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Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past. In fact, most SMBs should look into using Collection Agencies to not only maximize the recovery of Accounts Receivable (AR) at high risk of never being collected, but to collect all old receivables.
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.
Thank you for choosing Plooto for your AP/AR automation needs. Plooto’s payment processing features have helped many accounting firms like yours automate their payment processing , cut costs, and save time for themselves and their clients.
Thinking about outsourced credit control? Credit control is the solid foundation that a finance team should be built around. How else can your business pay its expenses if you’re not being paid for the work you’ve done?! Given how critical credit control is to all businesses you would be shocked at the amount of companies that either overlook credit management or struggle to find the time and resource required for a watertight credit control process.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
If you were in business when COVID-19 began, you may be eligible for the Employee Retention Credit (ERC). Introduced in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the ERC offers a payroll tax credit for wages and health insurance that were paid to employees during that time. Despite the fact that the Infrastructure Investment and Jobs Act of 2021 ended this program, qualifying businesses can still claim the ERC for up to five years retroactively.
In recent months, inflation has received a lot of attention. As a consumer, you’ve probably felt the pinch in your wallet. Many things have become more expensive. Aside from the cost of things, inflation has caused many people to be concerned about their credit. However, it is vital to note that while inflation has no […]. The post Understanding How Inflation Can Hurt Your Credit Indirectly appeared first on Credit Absolute.
In recent months, inflation has received a lot of attention. As a consumer, you’ve probably felt the pinch in your wallet. Many things have become more expensive. Aside from the cost of things, inflation has caused many people to be concerned about their credit. However, it is vital to note that while inflation has no […]. The post Understanding How Inflation Can Hurt Your Credit Indirectly appeared first on Credit Absolute.
Photo by Erik Mclean on Unsplash As discussed in several prior newsletters, the threat of bad debt loss and diminished cash flow from delayed payments increases significantly during a recession. The reason is simple — most of your customers will be suffering lower sales volumes, discounted pricing, and their own cash flow shortages. This inevitably result… Read more.
For many businesses, sudden bursts of growth may sometimes come at times that business owners least expect. Companies can go from small offices to corporate buildings and small commercial buildings to giant warehouses, but being prepared to do so is what makes the difference between growing and growing pains.
It is a brave new world for accounting firms. New technology , pent-up client demand for advisory services, and ever-increasing compliance and regulatory oversight have created a new “business” mindset among accounting organizations — identifying clients’ needs and building the infrastructure to meet those needs.
If you’re in healthcare rev cycle management, acronyms are nothing new. Still, the ones that come along payment processors can be daunting. From independent sales organizations (ISOs) to payment facilitators (PayFacs), it’s crucial to understand the goals and functions of each. This guide will uncover the pros and cons of payment processing, so you can determine whether a PayFac or ISO is right for your organization.
The leaves have turned, the NFL season is well-underway, and the air is getting brisk. This is the time of year when we at Esker begin engaging in a number of conversations with partners and clients who are planning for next year’s projects and budgets. The last few years have been a wild ride to say the least, and looking to 2023, we’re noticing a handful of themes emerging in these planning sessions.
Photo by Markus Spiske on Unsplash Payment Terms define when a customer is supposed to pay your invoice for the products and/or services you provided, at your expense, using your cash. The “norm” is 30 days from invoice date, but there are many exceptions. Many customers will try to extend your terms to 45 or 60 days or more. Outside the USA, and in the … Read more.
As the holidays approach, no business owner wants to be bogged down with accounting tasks, budgeting next year, or trying to prepare to close the books for 2022. Owning a business has many upsides to it, but one of the drawbacks for many is trying to keep track of the business's finances.
SSI Wins Oracle Cerner 2022 Collaboration Award. November 9, 2022. Every year, Oracle Cerner honors its most innovative and meaningful partnerships, which are chosen based on superior performance and the impact the partner has on their clients. This year, the SSI Group, LLC (SSI) is pleased to announce that we were named the 2022 Collaboration Award Winner at the recent Oracle Cerner Health Conference.
In today’s fast-paced, competitive business environment, it’s more important than ever to optimize your accounts receivable (AR) processes. One way to do this is by leveraging automated customer communications as part of your broader accounts receivable automation strategy. Automated communications can help you speed up the collections process and connect with more customers faster.
