Your Virtual Credit Manager

NOVEMBER 19, 2024

Now that we are past the mid-point of November, the end of the year is zooming into focus. Chances are, there is a lot that needs to be done in terms of accounts receivable (AR) management between now and December 31st, especially if you are short of your Days Sales Outstanding (DSO) goals. If that’s the case, collection activities should be at the top of your to do list, because any changes in credit policy and procedures will be too little too late for this year.

DSO 100

DSO AR Metrics Credit and Collections Accounts Receivable (AR) 100

Chaser

NOVEMBER 19, 2024

Learn about promissory notes: what they are, key elements, types, uses, and their legal implications in loans and financial decisions.

59

59

Due

NOVEMBER 19, 2024

A pharmaceutical company has been instructed to pay $47 million to resolve false federal health care claims allegations. QOL Medical LLC (QOL), alongside co-owner and CEO Frederick E. Cooper, has stumped up the money, bringing the submission of false claims to federal healthcare programs allegations to a close. The allegations were brought about after concerns were raised by Elizabeth Allen, Lauren Canlas, Donald Johnson, and Stacey Adams, former QOL Medical employees.

52

52

Emagia

NOVEMBER 19, 2024

What Are Net 15 Payment Terms? Net 15 payment terms refer to a business agreement where the buyer agrees to pay the seller in full within 15 days of receiving the invoice. This arrangement is common in business-to-business transactions and allows companies to offer short-term credit while keeping their cash flow steady. Net 15 is favorable for businesses that need to receive payments quickly.

Small Businesses 40

Small Businesses Transactions 40

Due

NOVEMBER 19, 2024

Dell Technologies Inc. and Dell Federal Systems L.P. (collectively Dell) and Iron Bow Technologies LLC (Iron Bow) are set to pay millions of dollars to settle allegations they both overcharged the Army under the Army Desktop and Mobile Computing 3 (ADMC-3) contract. Dell has agreed to pay $2,300,000, and Iron Bow will part ways with $2,051,000 for their role in the scheme to defraud the United States Army.

52

52

Emagia

NOVEMBER 19, 2024

Surcharge Means A surcharge is an additional fee added to the standard price of a product or service. It is commonly used by businesses to cover the cost of certain transactions, such as credit card processing fees or service surcharges. Types of Surcharges Surcharges can vary widely, depending on the industry and the nature of the transaction. Examples include fuel surcharges, credit card surcharges, and international shipping surcharges, among others.

Credit Card Payments 40

Credit Card Payments Transactions 40

Emagia

NOVEMBER 19, 2024

What are Samples of Bank Statements? Samples of bank statements provide a detailed record of your financial transactions over a specified period. They are commonly used to verify income, monitor spending, and analyze your financial health. Samples of bank statements can help individuals and businesses alike manage their finances efficiently. Understanding Bank Statement Formats The format of a bank statement typically includes details such as the date, description, debit, credit, and balance.

Transactions 40

Transactions 40

Due

NOVEMBER 19, 2024

A study by the United States government found that the cost of childcare for one child can be as much as the average annual rent costs. The National Database of Childcare Prices has revealed the latest figures from a study conducted across America. The study analyzes childcare prices in 2,512 U.S. counties. The findings showed that U.S. families spend “8.9% and 16.0% of their median income on full-day care for just one child, with annual prices ranging from $6,552 to $15,600 in 2022, the most re

52

52

Emagia

NOVEMBER 19, 2024

What is Hedging in Finance? Hedging in finance refers to the practice of reducing or mitigating financial risks. By using various financial instruments, investors can protect themselves from potential losses caused by market fluctuations. Hedging in finance helps in minimizing risks in volatile markets. Types of Hedging Strategies There are several types of hedging in finance , including forward contracts, options, and futures.

40

40

Due

NOVEMBER 19, 2024

Corporate pensions in the United States have been experiencing their strongest performance in over a decade. According to data from Aon, pension plan funding has consistently improved since the Great Recession. As of September 21, the pension-funded ratios of public companies on the stock index averaged 102%, signifying that pension funding had reached its highest point since late 2011, when the ratio was approximately 78%.

