August, 2024

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Where Leadership Reigns

Credit Research Foundation

Is leadership a learned or a genetically inherited trait among credit professionals? I’m sure this is a topic that can be debated by some of the brightest minds in the world, but one thing can’t be debated: at the Credit Research Foundation ( CRF ) the brightest minds in the industry gather to educate, network and share their learnings with each other.

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Central Portfolio Control Enjoys Time Out on the Water in Support of Heroes

RMAi Blog

MINNETONKA, MN – Central Portfolio Control , a professional collection agency located near the Twin Cities of Minnesota, recently took a team outing to support Time on the Water , a charity event to thank Military, first responders, and health care professionals for their sacrifices. Time on the Water provides an all-expenses-paid five-day fishing trip to Lake of the Woods near Sioux Narrows, Ontario to support sponsored local heroes. “Central Portfolio Control is deeply honored to s

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From Chaos to Control: How Know-it Brings Order to Your Credit Control Process

Know-It Global

Managing accounts receivable can often feel like navigating through chaos, especially when dealing with late payments, discrepancies, and inefficiencies. However, with the right tools and strategies in place, businesses can transform this chaotic process into one of control and efficiency. In this blog post, we will explore how Know-it can help bring order to your accounts receivable process, leading to improved cashflow, stronger customer relationships, and overall business success.

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TreviPay’s Joel Campbell Named ‘CFO of the Year’ by Kansas City Business Journal

TreviPay

For the second time, Joel Campbell, Chief Financial Officer of TreviPay, has been awarded CFO of the Year for outstanding performance across the Kansas City region OVERLAND PARK, Kan., August 1, 2024 — TreviPay Chief Financial Officer Joel Campbell has been named as the 2024 CFO of the Year by the Kansas City Business Journal. The annual CFO of the Year award program recognizes financial professionals in the Kansas City region for outstanding performance in their roles as corporate financial ste

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10 Top banking podcasts you should be listening to

Abrigo

10 good podcasts for bank & credit union execs & staff These banking podcasts discuss current events, strategic and policy issues, competition, digitalization advice, and more. And all release a new episode at least monthly. You might also like this webinar, "How to confidently navigate AI/generative AI" LISTEN Takeaway 1 An estimated 47% of Americans 12 and older listen to at least one podcast each month, Takeaway 2 With 3.4 million podcasts in the world, it can be challenging to weed

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Former Presidents of Boilermakers International Union Indicted for $20M

Due

Two former presidents of the Boilermakers International Union have been involved in a $20M indictment. A federal grand jury in the state of Kansas indicted the former presidents alongside seven individuals from the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmith, Forgers and Helpers (Boilermakers Union). District Director Christiane Abendroth of the Department of Labor’s Office of Labor-Management Standards (OLMS) was stark in their review of the court proceedings.

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The Evolution of RMAI Certification and the Importance of Self-Regulation

RMAi Blog

Staying ahead of the curve is crucial for businesses to thrive. The journey of the Receivables Management Association International (RMAI) and its Receivables Management Certification Program (RMCP) is a testament to the commitment of the industry to professionalism and excellence. Looking back over the last 12 years since the inception of the RMCP, the RMAI provides valuable insights into the certification program as well as the broader industry landscape.

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How Much Of A Business Loan Can I Get? 

CreditStrong for Business

Whether you’re looking to cover a short-term supply purchase or you’re financing a long-term expansion, there’s a business loan that can help you through it. You likely already have a specific number in mind, but you’re not exactly sure if you’ll get approved for it. When setting your company up for success, choosing the right type of loan is essential to getting the funding amount you need.

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Using a UX Situational Framework to Ensure Continuous UX Improvement 

TreviPay

User Centricity at TreviPay TreviPay takes a user-centric approach to product creation. We focus on creating and improving the user experiences to make products easier, faster and smarter for our end users. Understanding the customer, merchant and client point of view is our primary method of improving the overall user experience. We use multiple types of UX research methods to understand the end user’s goals, needs and pain points.

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What Factors can Impact your Commercial Debt Recovery Claim?