I stopped doing my books when I realised I was making them worse. The post I stopped doing my books when I realised I was making them worse! appeared first on Blue Dot Consulting.
Photo by Chris Chow on Unsplash There will inevitably be a day when you realize your collection efforts are not getting a delinquent customer to pay their bill. Despite all the correspondence, calls, excuses and possibly promises made, there still has been no progress. What can you do? The easy answer — refer the customer account to a Collection Agency wh… Read more.
Accrued expenses, also known as accrued liabilities, refer to expenses that are recognized on the books before they have been paid. The expense is recorded during the period in which it is incurred, rather than when it is paid.
There’s the adage, “Life is expensive when you don’t know accounting.” An accounts payable software solution that’s not right for your business can also cost you dearly: inefficient workflows, high monthly fees, too advanced or too few features, to name a few.
Filing your small business taxes for the first time? Use this guide to navigate the process and maximize your refund. The post 7 Tips for Filing Small Business Taxes for the First Time appeared first on Fast Capital 360.
Family gathered around the table for Thanksgiving dinner. It’s that time of year again! Getting together with friends and family means good food, laughter, and fun. It’s been our tradition for the past couple years to share recipes from our employees. We hope you enjoy and have a safe and happy holiday! Thanksgiving Recipes from Esker Employees. Coconut Bourbon Sweet Potatoes Mac & Cheese (Crockpot edition) Zuppa Toscana Soup Cajun Turkey Italian Steak – Palermo Style Smoked Turkey Brine Fis
We all know how frustrating email can be, especially for accounting teams. Sometimes it just doesn’t work as you want it to. Email often becomes a major source of frustration – especially when things go wrong. In Part I and II of this series, we took a look at some of the most common accounting email blunders that can cost time and money.
Photo by Kenny Eliason on Unsplash Effective collections is the single most important factor for achieving reliable cash inflows. Customer payments for products and services provide the lifeblood of most companies, funding new inventory as well as investments in both people and process. Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function.
Outsourcing your accounting to a third-party service provider is a great idea for any business owner. However, when searching for the right fit for your company, consider these points so that you choose the best option for you.
Originally published on Fintech.ca. Cash flow is a problem that has been troubling small and midsize businesses (SMBs) and accountants since the dawn of time. Combine tight capital, slow cash turn-around time, and lack of planning, and it’s no surprise that this issue comes back, again and again, every month-end when the bills come in. A 2022 survey suggested that cash flow problems are the second most significant barrier for small businesses, and one in ten states that cash flow problems are
While we typically write about the end-of-the-year processes for accounts receivable , year-end brings about its own stress for the sales and marketing teams. With quotas to meet and budgets to assess, the challenges can weigh on even the most seasoned professional. Here are four tips for B2B sales and marketing professionals to end the year strong.
Revenue cycle automation is a hot topic in healthcare for good reason: Costs are at an all-time high. Patients and providers in the U.S. spend double what they do in comparable countries on care — nearly $12,000 per person to other countries’ $5,700. It’s a problem that’s likely to worsen for providers in the next few years. As the shifting payer mix puts more revenue at risk, rising costs put a financial burden on patients — and that burden can lead them to put off, or even avoid , care alt
Seattle, WA – (November 17, 2022) – Lockstep , the award-winning accounting automation pioneer, today announced that Lockstep Inbox now offers a Google-certified Gmail integration. Lockstep Inbox is the first and only free accounting inbox solution that allows teams to automate customer and vendor workflows in a single application. Lockstep Inbox-certified integrations enhance the security, applicability, and usability of the overall product.
Financial institutions work to meet Q1 2023 CECL deadline A CECL implementation survey by Abrigo found progress by financial instittuions is mixed ahead of the upcoming deadline. . You might also like this: "Beyond CECL: Stress testing, ALM, and financial planning" DOWNLOAD. Takeaway 1 10% of banks and credit unions have completed CECL adoption, according to Abrigo's CECL implementation survey.
Learn how to write a stellar business plan and find out why it’s vital you have one. Access our free business plan checklist too. The post How to Create a Business Plan to Succeed in 2023 appeared first on Fast Capital 360.
When it's your job to collect past-due invoices, what you say matters. And what you say will depend on your state of mind when you type the email or get on the phone. How you come across to your clients, especially when they're long-term business-to-business relationships, will determine how they react to you, your demands, or any negotiation tactics.
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