Credit Research Foundation
JUNE 6, 2024
I recently sat in on the CRF educational webinar “How to Implement a Digital Credit Application” and found myself intrigued by the candid response to one of the top productivity opportunities in the B2B credit space. The speaker was Bill James from Creditsafe ( CRF Platinum Partners ), who spoke about an agnostic approach to delivering value in today’s digital world.
RevCycle
JUNE 27, 2024
By this point you’re certainly aware of the changes around the credit reporting of medical debt, which to recap are: Medical debts that have been satisfied will no longer appear on credit reports The amount of time before medical debt can be reported to the credit bureaus has doubled, from 180 days to one year Medical debt in collections of under $500 dollars will no longer appear on credit reports As the graph below shows ( courtesy of Urban Institute ); this has had the intended effect of clea
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Your Virtual Credit Manager
JUNE 25, 2024
In order to maintain optimal cash flow, your accounts receivable (AR) portfolio needs to remain in good shape. That can be a constant battle because all the mis-steps made during the order-to-cash (O2C) process will accumulate in your AR, and given time, clog it up. To prevent that from happening, you need to proactively monitor your AR and be ready to address any fundamental changes.
biz2credit
JUNE 6, 2024
Business funding is a critical aspect of every business’s lifecycle, evolving significantly as a company grows. From the initial idea to scaling operations, understanding the different funding stages and appropriate financing options available can help ensure sustained growth and success. This guide will walk you through the various startup funding stages and explore financing options … Continue reading "How Funding Can Differ at Various Stages of Your Business" The post How Funding Can Di
Speaker: Susan Richards
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.
Accounting Department
JUNE 18, 2024
We are thrilled to share that AccountingDepartment.com has been selected for inclusion in the Inc. Best Workplaces list, for the third year in a row! This recognition in 2024 highlights the success of the workplace environment we have cultivated over the last 20 years. We are grateful for the privilege of being acknowledged as an Inc. Best Workplace for the last 3 years now, and we extend our appreciation to our entire staff, who make it such a wonderful place to be every day.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
blue dot counseling
JUNE 9, 2024
“We need to take our accounting work by the scruff of the neck and bring it in-house, away from our accountants!” The situation above was a little extreme but it’s the right direction of travel for many businesses as they grow. Bookkeeping and accounting is a role that lends itself well to outsourcing (it’s a […] The post In-house accounting for a growing business – often the right answer but how do you get there?
Credit Management Group UK
JUNE 16, 2024
Throughout my years in commercial credit management, I have identified several mistakes that companies make within their order to cash process; mistakes that are often very small and easily fixed; make enough of them, however, and you could find your cash flow isn’t flowing the way you would like it to. Mistakes in Commercial Credit Management: no terms and conditions of sale It is amazing how many times I have come across a company that don’t include their terms of sale with their quotes.
Your Virtual Credit Manager
JUNE 11, 2024
My first exposure to the power of accounts receivable (AR) automation came in 1990 when I was credit manager at ERICO Fasteners, a mid-market, specialty metals manufacturer. The first month after we automated a few basic features to supplement our accounting package, we realized an increase in cash flow of 30 percent. During the 10 years I’d been in business credit, I had never seen anything like it.
biz2credit
JUNE 25, 2024
Being a business owner means juggling multiple priorities at the same time. When you have strong cash flow and a good profit margin, it’s fairly easy to cover operational costs. But when circumstances change—due to a slow period, increased competition, an unexpected expense, or even a new growth opportunity—where do you find the cash to … Continue reading "How Working Capital Loans Can Support Your Business Operations" The post How Working Capital Loans Can Support Your Business Operations
Accounting Department
JUNE 6, 2024
In today's tumultuous economic climate, the importance of sound financial strategy cannot be overstated—especially for small and medium-sized businesses that might not have the buffer of large corporations. Financial Planning & Analysis (FP&A) isn't just a set of buzzwords; it's a compass for navigating the murky waters of modern economics. As we approach the second half of 2024, now is the time for businesses to fortify their financial plans.
