Abrigo

AUGUST 6, 2019

The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions. At the recent NYU Law Program on Corporate Compliance and Enforcement , FinCEN Director Kenneth A.

Transactions 105

Transactions 105

Fundera

AUGUST 23, 2019

How to Expand a Business: 10 Tips. Add new offerings. Optimize your existing market. Claim a niche. Move into new markets. Seek referrals. Launch an ecommerce website. Partner with other businesses. Acquire a new business. Franchise your business. Research your competition. It’s one thing to start a business —it’s another to know how to expand a business.

Credit Scoring 101

Credit Scoring Small Businesses Default 101

GoCardless

AUGUST 27, 2019

Before you undertake any business with a customer, whether they’re new or existing, you should clearly establish the terms and conditions of sale (T&Cs). They act as the agreed rules for everyone involved, to guide everyone to a mutually satisfying result.

52

52

MediRevv

AUGUST 23, 2019

Patient loyalty factors into a lot of decisions that healthcare leaders are making, but are those investments misplaced? It’s common knowledge in business that it is much more cost-efficient and easier to retain a current customer than go get new ones.

52

52

Abrigo

AUGUST 21, 2019

Shopping for a bank secrecy act/anti-money laundering (BSA/AML) monitoring software can feel overwhelming. There are so many options, features, and benefits to each system that it can be tough to figure out where to start. We’ve spent the last 20 years working with industry experts regarding regulatory compliance and our customer base regarding program efficiencies to build BAM+ into the ultimate BSA/AML regulatory and compliance solution.

CECL 94

CECL 94

Fundera

AUGUST 16, 2019

Startup vs Small Business: The Main Difference. While the difference between a startup and a small business is subjective, it often comes down to the company’s growth goals and revenue forecast. Startups focus on disrupting markets and driving top-line revenue at a fast pace. Small businesses, on the other hand, often set their goals on long-term, stable growth in an existing market.

Small Businesses 100

Small Businesses 100

Fundera

AUGUST 22, 2019

The 30 Top Marketing Books for Small Business. The 22 Immutable Laws of Marketing. Methods of Persuasion. Blue Ocean Strategy, Expanded Edition. The Tipping Point. Pre-Suasion. Get Scrappy: Smarter Digital Marketing for Businesses Big and Small. Designing Brand Identity. The Road to Recognition. Building a StoryBrand: Clarify Your Message So Customers Will Listen.

Small Businesses 92

Small Businesses 92

Fundera

AUGUST 29, 2019

For some entrepreneurs, what’s even harder than coming up with a great business idea is figuring out how to come up with a business name. After all, your business’s name doubles as your customer’s first impression of your business, and first impressions matter. You want your business name to be memorable, but approachable; unique, but easy to pronounce; indicative of your product or service, but not too on the nose.

Small Businesses 91

Small Businesses 91

Fundera

AUGUST 15, 2019

A few quotes about success may be all you need to get motivated, take the initiative, and start down the path to reaching your small business goals. Remember this: many people before you have tried and failed. While some give up after a setback, others continue forward. They realize that hard work and dedication will pay off in the long run. When you read quotes about success from somebody famous or somebody with a lot of money, it is easy to toss aside what he or she is saying.

Small Businesses 88

Small Businesses 88

Fundera

AUGUST 1, 2019

Public relations is the professional maintenance of your small business’s public image. Done well, public relations can build trust in your business, grow your brand, and drive sales. To effectively manage your small business public relations, you need to lay out a PR strategy, reach out to journalists and bloggers, and give effective interviews.

Small Businesses 86

Small Businesses 86

Fundera

AUGUST 14, 2019

The last time you probably opened a psychology book was freshman year of college for psych 101. Chances are you were not thinking how you could one day use the material from this class as a successful business entrepreneur. The study of psychology encompasses the study of how people think and how they can be motivated or deterred. What could go better with business than a solid understanding of how people “tick?

