AUGUST 2023 INDUSTRY NEWS AND TRENDS
Lenders are planning to tighten loan standards
While Wall Street may be feeling bullish about the economy, U.S. banks are signaling less optimism. According to the July 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), lenders are losing their appetite for riskier loans and tightening their standards on commercial and industrial loans to firms of all sizes.
Most accounts receivable teams are behind schedule
A new survey by AR software company Versapay revealed that more than three-quarters of accounts receivable teams are struggling to stay on top of payment collection, with nearly one-quarter (22%) admitting that they are months behind on the task.
With payment speeds affecting a company’s cash flow and working capital, this issue has the potential to negatively impact resilience and growth. Communication delays due to missing information were the top reasons for payment delays, but fraudulent digital invoices and invoice disputes are also big factors.
What separates good treasurers from unsuccessful ones?
At a time when interest rates are at record highs, the treasury function has never been more important. This article from CFO.com takes a close look at the behaviors, skills, and actions of effective treasurers who ensure that the company is adhering to the budget, taking care of its financial duties, and retaining a healthy level of liquidity.
Could the economy make a soft landing?
With improved inflation data and stronger-than-expected GDP growth, consumer spending, and job creation, economic analysts are increasingly optimistic about the economy. But the Chief Economist for the U.S. Chamber of Commerce is less convinced, citing soaring interest rates and high PCE (personal consumption expenditures) inflation as indicators of a potential slowdown later this year.
