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In order to manage the risk of extending trade credit, vendors need to collect information on their business customers. What they do with that information after making a credit decision is not a trivial matter. When those records were paper-based, the primary concern was access control. Now that digitalized records are the norm, customer privacy can be more easily breached by both internal and external bad actors.
The Court of Appeals of Wisconsin, District I, recently held that the National Bank Act does not preempt the Wisconsin Consumer Acts requirement to send a notice of right to cure to a borrower in default prior to filing a collection action. Bank of America., N.A. v. Riffard , No. 2023AP125, 2025 Wisc. App. LEXIS 157 (Feb. 18, 2025). BACKGROUND A Wisconsin borrower defaulted on two credit card accounts issued by a national bank.
This article covers these key topics: The importance of well-crafted credit memos Effective credit memos are clear Concise credit memos speed decisions Focus on providing relevant repayment and credit risk info Best practices for writing a credit memo Done right, a credit memo supports sound credit decisions and tells a clear, fact-based story that stands up to scrutiny months or years later.
Digital transformation and company expansion are great, but if you dont take the proper security precautions, you can find yourself a victim of fraud. Accounts receivable fraud is becoming an increasingly pressing threat for businesses of all sizes, especially companies that grow or make a lot of changes. This article examines the rising threat of fraudulent activities targeting accounts receivable, the necessity of a robust fraud prevention strategy, common fraud schemes that businesses must be
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.
UATP Announces Launch of Latest Issuer, TreviPay New Solution to Offer Customizable, Global Support Tailored to Local Market Needs Washington, DC, 18 March 2025 UATP , the global network that enables organizations to simplify payment processes and expand their payment capabilities, announced today the launch of its newest Issuer, TreviPay , designed to provide fully outsourced issuing capabilities for intermediaries and airlines globally.
Eva Roberts, a 65-year-old Riverhead resident, is supposed to be entering her golden years. But the reality is different for her. Born in 1959, she wont qualify for full Social Security benefits until May 2026, two months before she turns 67. While uncertain whether she will apply forbenefits then, Roberts knows she will need to continue transporting students as a Riverhead Central School District driver to support herself.
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Eva Roberts, a 65-year-old Riverhead resident, is supposed to be entering her golden years. But the reality is different for her. Born in 1959, she wont qualify for full Social Security benefits until May 2026, two months before she turns 67. While uncertain whether she will apply forbenefits then, Roberts knows she will need to continue transporting students as a Riverhead Central School District driver to support herself.
We often talk about the importance of having an efficient and effective collection process and how, from a process improvement perspective, collections automation provides substantial benefits. We don’t, however, want to minimize the importance of the credit side of the equation. As discussed in a recent post , gathering customer information doesn’t stop with the credit application.
Since June of 2019, Andrew Roskam has owned and operated his own regional debt buying company and related collection agency, Acctcorp International, Inc./Accounts Receivable, Inc. The Vancouver Business Journal recently recognized him as part of the 2024 Class of Accomplished and Under 40. Accomplished & Under 40 program recognizes our young leaders who inspire while providing an example of what it means to not only care about our community, but to actually go about helping the community be
Document and be able to defend qualitative factors under CECL Financial institutions need to be able to explain and show how they developed Q factors for their allowance for credit losses. Modifications to the CECL calculation should be reasonable, supportable, and audit-ready. Key topics covered in this post: What are qualitative factors under CECL?
Manual processes at small and mid-sized businesses (SMBs) are costing $600 billion globally. Administrative financial tasks like accounting, payroll, invoice processing and more take up a significant portion of time for already-stretched SMBs (PYMNTS). As SMBs navigate an increasingly complex financial landscape in 2025, efficiency isn't just desirableit's essential.
March has arrived! As we approach Spring, we have been working on key updates for our users and helping businesses to adapt to the new UK Interest Rate. Read all about what weve been up to below! Sign Into Know-it on Mobile! In February we made an exciting announcement to make your Know-it experience even better! Know-it is now available on your phone browser meaning you can manage your credit control on-the-go.
Uncertainty will always exist but if you are prepared, you will not be fearful. You got this. Medical emergencies and other financial priorities can loom large on your horizon, and lowering your financial defense isnt the wisest of choices. Having an emergency fund serves more than a financial cushion. Instead, this cushion is a lifeline to uphold financial resilience when the unexpected happens.
The sudden return of student loan payments may aversely affect your credit score in a number of ways. If youve been relying on credit cards or loans to make ends meet, you may see your credit utilization rate rise, which will bring your score down. And if youre dealing with missed payments or higher-than-usual debt, your credit score may take a major hit.
In today’s competitive landscape, B2B customer retention has become a critical focus for businesses aiming for sustainable growth. Companies often overlook the roles that finance teams play in the customer relationship equation. When customers have a good relationship with the people who serve them of which finance is one of them, it fosters customer loyalty and minimizes churn.
