Areas of Practice
UNDERWRITING
We will engage your customers, learn about their operations, and study their financial statement. In addition, we will check bank, trade references, and obtain independent reports. Glomar Bay will perform an objective review and offer a recommendation.· New Customers – Analyze and investigate credit worthiness of potential customers.· Existing Customers – A credit review can be performed to expand existing business by revising historical behavior and updated financial statements to determine if a credit limit increase is warranted. COMMERCIAL COLLECTIONS
Collections is not a glamorous job; it is an art more than a science. Glomar Bay has concluded that the main ingredients of effective collections are People, Tools, and Delivery Methods. Our people are true negotiators with the ability to select the best tools according to the scenario at hand and will utilize the most reliable delivery method. We offer a comprehensive Commercial Collections service to help recover money owed from Invoices in Regular Past Due Status as well as Invoices in a Severe Delinquent Status. We will work together at designing a Cash Collection Forecast. Glomar Bay will then offer our exclusive Start Right Program to engage with customers early on. We will also identify Deteriorating Trend Factors to understand early signs of trouble and take precautionary measures. If necessary, we partner with prestige law firms to manage litigation. Together we will avoid the consequences of uncollected receivables. ALTERNATIVE FINANCINGGlomar Bay understand the effort it takes to win a sale. In the event your customer does not qualify for open terms, do not turn the deal away. This is the opportunity to introduce creative alternatives. We are experts at managing all forms of letters of credit, international bank draft as well as flooring and factoring. We can draft Promissory Notes and "Pagares". Glomar Bay staff can also help you build a portfolio that incorporates insurance coverage. Other Services· Bad Debt Reserve Allowance- Some events are unpredictable. We can help you build a reserve account to cushion against losses in the event of a customer becomes insolvent or defaults. · Hiring - “Hire hard, manage easy. Hire easy, manage hard”. We can help you determine if you have the right people. All associates must understand they are part of a strong link contributing to the same goal. A weak contributor can have dire consequences on credit decisions or collections. We can help you interview potential candidates. Glomar Bay can develop appropriate questionnaires and short assessments to test a candidate’s financial knowledge. · Auditing -Are you scheduled to undergo an audit? We can prepare your Accounts Receivable for an Internal, External or a Sarbanes Oxley Audit. We can ensure the content of your customer files are accurate as well as the integrity of your A/R aging. We will review over-limit accounts, unapplied payments as well as unusual selling terms and write-offs. A clear path must be created about corrective actions and remediation plans. · Policies and Procedures - Allow Glomar Bay to draft your policies and procedures for Credit, Customer Service and Legal Departments. Our experience has produced hands on procedures that are practical and easy to understand. Other Services
Other Services