Your Virtual Credit Manager
NOVEMBER 5, 2024
A client, who rented heavy equipment to manufacturers and construction firms across a multi-state market area, was saddled with an accounts receivable (AR) growing faster than revenue. In other words, they weren’t collecting everything being sold. Three staff members handled both customer service and collection duties, while the Controller managed credit.
Accounting Department
NOVEMBER 7, 2024
Our final Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Fort Worth last week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to Texas and spend some time with all of the great event attendees.
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RMAi Blog
NOVEMBER 4, 2024
Earlier today, the New York City Department of Consumer and Worker Protection (DCWP) published a change to the effective date for the amended New York City Debt Collection Rules that were adopted on August 12, 2024. The new effective date will be April 1, 2025. Previously, the amendments were set to go into effect on December 1, 2024. This change is consistent with the industry’s request for additional time for implementation given the significant changes to the rule.
Abrigo
NOVEMBER 4, 2024
Ongoing monitoring is more than just a regulatory requirement Suspicious activity monitoring is a cornerstone of a robust AML/CFT program, as emphasized in the FFIEC BSA Examination Manual. This critical function helps protect the U.S. financial system from misuse for money laundering, terrorist financing, and other financial crimes. Both FinCEN and federal banking regulatory agencies mandate ongoing monitoring for suspicious activity as part of the overall AML/CFT program.
Enterprise Recovery
NOVEMBER 8, 2024
As the new year approaches, businesses often must adjust their rates. These changes could be driven by factors such as inflation, increased operational costs, or the need to invest in new technologies and services. For B2B companies and SaaS providers, staying competitive and maintaining high service standards often require periodic rate evaluations.
Accounting Department
NOVEMBER 6, 2024
Creating a budget is essential for any business aiming for long-term success. As a business owner or CFO of a small to medium-sized enterprise, you might have faced the difficulties involved in developing and executing a budget.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Chaser
NOVEMBER 6, 2024
Chaser has launched a new integration with Sage 50, an established accounting software designed for small and medium-sized enterprises (SMEs). This new integration aims to help businesses using Sage 50 streamline their accounts receivable processes, reduce overdue invoices, and protect cash flow.
blue dot counseling
NOVEMBER 7, 2024
There's very little point in doing any bookkeeping if you can't produce financial information that helps you measure and improve financial performance. The post We did nine months’ bookkeeping in three weeks for a £1m+ business appeared first on Blue Dot Consulting.
Waystar
NOVEMBER 6, 2024
This fall, hundreds of healthcare finance leaders and Waystar clients met for the annual Waystar True North Conference. Over three days, attendees discussed important issues such as leveraging AI, safeguarding data, and managing rising transaction volume. They uncovered key software advancements that are simplifying healthcare payments through dozens of sessions, workshops, and events.
Plooto
NOVEMBER 5, 2024
Most small business owners don’t become entrepreneurs because they love managing finances. That’s why accountants and bookkeepers are so crucial to successfully running a business. Their relationship is an essential part of how SMBs achieve efficiency, scale, and control over their financial operations.
Lendio
NOVEMBER 4, 2024
November 4, 2024, Lehi, UT – Lendio’s Q3 2024 SMB Lending Index highlights a cautiously optimistic lending market, showing a modest rise in small business access to capital. Despite easing credit criteria, sentiment remains divided, with lenders expressing optimism about future growth, while small business owners report ongoing concerns about financing accessibility.
Gaviti
NOVEMBER 4, 2024
Whether due to error, financial trouble or the non-delivery of goods or services, disputes are unavoidable in the world of accounts receivable. Traditionally, they are managed through a lengthy, tedious manual process that lacks visibility into the process in real time. As companies scaled and these disputes increased, however, businesses started to turn to dispute automation for a more efficient dispute management process for collections and dispute management.
blue dot counseling
NOVEMBER 4, 2024
Can AI generate insights into your business that people can't? The post Do small businesses have enough data to make AI insights useful? appeared first on Blue Dot Consulting.
Credit Tools
NOVEMBER 4, 2024
A discipline that remains little known to the general public, credit management is nevertheless at the intersection of a company's commercial and financial issues. So what is it?
Emagia
NOVEMBER 5, 2024
What is the Days of Sales Outstanding Ratio? The Days of Sales Outstanding (DSO) ratio is a key metric that measures the average number of days it takes for a company to collect payment after a sale. DSO provides insight into a company’s liquidity and cash flow health. Why the DSO Ratio Matters A lower DSO ratio indicates efficient credit and collections management, allowing businesses to maintain stable cash flow.
CreditStrong for Business
NOVEMBER 7, 2024
Revolving utilization is a big part of your credit score: 30% to be exact. There are certain accounts on your credit report that contribute to it while others don’t. There are also ways you can reduce your utilization rate and improve your credit score. In this article, we’ll cover what revolving utilization is, how to improve it, and how it impacts your credit score.