Credit Management Group UK

When beginning a commercial debt recovery claim, through your own company or when hiring a specialist debt recovery company, there are aspects that could make or break your claim, and others that we believe are essential for the success of a claim. Your commercial debt recovery claim: Do you know who your customer is? This should be done before any business relationship has begun, therefore should the business relationship reach the point of debt recovery you will have adequate information to pr

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The 10 Best Side Hustles We’ve Learned About So Far This Year

Due

The usual suspects of side hustles include freelance writing, virtual assistance, and ride-sharing. Wouldn’t it be nice if you could do something completely different? What if you had a side hustle that sparked your creativity, tapped into your hidden talent, or just sounded cooler and more lucrative than “content creation?” This post dives into a collection of unconventional side hustles you might not have known existed until this year, each categorized to fit your unique ski

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Boosting Your Bottom Line with Financial Forecasting

Accounting Department

In today's competitive landscape, small and medium-sized businesses (SMBs) need every advantage they can get to thrive and grow. One powerful tool that can significantly impact a company's bottom line is forecasting.

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ConServe Cares Program: Action for a Better Community

RMAi Blog

Committed to Making a Positive Impact in Our Community Rochester, N.Y. – August 19, 2024 – Continental Service Group, LLC d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its July ConServe Cares proceeds to Action for a Better Community. The ConServe team supports and funds the efforts of numerous local non-profit agencies that strive to make a difference.

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FHLB reform: Implications for financial institutions

Abrigo

Prepare now for potential changes to FHLBs Capital rules and membership criteria are among the areas where banks could see changes in how the Federal Home Loan Bank system operates. You might also like these popular resources on interest rate risk, liquidity, and CECL. See resources Takeaway 1 The FHLB system faces potential changes in its structure, operations, and mission that could affect financial institutions.

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Leverage TreviPay’s Contract Price Verification Service to Grow Your Business

TreviPay

Price verification ensures adherence to pre-negotiated prices across all distribution channels. For decades, TreviPay’s Contract Price Verification Service has provided price automation, including auditing and correcting point-of-sale pricing for buyers. Why is this so valuable? Being able to guarantee customer pricing tiers with specific pricing, down to the SKU (Stock Keeping Unit) level is instrumental in delivering an outstanding customer experience.

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Top Tricks for Writing Effective Collection Letters

Credit Management Group UK

Collection letters can be an extremely useful tool to collect payment, as they tend to carry more weight than emails alone. The key to a successful outcome is in writing effective collection letters that make your customers take notice. The tricks for effective collection letters: Letters should be incorporated into structured collections strategy You will most likely have different collection strategies for each client depending on their risk level.

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The Role of Credit Management in Ensuring Business Longevity

Enterprise Recovery

Credit management is a vital aspect of financial health for any business, influencing cash flow, profitability, and overall stability. Effective credit management ensures a company can meet its obligations to suppliers, employees, and creditors while maintaining the liquidity necessary for day-to-day operations. Let's explore how strategic credit management can propel your business toward sustained success and stability.

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10 Key Performance Indicators SMB Owners Should Track for Business Growth in 2025

Accounting Department

In the dynamic world of small business, staying ahead means constantly measuring and optimizing performance. That's where Key Performance Indicators (KPIs) come in. These metrics help small business owners, entrepreneurs, and startups monitor their progress, identify areas for improvement, and make data-driven decisions. In this blog post, we'll explore the top 10 KPIs every SMB owner should track for sustained growth in 2025.

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Member Alert: New York City Debt Collection Rule Issued This Week

RMAi Blog

On August 12, 2024, the New York City Department of Consumer and Worker Protection (DCWP) published its long-awaited amendments to the City’s Debt Collection Rule and an FAQ. DCWP has been working on revisions to this rule since November 2022. It was the subject of two public comment periods which RMAI and an industry coalition submitted detailed responses on December 19, 2022 and November 29, 2023.

