December, 2023

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Red Flags, Slow Payments, and Collection Secrets

Your Virtual Credit Manager

Happy Holidays! During this season, many people take pause to review the ups and downs of the year gone by. Publishers are no different, but we like to focus on what piqued the interest of our readers…and then give them more of the same. In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances.

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The Critical Role of Portfolio Monitoring in Modern Banking

Biz2X

Reading Time: 4 minutes For small and community banks, a comprehensive portfolio monitoring tool is not just a convenience; it’s a necessity, especially as it pertains to business lending where risk factors are multifaceted and dynamic. The Risks of Inadequate Monitoring Credit Risk Amplification : Without real-time monitoring, banks may miss early warning signs of credit deterioration.

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20 Pieces Of Career Advice From Financial Professionals And Leaders

ForwardAI

Originally published on Forbes. Navigating the financial industry’s complexities and succeeding as a professional demands more than just expertise in numbers; it requires a holistic approach to career development. Key to this journey is the advice shared by leading financial experts, whose collective wisdom forms a treasure trove of career guidance.

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Holiday Collection Policy Tips from the RevCycle Heroes

RevCycle

The holiday season is a time for giving and receiving. It’s also a time when many businesses experience an increase in delinquent payments. This can put a strain on your staff and increase your operating expenses. Reducing delinquent payments during the holiday season is crucial for businesses, as it can significantly impact cash flow and profitability.

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How to Create Generational Wealth With AI

Due

Artificial Intelligence (AI) is changing the world, and it’s no secret that those who master and harness this technology can create immense wealth for themselves and their clients. The rapid evolution of AI has brought about a new era where countless business opportunities can be pursued. This article will discuss why AI is the key to becoming wealthy in five years and how you can take advantage of this technological revolution.

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Know-it November Round Up

Know-It Global

Read all about November with us and the exciting things that have been going on. Our New Mobile App We are excited to announce we have released a brand new mobile app! You can now receive live credit management updates via the app so you are always kept in the know. Get notified about changes to your customer’s credit report, alerts to potential customer risks including liquidations or insolvencies and get live updates on your commercial debt recovery cases on the go!

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How Automation is Changing the Game for Today’s Accountants

Plooto

In 2024, accountants will no longer be deemed company number crunchers as they gain access to technology that allows them to play an increasingly strategic role in business decisions. It’s a role transformation that’s already begun, sparked by the accelerated adoption of digital accounting, fueled by cloud computing, automation, and AI.

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The top lending & credit risk blogs of the year

Abrigo

The most-read lending & credit blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. You might also like this resource, Abrigo's "2022 Loan Review Benchmark Survey Results." download NOW Takeaway 1 The most popular blog posts on the Abrigo site reflect many of the priorities community banks and credit unions had in 2023.

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Harnessing UX Design to Drive B2B Buyer Loyalty 

TreviPay

Cultivating a lasting customer experience in B2B hinges on delivering exceptional user experiences (UX) that support a clean, streamlined payments experience. Knowing this, TreviPay’s UX teams use the Stanford Design Method to understand end-user pain points and empathize with them. As one of TreviPay’s Core Values , empathy takes a prominent role in the UX design process.

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Top 10 Tips for Living with Very Little Money

Due

Being on a very tight budget can make life challenging. But it can also provide an opportunity to be creative, resourceful, and resilient. Even so, in today’s world, where living costs seem to be rising constantly, you need to find more ways than ever to make your dollar stretch. Whatever your situation, whether you are a student, a young professional, or someone on a fixed income, there are many ways to maximize your budget.

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Know-it 2023 Round Up- It’s Been a Blast ?

Know-It Global

What a year it’s been. A record-breaking year for signups, over £25 million in late payments collected in platform, key hires made, awesome product updates and even a trip down under all squeezed into 1 year. Let’s take a look back at all the things we’ve been up to in 2023! January Starting The Year On A High With The Addition Of Chris Anderson Chris joined Know-it in the new year as Group Commercial Director, to drive the UK and International growth plans for the business.

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Put Your Cash Flow on Autopilot with Recurring Revenue

Your Virtual Credit Manager

Recurring Revenue is derived from providing a continuous, ongoing service, such as a subscription, license, rent, or a maintenance contract. It is governed by a contract for a fixed period of time (often one year). If the contract is not cancelled, it can provide steady revenue and cash flow every month, year after year. Recurring revenue is sought by businesses and prized by Wall Street in its valuation of companies.

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Budgeting and Planning for 2024: A Guide for Businesses

Accounting Department

With a new year just around the corner, it's time for organizations to start thinking about their budgets for 2024 - if they haven't already. Effective budgeting and planning are critical to the success of any business. It helps in making smart financial decisions, optimizing resource allocation, and achieving business objectives.

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CRE risk management: Navigating hazards and opportunities

Abrigo

Stress testing, monitoring are essential Financial institutions should challenge assumptions about CRE risk while also watching for red flags as they manage the CRE portfolio. You might also like this webinar on credit department housekeeping. WATCH Takeaway 1 Banks and credit unions are critical sources of capital for businesses in their communities, so how institutions assess CRE credits matters.

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Plooto bolsters executive team with seasoned fintech leaders from PayPal and Xero

Plooto

The strategic Risk and Partnerships hires will build on Plooto's 2023 momentum and supercharge market expansion in 2024 to further support growing businesses

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Stock Market Surge Concerns Federal Reserve

Due

The stock market has experienced a remarkable surge, with the S&P 500 increasing by 10% since the last Federal Reserve meeting just a month ago. This rapid growth has caused concern for the Federal Reserve, as they worry about the potential impact on inflation. Despite speculation of potential interest rate cuts by the end of 2024, examining how the Federal Reserve might respond to this recent market euphoria is crucial.

