RMAi Blog

MARCH 22, 2023

NORFOLK, Va. – PRA Group is pleased to announce that Tim Kirk, country operations director for the company’s UK business, has been appointed to the Credit Services Association Board of Directors. The Credit Services Association (CSA) is the national trade association in the UK for organizations active in the debt collection and purchase industry. The association confirmed five board members—two returning and three new—during its Annual General Meeting of the Association.

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Credit and Collections Debt Collections 130

Your Virtual Credit Manager

MARCH 21, 2023

Photo by Nick Jio on Unsplash Though the Silicon Valley Bank (SVB) saga is still on going and there is more to be learned about the causes behind the second largest bank failure in US history, the salient facts are now well established. The collapse of SVB was more about management errors, by the management of the bank and ostensibly by regulators, than a fundamental weakness on the financial institution’s balance sheet.

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Accounts Receivable (AR) Bankruptcy Bad Debt Credit and Collections 130

Due

MARCH 19, 2023

The number of female entrepreneurs is growing rapidly. In fact, in 2021, 49% of new businesses were started by women , up from 28% in 2019, according to a survey by HR services company Gusto. According to the U.S. Census Bureau, in 2020, 21.4% of all U.S. businesses were owned by women , and those businesses employed 10.9 million employees. Those are staggering numbers and represent how women are advancing in an area that has long been dominated by men.

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Cybersecurity 139

Credit Management Group UK

MARCH 21, 2023

Effective credit control is a vital aspect of any business and one that is often neglected in relation to staff training. Not only can a lack of appropriate training land a company in hot water later down the line through lack of knowledge of correct procedures, but often credit control staff suffer from a lack of confidence that can be easily reversed with training.

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Credit and Collections Order to Cash Credit Management 102

RMAi Blog

MARCH 20, 2023

RMAI Diversity Equity Inclusion Program Baseline Recommendations March 20, 2023 (Sacramento, CA)  – RMAI introduces a new guide for the accounts receivables management industry, Implementing Diversity Equity Inclusion Best Practices: RMAI Diversity Equity Inclusion Program Baseline Recommendations. This companion guide to the January 2022 Consumer Financial Protection Bureau (CFPB) Report on Diversity and Inclusion within Financial Services identifies the foundational areas of a Diversity Equity

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Know-It Global

MARCH 23, 2023

The swathe of corporate insolvencies we’ve seen over the past year shows no sign of slowing down! February 2023 figures show the number of companies going insolvent jumped 17% year on year, reaching 1,783. This is a huge 33% higher than pre-pandemic levels! In Scotland company insolvencies are up 11% compared to last year. The frightening thing is companies struggling to pay their outstanding invoices are at serious risk of going out of business.

Credit and Collections 98

Credit and Collections Debt Collections Credit Scoring Credit Management 98

Plooto

MARCH 20, 2023

All business owners face the epic challenge of growing their business while having enough cash to fund product development, expand sales and marketing, or hire additional staff. The key to success lies in having positive working capital , which provides excess cash to invest in growth. To quote an industry maxim: “Revenue is Vanity, Profit is Sanity and Cash is King” — Alan Miltz.

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RMAi Blog

MARCH 20, 2023

ELK GROVE, CA – Superlative RM , a collection agency located in Elk Grove, CA and Phoenix, AZ, is honored to announce its receipt of the 2022 Tier 1 Top Agency Award from Cascade365 — a family of companies that provide accounts receivable liquidity solutions to the consumer finance and healthcare industries. “I’m very fortunate to be able to say our team is both dedicated and extremely hard-working.

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Third Party Collections 130

Know-It Global

MARCH 23, 2023

We’ve just introduced a brand new member to the Know-it team! Welcome Clara Gobrecht, our new Customer Success Manager! Clara will be on hand to onboard new users and help businesses get the most out of the Know-it platform to help them mitigate credit risk, reduce debtor days and boost their cashflow. We sat down with Clara for a quick chat to learn more about her and how she’ll help support businesses in the UK. 1.