80

80

Fundera

AUGUST 27, 2019

What Is a General Ledger? A general ledger is the master accounting document that contains all of the accounts a business has—meaning it records all of the transactions made over the life of a company. The general ledger includes transactions separated by type: assets, liabilities, equity, revenue, and expenses. A general ledger is used as a reference, storing all of a business’s financial information, and is also used to create a variety of financial statements.

Transactions 79

Transactions Small Businesses 79

Fundera

AUGUST 24, 2019

What Is Inventory Turnover Ratio? Inventory turnover ratio is the measure of how many times inventory is sold or used in a given time period—usually a year. Knowing your inventory turnover is helpful to project how long it takes to sell inventory and when you’re going to need more inventory. You can calculate this by dividing the days in the timeframe by the inventory turnover formula—the result is the number of days it takes to sell the inventory.

Small Businesses 76

Small Businesses 76

Fundera

AUGUST 16, 2019

Startup vs Small Business: The Main Difference. While the difference between a startup and a small business is subjective, it often comes down to the company’s growth goals and revenue forecast. Startups focus on disrupting markets and driving top-line revenue at a fast pace. Small businesses, on the other hand, often set their goals on long-term, stable growth in an existing market.

Small Businesses 76

Small Businesses 76

Fundera

AUGUST 27, 2019

6 Steps to Starting a Brewery. Step 1: Choose a name and business entity for your brewery. Step 2: Create a business plan. Step 3: Apply for any licenses or permits. Step 4: Register your business and get an employer identification number. Step 5: Open a business bank account and credit card. Step 6: Start looking at funding options. Nearly everyone has a hometown brewery these days thanks to the fact that small craft beers became popular over the last decade or so.

Credit Scoring 75

Credit Scoring Small Businesses 75

Fundera

AUGUST 9, 2019

Entrepreneur quotes can be a great source of inspiration for those starting their own business. After all, words matter. They have the power to influence us, change our moods, our attitudes, and our lives. Launching a business is not easy, and some days it helps to hear entrepreneur quotes to stay motivated and remember what you’re working so hard for.

Small Businesses 74

Small Businesses 74

Fundera

AUGUST 21, 2019

If you’re just about to start a business for the first time, the whole process is probably fairly new to you, including aspects like running a business meeting. You may have experienced business meetings throughout your career that you found very helpful, but you have probably also experienced some that you thought didn’t accomplish very much. . When starting your own business, you want to make sure you have the basics of running a good business meeting down.

Small Businesses 72

Small Businesses 72

Abrigo

AUGUST 28, 2019

Slow lending decisions and frustrating loan application processes are among borrowers’ biggest gripes with traditional financial institutions vs competitors such as online or alternative lenders. Ask the staff of banks and credit unions about the loan application, underwriting, and onboarding processes at their respective institutions, and you’ll likely hear some complaints from them, too.

Credit Unions 60

Credit Unions Credit and Collections Credit Risk Credit Scoring 60

Abrigo

AUGUST 27, 2019

In an ideal world, all of the money that banks lend out to borrowers would be paid back at its maturity date. However, that’s not always the case, as there are three inherent risks all financial intermediaries face: credit risk, interest rate risk, and liquidity risk. To account for these inherent risks, as well as other risks, financial institutions must develop a sophisticated loan grading system to protect their institution and grow safely and soundly.

Credit Risk 60

Credit Risk Credit Scoring Default 60

Abrigo

AUGUST 26, 2019

In response to the nation-wide opioid crisis that has led to unprecedented addiction and death, FinCEN has issued guidance to alert financial institutions to the financial schemes and typologies related to the trafficking of fentanyl and other synthetic opioids. According to the Centers for Disease Control and Prevention (CDC), 130 people die each day in the United States from an opioid-related overdose.

