$ 7890.;$ &noledge centre$ Retrieved 'uly G, 890, from http:DDcreditedu$orgD%noledgecentreDinde3$phpDsiteDpageDK
0KK$ Principles and methods of collections$ Retrieved 'uly G, 890, from https:DD$crfonline$orgDorcDcroDcro<@$html
0KG$ Business&noledgeS$ *he causes of customer delin2uency$ Retrieved 'uly G, 890, from http:DD"usiness%noledgesource$comD"logDthecausesofcustomerdelin2ue ncy9/9G.@$html
0KJ$ Stripe$ 4hat does the delin2uent property on a customer o"?ect represent= Stripe: Help support$ Retrieved 'uly G, 890, from https:DDsupport$stripe$comD2uestionsDdelin2uent
0G9$ Accounting
0G0$ 4e"5inance 7890";$ In Business#ictionary$com$ Retrieved from http:DD$"usinessdictionary$comDdefinitionDfinancial
0G8$ 8908, rupes$ 7890;$ Credit < college essay < Rupes8908$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0G/$ GK, rifat$ 7890;$ Credit management < term paper < RifatGK$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0G.$ Society, &$ i$ 7890@, ay 0J;$ Credit and payment policy$ Retrieved 'uly G, 890, from http:DD%in$"c$caDcredit
0G@$ , &$ 7890;$ Credit literacy < college essay < &ennedie$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0G$ CR6#I* A(# PAF6(* P!ICF$ 7890@;$ $ Retrieved from http:DDnic$mar%etsDp
0GK$ %amirasulait$ 7890;$ Credit management system to performance in private enterprises < term papers < &amirasulait$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0GG$ Choi, H$ S$ 7890@;$ 6ssays on money, credit, and monetary policy$ Retrieved from http:DDir$uioa$eduDcgiDviecontent$cgi=articleN00Jconte3tNetd
0GJ$ 0909, )illu$ 7890;$ onitotring and evaluation of credit < term papers < illu0909$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J9$ *he Credit #epartment, Inc$ < Improving cash flo and earnings$$$ Retrieved 'uly J, 890, from https:DD$lin%edin$comDcompanyDthe
0J0$ talhaga)i$ 7890;$ Credit appraisal < college essay < *alhaga)i$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J8$ 8/KG, yogesh$ 7890;$ Policy < essays < Fogesh8/KG$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J/$ susham$ 7890;$ !ending policy of Bangladesh "an% and its implementation < term papers < Susham$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J.$ susham$ 7890";$ !ending policy of Bangladesh "an% and its implementation < term papers < Susham$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J@$ %endaviso%$ 7890;$ Commercial credit < essays < &endaviso%$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0J$ 08, *$ 7890;$ Credit ?o" #iscription < essays < *anya%umar08$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0JK$ arifulnehal$ 7890;$ An overvie of credit management "y Sonali "an% limited < research paper < Arifulnehal$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
0JG$ JG., mtyler$ 7890;$ Ho to "uild good credit < term papers < tylerJG.$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay< onDHo<*o
0JJ$ 09, sur"hi?n$ 7890;$ 5utures and options < term papers < Sur"hi?n09$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
899$ shapla$ 7890;$ Payment method < term paper < Shapla$ Retrieved 'uly G, 890, from http:DD$termpaperarehouse$comDessay
