June, 2024

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So, What is Changing in Your World? – Digitizing the Customer Onboarding Process

Credit Research Foundation

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.

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11 Signs Your AR Portfolio May Be at Risk

Your Virtual Credit Manager

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.

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How Funding Can Differ at Various Stages of Your Business

biz2credit

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

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In-house accounting for a growing business – often the right answer but how do you get there?

blue dot counseling

“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?

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Key takeaways from ThinkBIG 2024: Insights for banks and credit unions

Abrigo

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.

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Read This Before You Take a Merchant Cash Advance (MCA)

Sky Business Credit

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.

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The Dynamics Behind AR Automation

Your Virtual Credit Manager

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.

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How Working Capital Loans Can Support Your Business Operations

biz2credit

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

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It’s time to change accountants

blue dot counseling

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.

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Stop Wasting Money on Subscriptions: Here’s How to Cancel Subscriptions You Forgot About

Credit Absolute

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

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Truck driver backed by Department of Labor for refusing to breach federal safety rules

Due

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.

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Achieve Seamless Automation: Atom8’s Integration with BigCommerce Explained

Grit

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.

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The Nine Essentials of a Successful Collection Call

Your Virtual Credit Manager

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

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Ultimate Guide to the Costs of Opening a Laundromat

biz2credit

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

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AccountingDepartment.com Awarded Inc. Best Workplaces 2024 Recognition

Accounting Department

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.

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The Stock Market’s Tangled Web: How It Can Affect Your Credit Score

Credit Absolute

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.

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Decoding jobless claims’ impact on stocks

Due

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.

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How to Choose the Best Order Management System For Ecommerce

Grit

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.

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10 ways to get paid on time

blue dot counseling

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.

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When to charge interest on late payments

Credit Management Group UK

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?

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Inventory Management Strategies To Maximize Efficiency

Accounting Department

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.

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Efficiency Unleashed: How Chase-it Is Revolutionising Business Debt Collection

Know-It Global

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.

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Key Qualities and Skills for an Accounts Receivable Specialist

Enterprise Recovery

Certain qualifications and skills can make a difference in your business's financial success. Consider the following traits for your A/R specialist job description and hire someone who will ensure your financial records are solid and your clients pay on time. Here are some key qualities and skills to look for in an accounts receivable specialist.

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Finally Get What You Want: The Manifesting Method That Works

Due

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.

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Unlocking Global Growth: Expand Your Customer Base with Universal Acceptance from TreviPay and Mastercard

TreviPay

Acquiring and retaining customers is the top priority for B2B businesses. As companies strive to expand their reach both nationally and globally, having a robust B2B customer acquisition strategy is essential. Net terms financing is a strategy for customer acquisition and expansion into B2B, as it is the preferred payment method for B2B buyers. 85% of buyers want to pay with trade credit.

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June Credit Management News

Credit Management Group UK

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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Why Businesses Should Turn to FP&A for the Second Half of 2024

Accounting Department

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.

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Court Opinion Review: Secrecy in Genesis Global, Hawaii Fire Victims Reject Statutory Compensation Fund, Invesco Puts the ‘Parade of Wonderfuls’ on the Record in Robertshaw, ‘Independent’ Fiduciaries in Appgate and the Fiduciary Duty Dilemma in Yellow

Reorg Blog

The post Court Opinion Review: Secrecy in Genesis Global, Hawaii Fire Victims Reject Statutory Compensation Fund, Invesco Puts the ‘Parade of Wonderfuls’ on the Record in Robertshaw, ‘Independent’ Fiduciaries in Appgate and the Fiduciary Duty Dilemma in Yellow appeared first on Reorg.

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Nanni and Deeda’s Toys: Creating a Haven for Community and LGBTQ+ Inclusion

TMC Financing

TMC Financing Facilitates SBA 504 Property Acquisition for Beloved Toy Store Santa Paula, CA – Nanni and Deeda’s Toys, an LGBTQ-owned and women-owned business, successfully leveraged the Small Business Administration’s. The post Nanni and Deeda’s Toys: Creating a Haven for Community and LGBTQ+ Inclusion appeared first on TMC Financing.

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Campaign for Fairer Gambling finds $9.5 billion in untaxed illegal gambling profits

Due

Campaign for Fairer Gambling (CFG) has released a report that finds that billions of dollars are not being taxed on illegal gambling gains. The report was conducted in connection with Yield Sec (YS), a financial reporting and business analyst in the United States. It broke down three states with varying levels of regulation on digital gambling. Three states analyzed for gambling tax revenue New Jersey, New York, and Minnesota were the three states in question.

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