Sky Business Credit
JUNE 22, 2024
On its face, Merchant Cash Advance (MCA) loans may seem like a dream come true. For businesses desperate to plug a cash flow gap, MCAs are positioned as a quick-fix financial solution for businesses that lack credit and collateral. In reality, there’s much more to consider before committing yourself to this financial arrangement. Four things to consider before you take a Merchant Cash Advance (MCA): 1.
blue dot counseling
JUNE 25, 2024
You’ll know when its time to change accountants. Cloud accounting has closed the gap between a business and their accountant and, although we’ve always thought there should be ongoing dialogue and contact throughout the financial year, there really is no excuse these days for that not to be the case. What are you looking for […] The post It’s time to change accountants appeared first on Blue Dot Consulting.
Lendio
JUNE 12, 2024
This guide will walk you through the key steps to start a delivery business. There are no universal road maps for this process, so it’s important to connect with a trusted mentor who can help you navigate the inevitable challenges and surprises that arise. Contact your local SCORE office if you don’t already have a mentor. 1. Start with a solid business plan.
Your Virtual Credit Manager
JUNE 4, 2024
Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. Of all these items, making the necessary phone calls generates the greatest value in respect to recovering past due invoices. Photo by David Hahn on Unsplash While all these things can be very effective in the soliciting of payments for a large proportion of your receivables, especia
biz2credit
JUNE 18, 2024
Owning a laundromat can be a lucrative business opportunity for entrepreneurs. With the right location and equipment, a laundromat can provide a steady income stream with relatively low ongoing costs. But it can be a sizeable initial investment, costing between $200,000 and $500,000 to open a new laundromat, and $100,000 and $400,000 to buy an … Continue reading "Ultimate Guide to the Costs of Opening a Laundromat" The post Ultimate Guide to the Costs of Opening a Laundromat published firs
Accounting Department
JUNE 28, 2024
We are thrilled to announce that our season 1 finale, Episode 24, of our podcast, Beyond the Books , is now live and ready for your listening pleasure.
Credit Absolute
JUNE 18, 2024
Americans have become accustomed to a subscription lifestyle, with a whopping 92% of younger demographics actively subscribed to various services. According to a West Monroe Partners study West Monroe Partners, this convenience comes at a cost, with the average consumer unknowingly spending a significant $273 monthly on subscriptions. This figure is even higher than initial […] The post Stop Wasting Money on Subscriptions: Here’s How to Cancel Subscriptions You Forgot About appeared
Due
JUNE 6, 2024
A federal administrative law judge has unequivocally upheld the Department of Labor’s (DOL) unwavering support for a truck drivers’ rights. The Occupational Safety and Health Administration (OSHA) of the DOL found that a Crane Masters Inc. employee was fired unlawfully. Truck driver’s rights upheld by the DOL The employee had flagged to Cran Masters Inc. that, legally, he could not perform any more work for the company without time off.
Lendio
JUNE 3, 2024
Starting a business is an exhilarating endeavor, but building a solid, loyal customer base is a crucial endeavor that can often feel like scaling a mountain—exciting yet daunting. From the early days of the business to years after a business’s birth, it’s essential to continue growing and retaining a customer base to survive. Navigating the landscape of building and retaining a customer base requires a blend of intuition, strategy, and sometimes, a bit of luck.
Your Virtual Credit Manager
JUNE 18, 2024
Startup companies are intriguing, but can also be an enigma. The successful ones receive a lot of publicity and are celebrated widely. Who will be the next Apple, Google, Facebook, or Nvidia? If you happen to be a supplyier to a successful startup you’re in luck. As they grow, so will their purchases from your firm. A small, new account can become one of your top customers in a few years, and a key contributor to the growth you seek.
blue dot counseling
JUNE 23, 2024
The closest thing to a silver bullet in credit control is using a direct debit service. The post 10 ways to get paid on time appeared first on Blue Dot Consulting.
