Credit Research Foundation

NOVEMBER 15, 2024

For over 75 years the Credit Research Foundation (CRF) has supported Credit Executives in the business-to-business (B2B) world based on two primary principles: (1) provide quality, comprehensive education from “the basics” to the senior credit executive level, and (2) provide an atmosphere that fosters networking with like-minded individuals – the most influential credit and risk management professionals in the industry.

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RevCycle

NOVEMBER 27, 2024

Medicare presents both opportunities and challenges for healthcare providers, with reimbursement management being the primary focal point. With complex regulations, evolving policies, and an intricate reimbursement structure, maximizing Medicare reimbursements is critical for the financial health of practices, clinics, and hospitals. In this blog post, we’ll explore practical strategies healthcare providers can use to optimize their Medicare reimbursements.

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Your Virtual Credit Manager

NOVEMBER 25, 2024

A major cause of delinquent receivables stems from failing to meet the customer’s invoicing requirements. A government agency, big box retailer or other large customer often has invoicing requirements that may differ from the industry norm. Your average customer also has minimal requirements that must be met. Another cause of late payments, the longer you take to deliver invoices to your customers, the longer it will take them to send you the payment.

Credit and Collections 130

Credit and Collections Credit Management Default Small Businesses 130

RMAi Blog

NOVEMBER 25, 2024

TrueAccord is at the forefront of defending litigation related to digital communications in debt collection and its recent victory in the Southern District of Florida is a resounding victory for digital channels in our industry. In Quinn-Davis v. TrueAccord , the court grappled with the concept of timing in order to figure out when an email is considered inconvenient under both the Federal Debt Collection Practices Act (FDCPA) and the Florida Debt Collection Practices Act (FCCPA).

Collector 130

Collector Debt Collections 130

Due

NOVEMBER 10, 2024

A Russian-Swedish national has been sentenced to a jail term for the operation of the longest-running Bitcoin money laundering service on the darknet that processed nearly $500m in funds. For more than ten years, Roman Sterlingov’s platform and service were seen as the go-to money laundering service for criminals seeking to “wash” their ill-gotten gains tied to illegal narcotics, computer crimes, identity theft, and child sexual abuse material.

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Abrigo

NOVEMBER 22, 2024

Strategies for writing a better SAR narrative With over two million suspicious activity reports (SARs) filed annually, how do you write a SAR narrative that will stand out to law enforcement? AML/CFT analysts can spend hours or days filing SAR reports, but every SAR filed is a tool to help law enforcement connect the dots in broader investigations. To make each SAR count, it's essential to understand what makes a SAR narrative effective.

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Cybersecurity 88

Accounting Department

NOVEMBER 28, 2024

This year we're especially thankful for our clients and our team - it is their collective energy, positivity, and dedication to success that has made this such a great year.

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Your Virtual Credit Manager

NOVEMBER 12, 2024

Monitoring and evaluating the credit risk posed by public companies and other large firms differs significantly in comparison to small and mid-sized businesses. While the principals of credit are the same for businesses of every size, there is a lot more information on the big guys making it easier to see any red flags that suggest they are in trouble.

Chapter 11 130

Chapter 11 Accounts Receivable (AR) Bankruptcy Credit and Collections 130

RMAi Blog

NOVEMBER 15, 2024

A recent issue has arisen pertaining to objections to Proof of Claims in bankruptcy cases filed in the Western District of North Carolina. RMAI recommends that our members consult with their legal counsel on how best to address the issue as it pertains to their organizations. Specifically, there has been an increase in the number of objections to claims being filed in cases where there is a joint bankruptcy and particularly in cases where the property is held by the tenancy in the entireties.

Bankruptcy 130

Bankruptcy 130

Due

NOVEMBER 26, 2024

A Massachusetts man has pleaded guilty to dog fighting crimes, which could result in a $250,000 fine and a five-year prison sentence. The man in question, John D. Murphy, pleaded guilty to “nine counts of possessing animals for use in an animal fighting venture,” said the Justice Department report, which is a direct violation of the federal Animal Welfare Act.

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Abrigo

NOVEMBER 14, 2024

Be proactive with your AML/CFT program to prevent BSA enforcement actions As regulatory scrutiny intensifies, financial institutions face more frequent Bank Secrecy Act (BSA) enforcement actions from supervisory agencies. These actions can result in costly civil penalties and reputational damage, so banks and credit unions should take proactive steps to ensure their BSA compliance programs are robust and effective.

Credit Unions 88

Credit Unions Transactions 88

Gaviti

NOVEMBER 18, 2024

Automation delivers finance departments many benefits, including accurate predictions and insights related to revenue and sales so that CFOs and their teams can make better business decisions. Despite this, automation in accounts receivable has met its fair share of skepticism from business leaders worldwide. Some of the main concerns include change management and employee adaptability to new technologies, adherence to compliance, how easily the automation technology integrates with other financ

Bad Debt 98

Bad Debt Bad Debt to Sales Invoice to Cash Credit and Collections 98

Accounting Department

NOVEMBER 7, 2024

Our final Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Fort Worth last week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to Texas and spend some time with all of the great event attendees.

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Your Virtual Credit Manager

NOVEMBER 5, 2024

A client, who rented heavy equipment to manufacturers and construction firms across a multi-state market area, was saddled with an accounts receivable (AR) growing faster than revenue. In other words, they weren’t collecting everything being sold. Three staff members handled both customer service and collection duties, while the Controller managed credit.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Credit and Collections Credit Management Default 130

RMAi Blog

NOVEMBER 5, 2024

Are you passionate about shaping the future of the receivables management industry? RMAI is now accepting candidates for the 2025 board of directors. Serving on the board offers a unique opportunity to drive strategic initiatives, represent our members’ interests, and influence the direction of your association. RMAI is seeking qualified candidates who wish to run for a two-year term on the Board of Directors.