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Credit Risk 98

Due

MARCH 18, 2023

Talking about money to your partner and spouse is never an easy conversation to have, especially if you’re unsure what they think about it, or if you have limited knowledge of how to work with money. Not all of us share the same philosophy about money, how we earn and spend it, or how we invest it. Unfortunately, the friction surrounding the topic of money and finances can lead to greater relationship issues such as so-called financial infidelity, where people hide their purchases from their par

Credit Scoring 116

Credit Scoring 116

incfile

MARCH 18, 2023

As a small business owner, you might feel that employment contracts are unnecessary, especially if you’re just working with a contractor or remote assistant. However, there are certain legal responsibilities beyond payroll taxes that come along when you hire someone (albeit for a short period of time) to help you. If you’re working with or planning to hire full-time or part-time employees without the appropriate business contracts , then you’re opening your business up to legal red tape and heft

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Small Businesses 98

RMAi Blog

MARCH 20, 2023

CINCINNATI, OH – Slovin and Associates , a creditor’s rights law firm in Ohio, Kentucky, and Indiana, has a long history of community involvement. Partners Randy Slovin and Brad Council have spent decades in the community helping those in need. This past November, Mr. Council and his wife took a trip to the Olancho region of Honduras where they helped install solar panels at three different remote schools in just a week.

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Law Firms Bankruptcy 130

Waystar

MARCH 21, 2023

This is the fourth post in a new Waystar blog series: 7 steps to sharpen your healthcare revenue cycle. Can’t wait for a new blog each week? Download the eBook to learn 7 steps for maximizing your healthcare RCM software. Point-of-service collections in healthcare grow more complex — and more critical — each day. When patients generate up to 30% of a provider’s revenue, organizations must have a solid financial clearance process to set expectations and boost pre-service payments.

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Credit and Collections Deductions Transactions 98

Due

MARCH 24, 2023

Everyone is quick to jump on the bandwagon of “prioritizing yourself.” You should invest in self-improvement. Try to be more self-aware. Take time for yourself and your personal life. Focus on the things that matter most. These are all common statements bandied about in casual conversation. Do you know what else they are? They’re vague. What does it look like to actually prioritize the things that matter?

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Lendio

MARCH 21, 2023

When most entrepreneurs need funding to start or grow their business, they quickly learn one key fact: They need a business plan. Just as you need a resume to apply for a job or a completed application to gain admittance to a university, business plans are required to apply for business financing. And like resumes and college applications, business plans are viewed as a necessary evil by most entrepreneurs.

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Abrigo

MARCH 24, 2023

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your credit union's risk. You might also like this resource: "BSA/AML risk assessment checklist." READ Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment. Takeaway 2 Inherent risk and residual risk should be evaluated before mitigating factors are considered.

Credit Unions 78

Credit Unions Cybersecurity Credit and Collections Transactions 78

Chaser

MARCH 23, 2023

Cash flow is a crucial aspect of any business. Cash flow refers to the movement of money in and out of an organisation. Positive cash flow means that a business has more cash coming in than going out, while negative cash flow means that the opposite is true. For this reason, it can be easy to assume that by simply selling more, thus increasing your cash 'inflows', you are ensuring healthy cash flow for your business.

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Bad Debt Credit Sales Default Small Businesses 87

Accounting Department

MARCH 23, 2023

As we move towards a more technology-driven world, it's important for business owners to adopt a "work smarter, not harder" mentality. One way to achieve this is through workflow automation with ERP software like NetSuite.

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Lendio

MARCH 20, 2023

Private equity (PE) is often tangled with venture capital (VC) because they both invest in companies and use a variety of exit strategies, such as selling their stake during IPOs. However, there are some significant differences in the way they do business. Both invest in different types and sizes of companies, spend different amounts and even claim different percentages of equity.

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Insurance Companies Small Businesses 84

Abrigo

MARCH 22, 2023

Understanding trade-based money laundering Addressing the FinCEN priorities in your AML/CFT policy means knowing what steps to take to prevent trade-based money laundering and terrorism funding. Would you like others articles like this in your inbox? This article was written by Mista Roberts Howard, Senior Financial Crimes Investigator at Abrigo Takeaway 1 Criminal organizations use trade-based money laundering in part because it is difficult to detect.