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5 Tips to Reduce Your Cash Conversion Cycle

Gaviti

When you shorten your cash flow conversion time, you improve liquidity. You can then use this cash to pay bills on time, increase staffing, invest in research and development, or expand into new markets. These are just some of the uses that make strong cash flow an important metric for determining the health and potential longevity of businesses. The trick is knowing how to reduce cash conversion cycle times while still preserving good relationships with your customers.

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Divide and Conquer Your Past Due AR

Your Virtual Credit Manager

“One size does not fit all.” To often we try to put round pegs in square holes. This misguided search for a singular understanding applies to many things, including collecting Accounts Receivable (AR). Optimal Collection results are achieved by utilizing different collection techniques with different types of customers. Treating them all the same is a sure path to mediocre results.

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Vital Licenses & Permits For Setting Up A Home-Based Business

Lendio

Starting a home-based business takes a lot, and one has to invest a great deal of effort and time to see their business bloom. Conducting proper research before diving in is also essential, but many people skip this vital step. As a result, they face consequences, such as a penalty and even getting shut down. One integral part of your research before starting your business should be finding out the licenses and permits that you need according to your state to make your business legal.

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A step-by-step guide to financial institution strategic planning

Abrigo

Practical tips for conducting effective strategic planning meetings Financial institutions' strategic plans should be cohesive, focused, and have buy-in from stakeholders. These steps can help get you there. You might also like this on-demand webinar, "Strategic plan: How to develop and monitor at your financial institution." WATCH NOW Takeaway 1 Strategic plans should have a baseline, a clear destination, and a plan to get from A to B.

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Accounts receivable automation benefits: 6 reasons to automate

Chaser

Do you struggle to find the time to chase customers for your payment? Are you slogging away entering data onto slow and outdated systems? Maybe it's time to step up your systems and go digital. A manual accounts receivable system is tedious and outdated. It also leaves a lot of room for costly human error. The effects on your balance sheet can be significant including slower cash flow.

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Millionaire Affirmations: Develop a Wealthy Mindset

Due

It takes hard work, smart decisions, and a bit of luck to achieve wealth and financial freedom. Although often neglected, your mindset is one of the most powerful tools you have at your disposal. After all, money beliefs, expectations, and thoughts play an important role in shaping your financial reality. It’s here that millionaire affirmations come into play.

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Types of Reports in QuickBooks: A Comprehensive Guide

Accounting Department

Reports play a crucial role in managing a business effectively, and QuickBooks provides a wide range of reports that can help small and medium-sized businesses track their financial performance and make informed decisions. These reports provide valuable insights into various aspects of the business, such as income, expenses, sales, inventory, and payroll.

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How can technology be used to transform debt collection processes?

Collenda

How can technology be used to transform debt collection processes? For many businesses, debt collection can be an arduous, time-intensive, and at times, frustrating task. Having an effective handle on your sales ledger control account, however, is vital for ensuring your business maintains a healthy cash flow position. Getting paid what you are owed when you are owed allows you to better manage your company’s finances and plan for the future.

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Holiday Marketing Campaigns: Strategies for Success in 2023

Lendio

The holiday season is a golden opportunity for businesses to boost their sales and strengthen customer relationships. A well-planned and executed holiday marketing campaign can make a significant impact in getting your brand noticed and maximizing your revenue potential. This guide will provide insights into effective holiday marketing strategies and ideas to help your business shine brighter this season.

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Ten qualities of a successful BSA officer

Abrigo

Good BSA Officer can be hard to find. Here are a few qualities to look for when you are evaluating candidates for your next BSA Officer. You might also like this resource: "Building a strong future: Succession planning strategies for you AML program." Watch webinar Takeaway 1 BSA Officers are the frontline defenders against financial crimes in banking institutions, and hiring the proper skill set for each BSA position is critical.

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How to track invoices and payments | Chaser

Chaser

Implementing the kind of credit control that keeps your debtor days to a minimum and gets you paid faster is all about organization. Keeping track of your invoices and payments means you know when to chase your customers for payment, prevents you from chasing invoices that have already been paid, and gives you greater control over your accounts receivables.

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Diversify Your Portfolio Through Municipal Bonds

Due

As a wealthy investor, it is natural to be interested in investment options that promise handsome returns and are tax-efficient. We live in uncertain economic times, with stretched stock valuations and rising concerns over taxes and inflation. In such a scenario, the ideal strategy would involve diversifying and protecting your portfolio in the most tax-efficient manner possible.

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Looking Back at a Year of ADC Sponsored Events!

Accounting Department

Each year, our team gears up to attend events all over the United States that AccountingDepartment.com proudly sponsors. As a proud supporter of Vistage International, Entrepreneurs’ Org, EOS Worldwide, CEO Coaching International, Genius Network, Small Giants Summit, HubZone, Women Presidents’ Organization, and B2B CFO®, our team gets to experience many great events, meet many amazing people, and see our clients from all over.

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Managing Business Cash Flow During the Christmas Period

Credit Management Group UK

Over the Christmas period many businesses experience a slow-down in their work, with some closing down for an entire week, inevitably cash flow will be impacted to some extent. As a result of this many businesses will return fully to work at the beginning of January in a panic to kick-start their cash flow again for the New Year. The stress of this is entirely unnecessary if a business prepares in advance for this slow period and takes all necessary steps in preparing their cash flow.

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Fast Business Loans: Options For Quick Cash

Lendio

When your business needs a quick cash infusion to deal with unexpected expenses, seize growth opportunities, or meet urgent operational costs, fast business loans come to the rescue. These loans are designed for swift approval and funding—often within 24 hours—making them an ideal choice for situations where traditional loan processes may be too slow.