Accounting Department
JUNE 26, 2024
From a manufacturing perspective, inventory is everything for business owners that can significantly impact their financial well-being. That is why effective inventory management is of utmost importance for manufacturers or other businesses that keep things on the shelves.
Credit Absolute
JUNE 12, 2024
The stock market is often seen as a distant entity, a realm of high finance reserved for Wall Street professionals. Yet, for the average American, the rise and fall of stock prices can significantly impact their personal credit score. This article explores the complex interplay between the stock market, consumer behavior, and creditworthiness in the […] The post The Stock Market’s Tangled Web: How It Can Affect Your Credit Score appeared first on Credit Absolute.
Due
JUNE 6, 2024
Tomorrow is a big day for the stock market and the overall economic outlook. Bright and early at 8:30 am, the initial jobless claims for the month of May will be released. This data is a critical barometer of the direction our labor market is heading and the potential actions the Federal Reserve might take. The consensus is for jobless claims to be at 190,000.
Grit
JUNE 17, 2024
Seamless automation is essential for eCommerce success, but integrating different apps and systems can be challenging. Atom8’s integration with BigCommerce provides a powerful solution, enabling merchants to achieve seamless automation with ease. By leveraging BigCommerce’s APIs, custom workflow building, HTTP triggers, and scalable enterprise features, Atom8 empowers BigCommerce merchants to connect their online store with a vast array of tools.
Abrigo
JUNE 27, 2024
How does your AML program detect structured cash transactions? Read this blog to learn the definition of structuring, why it is illegal, and some examples of structuring scenarios that can help banks understand customer behavior and intent. Would you like other articles like this in your inbox? Takeaway 1 When reviewing customer activity for instances of structuring, it is important to look for patterns in behavior as well as an intent to structure.
Credit Management Group UK
JUNE 3, 2024
Charging late payment interest on overdue invoices can be a great form of leverage to get you paid quicker. You are entitled to start adding interest from the first day it falls overdue, but many companies will be wary of using this as a tactic as the downside is damaging a customer relationship, so when is the right time for your business to charge interest on late payments?
Accounting Department
JUNE 21, 2024
In this celebratory episode of Beyond the Books, host Andrea Boccard is joined by Amy Harold to discuss the prestigious Inc. Best Workplaces award.
Know-It Global
JUNE 13, 2024
In today’s fast-paced business landscape, managing overdue payments can be an inconvenient and time-consuming task for companies of all sizes. Late payment chasing often requires significant manual effort, leading to inefficiencies, delays, and strained customer relationships. However, with technology-driven solutions like Chase-it, businesses now have a powerful ally in streamlining the debt collection processes and unlocking new levels of efficiency.
Due
JUNE 10, 2024
Are there times when you have dreamed of achieving a specific goal but have felt unsure how to accomplish it? Maybe you aspire to have a fulfilling career, to be in a loving relationship, or to have financial security. Thankfully, these aspirations aren’t just wishful thinking. The universe has a powerful secret that can help you manifest anything you desire.
Grit
JUNE 3, 2024
In 2024, online retail sales are expected to reach $6.33 trillion globally, highlighting the significant growth and importance of effective order management systems to handle the increasing volume of online orders. An order management system ecommerce is a digital tool that helps businesses track sales, manage inventory, process orders, and streamline fulfillment to enhance operational efficiency and customer satisfaction.
Abrigo
JUNE 4, 2024
Navigating credit quality, compliance, and technology integration The ThinkBIG conference hosted by Abrigo fosters networking and professional development for bankers. Read some hot topics discussed by the conference's opening panel. You might also like this on-demand webinar, "Navigating uncertain times: Strategies for risk management and compliance.
Credit Management Group UK
JUNE 25, 2024
Welcome to our June Credit Management News blog. We have given you snippets of the latest topics that we hope are of interest to you and provide information to help with your business. If there is anything you would like to see more of in our round ups let us know: CREDIT MANAGEMENT SMEs struggling to pay HMRC High interest rates seen as a threat to half of business owners One in five SME say late payments problems have become worse REGULATION & COMPLIANCE Small firms call for next Governmen
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