Transactions 60

Transactions Small Businesses 60

Abrigo

AUGUST 26, 2019

The community bank model is built around customer service, but for many bank and credit union customers, the definition of “good service” has been changing over the last couple of decades. While good service 20 years ago might have focused on having fully staffed branches, today it more likely involves a blend of digital technology and face-to-face contact with staff.

CECL 60

CECL Credit Unions Credit Risk Small Businesses 60

Abrigo

AUGUST 22, 2019

Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions. Training is especially important for the BSA officer, who “is expected to be fully knowledgeable about the BSA and all related regulations,” as a recent Federal Reserve Bank of Minneapolis publication noted.

60

60

Abrigo

AUGUST 19, 2019

Main Street Bank, like thousands of other privately held or smaller financial institutions across the U.S., recently found out it will have extra time to implement the current expected credit loss (CECL) accounting standard. The Massachusetts mutual bank has until 2023 to comply with CECL, considered the biggest change to bank accounting in the industry’s history, after FASB recently agreed to extend the deadline for smaller public and all privately held financial institutions.

CECL 60

CECL Credit Risk 60

Abrigo

AUGUST 14, 2019

Many in the financial crimes community have been waiting for some sort of guidance on banking cannabis-related businesses. The Secure and Fair Enforcement (SAFE) Banking Act was introduced to address the cannabis banking issue and the accompanying lack of banking services to the cannabis industry, forcing significant amounts of cash to be stored in vaults or underground.

Transactions 60

Transactions 60

Abrigo

AUGUST 12, 2019

The first annual ThinkBIG Conference is right around the corner. Abrigo is bringing together the nation’s leading conferences on the new current expected credit loss (CECL) standard, MainStreet Technologies’ National CECL Conference, and the leading conference on lending, credit and portfolio risk best practices, Sageworks’ Lending & Risk Summit.

CECL 60

CECL Credit Unions Credit Risk 60

Abrigo

AUGUST 9, 2019

The current expected credit loss model, or CECL. Modernization of the Community Reinvestment Act. The shifting shape and effect of fintechs on banking. Libra and other forms of digital currency and their impact. Financial institutions are dealing with enormous change these days. Banks and credit unions must learn about these upcoming changes, adjust for them, and meanwhile continue to operate their existing institutions and meet customers’ needs while following all of the regulations that come w

CECL 60

CECL Credit Unions Credit Risk 60

Abrigo

AUGUST 7, 2019

The Aug. 2 Bureau of Labor Statistics Employment Situation report for July was about in line with expectations. The report said 164,000 payroll jobs were added (consensus expectations ranged from 156,000 to 165,000, depending on who was doing the surveying) and the headline unemployment rate (U3) held steady at 3.7%, although it was expected to tick down 0.1 percentage point.

Credit Risk 60

Credit Risk 60

Abrigo

AUGUST 5, 2019

“I don’t think there’s any more important topic at this time in our recovery in the economy and the state of community financial institution management,” said Dave Koch, Managing Director of Advisory Services at Abrigo on the topic of core deposits. “Deposits are a thing that we have coveted for a while and became quite easy. Now once again we’re back to the question of, where do I go to get more deposits?

Transactions 60

Transactions CECL 60

Fundera

AUGUST 23, 2019

When it comes to your small business showing up in local searches, you may already know the importance of your business website and directory listings like Yelp. Something you may not know: A Google My Business listing directly affects where you appear in Google Maps and Google Search results. . Unfamiliar with Google My Business? It’s time to change that.

Credit and Collections 68

Credit and Collections Credit Card Payments Small Businesses 68

Fundera

AUGUST 12, 2019

Even with all of the advancements women have made in society, the truth is that gender equality is still not a reality. Women have been doing their part too – they’re more likely to have earned a bachelor’s degree by age 29 and make up 47% of the US workforce. With nearly 74.6 million women in the workforce and more than 10 million women business owners, some may be surprised to learn just how distant gender equality in the workplace is (while others may not be so surprised).

Small Businesses 67

Small Businesses 67