Generative AI and the new loan review process The evolution of banking and risk management over the past few decades has been nothing short of remarkable. From paper-ledger loan reviews to digital spreadsheets and now to artificial intelligence, each leap has brought efficiencies that reshape how financial institutions assess credit risk. Generative AI in credit risk management is the latest step forward , offering a transformative approach to loan review.
Late payment is a problem for too many businesses. But if you’re a QuickBooks user there are tools in the product that can help you get paid quicker. But before we look at QB, here are two things you could do immediately to speed up payments in the future: Why credit control matters for your […] The post How to use QuickBooks to get paid quicker appeared first on Blue Dot Consulting.
In todays fast-paced business environment, efficient inventory management is critical to success. Many businesses struggle with outdated systems, inaccurate stock levels, and disconnected financial processes.
Apples streaming service is reportedly losing about $1 billion a year due to intense competition. Additionally, customers are becoming increasingly more picky when it comes to streaming services, contributing more to this huge loss. Apple losing $1 Billion on Streaming Services In previous years Apple would spend about $5 billion increasing the amount of content it would produce.
How to Rebuild Your Credit After Student Loan Forgiveness Ends As student loan forgiveness programs come to an end, many borrowers face an additional serious concern: the potential drop in their credit scores. For many individuals, student loans have been a major factor in their credit history, and without the relief of forgiveness, they could see their credit scores suffer.
Introduction to Automated Invoice Processing Software Automated Invoice Processing Software refers to technology solutions designed to handle the entire lifecycle of vendor invoices without manual intervention. These solutions utilize advanced technologies such as Optical Character Recognition (OCR), Artificial Intelligence (AI), and Machine Learning (ML) to capture, validate, and process invoice data efficiently.
This article covers these key topics: Updates to CRA compliance requirements CRA compliance by bank size: W hats required ? How data analytics can simplify CRA compliance Complying with enhanced CRA data requirements Most banks recognize that their enterprises can only thrive if their customers do , too. Partnering with local organizations to promote the health of their economic communities is often a top priority for banks.
Reading Time: 4 minutes Challenges in the business landscape and the current economic outlook are fueling demand for small business lending. Banks and financial institutions are in a unique position to meet that demand but dont always have the infrastructure to meet a borrowers needs. Because of that, banks are missing out on opportunities, while lenders utilizing financial technology are providing a solution to business owners problems.
In the constantly changing world of business, a single approach seldom suits everyone. This is especially applicable to financial management. Whether you're an emerging startup or a well-established company, maintaining a strong understanding of your finances is essential.
It is not uncommon for the financial world to feel turbulent at times. Youve probably read headlines about bank seizures and bailouts, such as the FDICs takeover of banks and Credit Suisses multi-billion dollar rescue. Understandably, this would raise concerns about the safety of our investments. You might wonder what these events mean if you have your money in a bank or invested through a brokerage firm.
The end of student loan forgiveness programs is leaving many borrowers in a difficult situation. As payments resume, some may find themselves facing a drop in their credit score due to missed payments, increased debt, or higher credit utilization. In this article, well discuss the impact of the end of student loan forgiveness on your credit score and show you how you can quickly lower your credit utilization rate, improve your credit score, and put yourself on a path toward better credit opportu
The Accounts Receivable (AR) Process Cycle is a fundamental component of a company’s financial operations, encompassing the series of actions taken to manage and collect payments owed by customers for goods or services provided on credit. A well-structured AR process ensures timely cash inflows, maintains healthy cash flow, and fosters strong customer relationships.
This article covers these key topics: Genuine oversight of the CECL model Q factor support Attention to disclosures and stress testing Preparing CECL models for a merger What CECL topics are auditors and examiners focusing on? Institutions must show robust governance,ongoing monitoring, and meaningful analysis of both quantitative and qualitative factors (Q factors).
When it comes to managing a companys finances, businesses often rely on a combination of bookkeepers, controllers, and CFOs to maintain financial health and make strategic decisions.
There are about 359 million businesses worldwide, with an average of 10 million new businesses annually. Let that sink in. Competition is rife in every industry, making standing out much harder. This reality burdens every business with the responsibility to find unique ways to attract more eyes, engagement, and sales for their products and services.
The concepts of allowance for doubtful accounts and bad debt expenses play a pivotal role in portraying an accurate picture of a company's financial health.
Introduction to SOFR Interest Rate The Secured Overnight Financing Rate (SOFR) has emerged as a pivotal benchmark in the financial landscape, especially after the transition from the London Interbank Offered Rate (LIBOR). Understanding SOFR is crucial for financial professionals, investors, and borrowers alike, as it influences a myriad of financial instruments and agreements.
As small businesses navigate an ever-evolving economic landscape, business owners remain focused on growth, resilience, and strategic planning for the future. To gain insight into their expectations for 2025, TMC. The post 2025 Small Business Outlook appeared first on TMC Financing.
Tired of chasing payments and lengthy spreadsheets? Join our panel of accounting and business leaders as they reveal the easy switches to automate payments and achieve stress-free collections.
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