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Do risks lurk in your CECL model? Risk assessments identify and address potential issues

Abrigo

CECL model risk assessments Possible areas of material misstatement in a CECL model can be identified with a risk assessments. You might also like this webinar: "Conducting an effective Q factor framework." WATCH Takeaway 1 The forward-looking CECL approach to estimating the allowance for credit losses introduces risks that auditors and examiners are scrutinizing.

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A Guide to Short-Term Business Loans for Small Businesses

biz2credit

Disclaimer: Information in the Business Financing Blog is provided for general information only, does not constitute financial advice, and does not necessarily describe Biz2Credit commercial financing products. In fact, information in the Business Financing Blog often covers financial products that Biz2Credit does not currently offer. Even when they have financing needs, many small business owners … Continue reading "A Guide to Short-Term Business Loans for Small Businesses" The post A Gui

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Wheel Pros Prepares for Potential Bankruptcy Filing as Soon as Next Week

Reorg Blog

Wheel Pros is preparing for a potential chapter 11 filing as soon as next week after the wheelmaker and distributor missed an interest payment last month.

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Steps to Rebuild Your Business Credit Score

Enterprise Recovery

A business credit score is crucial for your company's financial health and reputation. It reflects your ability to manage credit responsibly and can impact your ability to secure financing, negotiate favorable terms with suppliers, and attract potential business partners. A strong business credit score demonstrates your reliability as a borrower and opens up opportunities for growth and expansion.

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5 KPIs to Help Drive Your E-commerce Business

Accounting Department

In the dynamic world of small business, staying ahead means constantly measuring and optimizing performance. That's where Key Performance Indicators (KPIs) come in. These metrics help business owners, entrepreneurs, and startups monitor their progress, identify areas for improvement, and make data-driven decisions. Now that we understand the importance of KPIs, let's focus on the top 5 essential KPIs for e-commerce businesses.

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For the 2nd Time, Axiom Acquisition Ventures, LLC Makes the Inc. 5000, at No. 2083 in 2024, With a Three-Year Revenue Growth of 252%

RMAi Blog

Tampa, FL , August 15, 2024 – Inc. revealed this week that Axiom Acquisition Ventures, LLC ranks No. 2083 on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses.

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FFIEC compliance: Ensuring access to suitable resources for effective BSA management

Abrigo

A strong BSA prog r am starts with FFIEC compliance Building a robust BSA program means having access to the staffing and resources you need. Learn how the FFIEC manual can help you make the case for more resources to your board. You might also like this podcast, "Ensuring access to the FFIEC’s suitable resources at your financial institution: What BSA compliance officers need to know.

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How to Improve your Business’ Order to Cash Process

Credit Management Group UK

It is a wide spread misconception that credit management is solely based around the collection of overdue invoices, when in fact the scope of effective credit management encompasses the entire process from order to payment. Anything that happens before payment is received can impact a company’s ability to get paid. To reduce your risk of late payment, or no payment at all, we recommend you have a clear and proactive ‘Order to Cash’ Process, along with procedures that are up to date, relevant and

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6 Effective Strategies for Repaying Business Loans

biz2credit

Disclaimer: Information in the Business Financing Blog is provided for general information only, does not constitute financial advice, and does not necessarily describe Biz2Credit commercial financing products. In fact, information in the Business Financing Blog often covers financial products that Biz2Credit does not currently offer. When you’re trying to start or grow a small business, … Continue reading "6 Effective Strategies for Repaying Business Loans" The post 6 Effective Strategi

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Top 5 Financial Mistakes Businesses Make and How to Avoid Them

Enterprise Recovery

Navigating the financial landscape of business operations can be daunting, regardless of the company's size. From small startups to large corporations, financial challenges constantly require careful planning and strategic decision-making. Whether managing cash flow, setting financial goals, staying compliant with taxes, or planning for growth, businesses must proactively address these challenges to ensure long-term success and sustainability.

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The Hidden Costs of Cheap Accounting Services

Accounting Department

Running a business is no small feat, and managing finances can be one of its most challenging aspects. It’s no wonder many business owners are lured by the promise of cheap accounting services. If you think you're saving money with these budget options, think again. This post will uncover the hidden costs that could be undermining your business and explain why investing in quality accounting is crucial for long-term success.

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