Third Party Collections 130

Third Party Collections 130

Due

NOVEMBER 13, 2024

A Wisconsin pizza parlor has been fined for underage workers cleaning meat grinders, cleaning hot ovens, and working overtime. The Department of Labor found that Ironbluebear Inc. (Ironblubear), operator of Pizza Parlor, must pay $99,882 in civil money penalties for violating child labor standards. Federal labor laws are strict about the hours young employees can work and the situations in which they can be placed.

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Abrigo

NOVEMBER 13, 2024

This article covers these key topics: Debt-service coverage ratios are steady. Leveraged has improved since 2019. Businesses' working capital cycles are longer. Interest coverage ratios have stayed strong. How lenders can leverage this data. Bank and credit union leaders can use data to inform small business lending Small businesses are showing resilience.

Small Businesses 88

Small Businesses Credit Unions Credit Risk Accounting Firms 88

CreditStrong for Business

NOVEMBER 1, 2024

Starting a new business can get expensive fast. Whether you’re purchasing new equipment, getting supplies, or buying inventory, it can feel like there’s not enough cash flow to make it work. In this article, we’ll make it easier on you by uncovering what to expect from government small business loans and how to prepare for them. How To Prepare To Get A Business Loan From The Government The Small Business Administration (SBA) partners with lenders, banks, and credit unions to provide loans to sma

Credit Scoring 98

Credit Scoring Credit and Collections Credit Unions Small Businesses 98

Accounting Department

NOVEMBER 14, 2024

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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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

RMAi Blog

NOVEMBER 4, 2024

Earlier today, the New York City Department of Consumer and Worker Protection (DCWP) published a change to the effective date for the amended New York City Debt Collection Rules that were adopted on August 12, 2024. The new effective date will be April 1, 2025. Previously, the amendments were set to go into effect on December 1, 2024. This change is consistent with the industry’s request for additional time for implementation given the significant changes to the rule.

Debt Collections 130

Debt Collections 130

Due

NOVEMBER 10, 2024

For years, customer service has frustrated both businesses and consumers. Long wait times, disjointed communication, and inconsistent service have dissatisfied many customers, creating significant costs for companies. Despite digital transformation promises, many contact centers remain inefficient, increasing expenses and eroding customer loyalty. Customer service shortcomings contribute to a $100 billion industry-wide problem.

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Abrigo

NOVEMBER 18, 2024

Prepare for regulator scrutiny on interest rate risk & liquidity Banks and credit unions that aren't paying attention to these critical issues can expect a tough review. Key topics covered in this post: Regulatory focus Key questons for ALCOs Governance and concentration risks Expect the unexpected Regulators 'could not be more clear' Today’s regulatory climate is turning up the heat on financial institutions when it comes to liquidity and interest rate risk management.

Credit Unions 78

Credit Unions 78

Chaser

NOVEMBER 15, 2024

Over 50% of B2B invoiced sales in the US are paid late, impacting the cash flow of businesses of all scales. A demand letter for payment is a simple way to resolve these kinds of payment despites and get the money you are owed.

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Accounting Department

NOVEMBER 6, 2024

Creating a budget is essential for any business aiming for long-term success. As a business owner or CFO of a small to medium-sized enterprise, you might have faced the difficulties involved in developing and executing a budget.

Small Businesses 93

Small Businesses 93

Enterprise Recovery

NOVEMBER 25, 2024

One of the most challenging parts of starting a business or working independently is deciding on your rates. After that, you must negotiate contract terms with your clients, including asking to get paid for your work. Navigating the complex world of B2B payments can be daunting for business owners, but mastering effective negotiation strategies can ensure you always get paid for your hard work.

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Credit Management Group UK

NOVEMBER 6, 2024

After establishing my argument as to why telephone conversation can be much more effective than emailing; I have compiled a list of tips for a successful phone conversation that can encourage a positive outcome for your business, no matter what industry. Prepare beforehand for a Successful Phone Conversation Having all the information you have on a particular matter greatly limits the risk that you won’t know the answer questions asked of you; read over any notes and emails you have regarding th

Credit and Collections 87

Credit and Collections Credit Management 87

Due

NOVEMBER 11, 2024

A Florida roofing company owner and payroll administrator have both pleaded guilty to fraud against the IRS totaling nearly $2.5 million. The court documents and associated statements declare that William Skaggs Jr. owned and operated Nastar Roofing, a Fort Myers roofing company. The office administrator, Billie Adkison, led the company’s payroll and other financial tasks.

Transactions 97

Transactions 97

Abrigo

NOVEMBER 4, 2024

Ongoing monitoring is more than just a regulatory requirement Suspicious activity monitoring is a cornerstone of a robust AML/CFT program, as emphasized in the FFIEC BSA Examination Manual. This critical function helps protect the U.S. financial system from misuse for money laundering, terrorist financing, and other financial crimes. Both FinCEN and federal banking regulatory agencies mandate ongoing monitoring for suspicious activity as part of the overall AML/CFT program.

Transactions 78

Transactions 78

Collenda

NOVEMBER 13, 2024

Aryza Expands Partnership with GoCardless to Enhance Payment Solutions Aryza Group, a leading provider of financial software solutions, announces the expansion of its partnership with GoCardless , a global bank payment company. This collaboration transforms the existing technology relationship into a comprehensive partnership that includes an introducer agreement across all Aryza platforms globally.

Transactions 64

Transactions 64