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Credit Card Payments Transactions 78

Due

MARCH 21, 2023

Homeowners love putting money back into their properties. The only problem is that home improvement projects can take on lives of their own. In no time, you could wind up with lots of bills and only a little of what you actually wanted and needed. That’s why it’s essential to put a little thought behind all those fixer-upper jobs you’ve planned for 2023.

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Bankruptcy 78

Accounting Department

MARCH 22, 2023

Outsourced bookkeeping services are here to help CFOs of small to medium-sized businesses optimize their time and offer them a number of benefits!

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Small Businesses 92

Gaviti

MARCH 21, 2023

Proper accounts receivable management is vital if you want to operate a healthy business. It doesn’t matter how much in sales you generate if you never collect on your invoices, or if you keep losing vital invoices you are meant to collect on. While it may not be the most exciting part of your business, good accounts receivable (A/R) practices will make your other business operations much smoother.

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Payment Portals DSO Alternative Payment Methods Dashboards 78

Abrigo

MARCH 21, 2023

Strategies for earning more in rising rates Financial institutions need to be intentional with funding strategies and loan pricing models. You might also like this video on managing interest rate risk. WATCH Takeaway 1 Earning more income and mitigating interest rate risk isn’t as simple as charging higher rates on loans and earning higher rates on the investment portfolio.

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Credit Unions CECL Credit and Collections Credit Risk 78

Due

MARCH 23, 2023

It would be super convenient if life was perfectly predictable. Weather forecasts would always be right. Investing in the stock market would be easy. And we wouldn’t have to make wild guesses about how much money we need in retirement. For the most part, financial planning in retirement is a fixed, predictable model. Historical data and aggregated personal experiences lead us to reliable estimates like the 4% rule , which can help you make sure you never outlive your principal.

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Medical Billing Insurance Companies 75

Lendio

MARCH 18, 2023

As a small business owner, there are many challenges you may face on a day-to-day basis. Accessing the funding your company needs to thrive shouldn’t be one of them. Nonetheless, a Federal Reserve study finds that around 40% of small businesses do not receive the full amount of funding they need when they apply for credit. Approximately 12% of small business loan applicants don’t qualify for any financing at all.

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Small Businesses Nonprofit Organizations Credit Unions 72

Enterprise Recovery

MARCH 24, 2023

As accounts receivables (AR) begin to fall delinquent, your business expenses could fall delinquent as well. With every late-paying client, cash flow for payroll, rent, or other vendors falls short, threatening your company's bottom line and growth. The effectiveness of your accounts receivable department may be one of the most important measurements to determine the success of your business.

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Accounts Receivable (AR) Debt Collections 67

TreviPay

MARCH 24, 2023

TreviPay is well known for helping OEMs grow their business through the creation of custom trade credit programs that help grow sales and profitability. In working with OEMs, the heart of the programs we are helping to grow resides within fleets and transportation companies around the globe. TreviPay has worked with General Motors (GM) for nearly 20 years in helping to automate their relationship and transactions with dealers and their fleet customers.

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Transactions 59

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MARCH 22, 2023

Software developer pay spans a notoriously wide range, but few would argue that U.S.-based development costs are “cheap.” According to a U.S. News & World Report analysis , the median U.S. software developer earned $120,730 in 2021. Experienced devs can easily command $200,000 per year in cash compensation alone, with incentive pay and company benefits adding significantly to that total.

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CreditStrong for Business

MARCH 24, 2023

A conventional home loan is the most common loan product offered by mortgage lenders, making up roughly 64% of the market. Conventional mortgage loans typically require higher credit scores than government-backed loans, but there are also many advantages to going with conventional mortgages. We’ll discuss these factors below. What is the Required Minimum Credit Score for a Conventional Loan?

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Credit Scoring Credit and Collections Credit Unions Default 59