Due
NOVEMBER 5, 2024
The United States government faces a dire financial situation that has raised concerns about its long-term economic stability. To better understand the gravity of this issue, it’s helpful to break down the complex numbers into a relatable scenario involving two individuals. This analogy provides a clear picture of the government’s debt crisis and its potential implications for the nation’s future.
Cpcmcredit Blog
NOVEMBER 5, 2024
Many of you will be well aware of the recent court ruling regarding disclosure of commissions to brokers in the area of car finance. This has now reverberated around the asset finance market with perhaps a little overreaction from some lenders and a telling silence from others I know of at least one lender who is refusing to take on new business until this issue is resolved in their own minds whilst others have set in motion new procedures where by the brokers commission is advised to their clie
Emagia
NOVEMBER 8, 2024
The Road to AI-Driven Efficiency Generative AI can significantly reduce time spent on routine tasks, allowing employees to focus on higher-level work. By automating processes like data entry and initial email drafts, AI enables employees to become reviewers and decision-makers rather than simply task executors. Identifying key accounts Flagging accounts for follow-up Drafting customer emails Generative AI has evolved significantly since Mark Shank’s early days at KPMG, where it was used for pred
CreditStrong for Business
NOVEMBER 8, 2024
If you need an influx of capital in your business, there are several different types of financing you can rely on. Two of the more traditional options include business lines of credit and business term loans. Deciding between a business line of credit and a loan generally comes down to what you need for your business, as well as the terms you want for paying back the debt.
Due
NOVEMBER 7, 2024
In the wake of Donald Trump’s resounding victory, financial markets experienced a seismic shift, with several key sectors and companies witnessing dramatic price movements. The unexpected outcome triggered a series of knee-jerk reactions across various asset classes, leaving investors and analysts scrambling to interpret the long-term implications of these sudden market changes.
RMAi Blog
NOVEMBER 5, 2024
Are you passionate about shaping the future of the receivables management industry? RMAI is now accepting candidates for the 2025 board of directors. Serving on the board offers a unique opportunity to drive strategic initiatives, represent our members’ interests, and influence the direction of your association. RMAI is seeking qualified candidates who wish to run for a two-year term on the Board of Directors.
Emagia
NOVEMBER 7, 2024
Calculation of Days Sales Outstanding The calculation of Days Sales Outstanding (DSO) is crucial for any business looking to manage its cash flow effectively. DSO represents the average number of days that a company takes to collect payment after a sale has been made. Understanding this metric can help businesses assess their collection efficiency and improve cash flow management.
CreditStrong for Business
NOVEMBER 7, 2024
Credit cards and other revolving credit accounts function in a cyclical way. The consumer initiates the borrowing cycle by making a purchase and then repaying the balance over one or more months. Car loans and other installment credit accounts involve borrowing a lump sum and repaying the balance over a predefined series of months. What is Revolving Credit?
Due
NOVEMBER 6, 2024
The US Department of Labor has recovered $877K in wages and benefits for employees of New York City federal contractors. Discover Electric Inc., EMG Industrial Chimney Inc., and QNCC Electrical Contracting Corp. were embroiled in an investigation into employees who were underpaid for their work on two New York construction projects. The U.S. Department of Housing and Urban Development funded these projects.
Credit Management Group UK
NOVEMBER 6, 2024
After establishing my argument as to why telephone conversation can be much more effective than emailing; I have compiled a list of tips for a successful phone conversation that can encourage a positive outcome for your business, no matter what industry. Prepare beforehand for a Successful Phone Conversation Having all the information you have on a particular matter greatly limits the risk that you won’t know the answer questions asked of you; read over any notes and emails you have regarding th
Emagia
NOVEMBER 6, 2024
DSO Days Calculation The DSO days calculation is a vital metric for businesses to understand their cash flow management. In this guide, we will explore how to accurately compute Days Sales Outstanding (DSO), a critical component for assessing a company’s efficiency in collecting receivables. Understanding DSO DSO, or Days Sales Outstanding, represents the average number of days it takes for a company to collect payment after a sale has been made.
CreditStrong for Business
NOVEMBER 8, 2024
Credit cards are powerful tools, and almost 70% of small businesses use them each month. 1 Understandably so, as they can help facilitate sales and purchases, separate personal and business funds, and build your business credit scores. However, you don’t get all those benefits for free. You’ll have fees to pay whether you’re paying with credit cards or accepting them as payment from customers.
TMC Financing
NOVEMBER 5, 2024
Bridging the Gap: How the SBA 504 Loan Program Helped Edmond Group LLC Secure Their Business’s Future John and Susana Edmond, co-founders of Edmond Group LLC, a strategic communications and. The post Bridging the Gap: How the SBA 504 Loan Program Helped Edmond Group LLC Secure Their Business’s Future appeared first on TMC Financing.
Know-It Global
NOVEMBER 5, 2024
Welcome to the month of November! The dark nights are upon us and now that Halloween is over, it seems acceptable to mention Christmas? In October we have been busy developing our internal systems to make communication with our customers even better, as well as improvements to the Know-it platform! Halloween Celebrations with the Team On Halloween we celebrated with a team party!
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