52

52

Emagia

NOVEMBER 19, 2024

Cash Flow Forecasting: Essential for Business Stability Cash flow forecasting is a vital tool for maintaining financial stability in businesses. It involves predicting future cash inflows and outflows based on historical data, expected revenues, and planned expenses. This helps businesses prepare for cash shortages, avoid overdrafts, and ensure that there is enough capital for operations and growth.

Small Businesses 40

Small Businesses 40

Due

NOVEMBER 19, 2024

In the 2010s, the startup landscape was dominated by SaaS—software companies that promised to disrupt industries with scalable, cloud-based solutions. Venture capital dollars flowed into these businesses as fast as they could be coded. But the tides are shifting. While software remains crucial, today’s most ambitious entrepreneurs aren’t just writing code—they’re tackling some of the most complex hardware challenges across industries like manufacturing, defense, robotics, and space exploration.

Credit and Collections 52

Credit and Collections 52

Emagia

NOVEMBER 19, 2024

What is a Debit Memo? A debit memo is a document issued by a buyer to notify a seller of a reduction in the amount owed for goods or services received. It serves as a formal request for a decrease in the original invoice amount. Debit memos are often issued when there are discrepancies, such as damaged goods, incorrect billing, or pricing errors. How Debit Memos Impact Your Accounting Debit memos are crucial in accounting as they adjust the accounts payable balance.

Invoice Amount 40

Invoice Amount Transactions 40

Due

NOVEMBER 19, 2024

A plan approved by the U.S. District Court for the Northern District of Illinois is set to come into force to distribute $12 million to medical providers and plan participants affected by a multi-million dollar receivership case. On October 29, 2024, the federal court found AEU Holdings, Black Wolf Consulting, Veritas PEO Plan knowingly defrauded healthcare providers and plan holders by underfunding the multiple employer welfare arrangement (MEWA).

52

52

Emagia

NOVEMBER 19, 2024

Understanding Debit Memorandum: An Overview A debit memorandum is a document used in accounting to inform a customer about a decrease in the amount owed. It is commonly used when there is a need to adjust an invoice due to issues like returns or overcharges. When to Use a Debit Memorandum Debit memorandums are typically used when the seller needs to reduce the amount of an outstanding bill.

Transactions 40

Transactions 40

Emagia

NOVEMBER 19, 2024

Cost Allocation: An Essential Business Practice Cost allocation is a crucial financial process where businesses assign indirect costs to different departments, products, or services. It helps in understanding where money is being spent and supports better decision-making. The Importance of Allocating Costs Accurately Accurate cost allocation ensures that businesses can calculate the true cost of products and services, allowing them to set appropriate pricing and optimize profitability.

40

40

Emagia

NOVEMBER 19, 2024

What is Closing of Accounting Books? Closing the accounting books is the process of finalizing a business’s financial records at the end of an accounting period. This step is essential for preparing accurate financial statements and determining the company’s financial health. The Importance of Closing the Books Closing the books ensures that all financial transactions are recorded, that the accounts are reconciled, and that there is no outstanding data.

Transactions 40

Transactions 40

Emagia

NOVEMBER 19, 2024

Equations in Accounting Equations in accounting are essential tools for managing financial data and ensuring that all accounts balance correctly. These equations help accountants track assets, liabilities, and equity to maintain accuracy in financial reports. Basic Accounting Equation The basic accounting equation is one of the core principles in accounting: Assets = Liabilities + Equity.

Transactions 40

Transactions 40

Emagia

NOVEMBER 19, 2024

Stock Based Compensation Stock-based compensation is a method used by companies to compensate employees with stock or stock options. This method is popular in startups and publicly traded companies because it aligns the interests of employees with the success of the company. Types of Stock-Based Compensation Stock-based compensation comes in various forms, including stock options, restricted stock units (RSUs), and employee stock purchase plans (ESPPs).

Deductions 40

Deductions 40

Emagia

NOVEMBER 19, 2024

What is the Automated Clearing House (ACH)? The Automated Clearing House (ACH) is an integral component of the U.S. financial landscape, serving as a secure network for electronic funds transfers. Established in the 1970s, this system allows for the seamless movement of money between banks, making it a crucial part of modern banking operations. The ACH network facilitates a wide array of transactions, including direct deposits, bill payments, and business-to-business payments.

Transactions 40

Transactions Electronic Funds Transfer Cybersecurity Deductions 40