Abrigo
JULY 10, 2019
The term kleptocracy has been used in the financial crimes profession for years, but many AML professionals do not understand its meaning and therefore are not adequately monitoring for it within their BSA/AML program. So, what is a kleptocrat? A kleptocrat is a term associated with political corruption and is defined as a ruler who uses their power to steal their country’s resources.
Fundera
JULY 20, 2019
Over the last 20 years I have counseled thousands of women business owners. They have faced immense challenges on the climb up the steep mountain of success and have handled each situation with grace, perseverance, and a focus on constantly pivoting their position so they can climb better. . While there are a multitude of barriers women face in the workplace, here are the top five challenges that most women struggle with at some point in their careers.
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Eastern Credit Management Services
JULY 21, 2019
In 2019 there are five generations in the credit marketplace and they all have unique tendencies when it comes to obtaining and repaying credit. In this two-part blog we will explore these five generations: Silent Generation, Baby Boomers, Generation X, Millennials, and Generation Z, and how to deal with each one when recovering overdue accounts. The Silent Generation and Baby Boomers will be the focus of Part I.
GoCardless
JULY 18, 2019
Learn everything you need to know about Strong Customer Authentication (SCA), and how you can prepare your business in our on-demand webinar.
Abrigo
JULY 17, 2019
One of the most important business relationships you will have is the one you maintain between your institution and your examination staff. This is not a relationship that only needs attention during the exam process. Instead, this relationship should be nurtured by both sides on an ongoing basis. In order to establish and maintain a strong, communicative relationship with your examiners, these five tips should be followed: Utilizing examiners as subject matter experts : Many compliance profess
Fundera
JULY 30, 2019
You’d have to look far and wide to find a small business owner who didn’t wish there were a few extra hours in each day. Whether your business is established or you’re just about to start a small business , sometimes it can seem like the to-do list is only ever getting longer, even when you’re completing tasks daily. But what might make the difference is taking some steps to kick your productivity into high gear with some of these productivity tips.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Fundera
JULY 21, 2019
You may have heard that ecommerce is on a path to outstrip traditional brick-and-mortar stores. But did you know that mobile commerce, or m-commerce, is growing at an even faster rate? Smartphones’ share of U.S. online retail sales surpassed 30% in the third quarter of 2018—and that’s without counting in-app sales. If you think about how much time you spend on your own smartphone, it’s no surprise that ecommerce is rapidly going mobile.
Fundera
JULY 4, 2019
15 Best Online Business Courses. Startup & Small Business Law. How to Start Your Own Business. Understand SWOT Analysis. The Lean Startup. Finance and Accounting for Small Business & Entrepreneurs. Financing Options for Small Businesses. Fundamentals of Accounting. Savings Plans for Small Businesses. Content Marketing Certification. Social Media Superhero.
Fundera
JULY 1, 2019
A business budget template is one of the most important tools you can use to run your small business. Unfortunately, many small business owners skip this vital business management step. There are a lot of misconceptions about budgeting. It seems difficult and time-consuming. But with a good business budget template, the process can be much less daunting.
Fundera
JULY 21, 2019
How to Start a Coffee Shop in 5 Steps. Step 1: Come up with a business plan for your coffee shop, including a structure, location, and a name. Step 2: Register your business and get the proper licenses and permits. Step 3: Find suppliers—first a high-quality coffee supplier. Step 4: Create a warm, inviting environment. Step 5: Adopt a good inventory system.
Fundera
JULY 5, 2019
If you have an ownership stake in a company, it’s not uncommon to experience growing pains. As your company expands and your goals shift, you might even decide that you want a bigger ownership percentage. On the flip side, you might want to sell your shares or bring in a new partner to lower your ownership stake in a company. Ownership percentages are obviously important because they determine what profits you’re entitled to from the business.
Fundera
JULY 7, 2019
One of the greatest joys of being an artist is sharing your work with the world. Jewelry designers in particular understand that, as jewelry can become especially sentimental to their customers. Starting a jewelry business is the best way to get your work out there and forge new connections with grateful clients. . It’s likely that you think of yourself as a jewelry designer first, and an entrepreneur second—if you think of yourself as an entrepreneur at all!
Fundera
JULY 7, 2019
So, you want to be an entrepreneur and you’re looking for a small business for sale. Maybe you love the idea of being your own boss and growing a successful business, but one roadblock is keeping you from moving forward: You’re having trouble coming up with an actual business idea to execute on. Some entrepreneurs are lucky enough to stumble across a million-dollar idea and start a business.
Fundera
JULY 15, 2019
Having a side business on top of a day job isn’t necessarily easy, but it is becoming pretty mainstream. Whether you dream of starting a business one day and hope to grow your side business into a full-time gig or want to supplement your income or pursue a passion in your free time, a side hustle can be a great solution. In fact, as of 2017 over 44 million Americans had a side hustle ; and thanks to an increasingly mobile or freelance-based workforce, the side hustle trend isn’t likely to slow d
Fundera
JULY 3, 2019
How to Create a Customer Referral Program. Set Your Goals. Identify Your Target Audience. Determine Incentives. Outline Your Customer Referral Program. Create Customer Referral Program Materials. Track Your Results. Developing your small business marketing strategy is an important step in growing your brand and, ultimately, your sales. And an effective part of this overall strategy is word-of-mouth marketing.
Fundera
JULY 3, 2019
Reading financial statements typically isn’t on the top of a small business owner’s to-do list. This is largely because many small business owners are confused by these statements. Instead of clarifying their business’s financial position, financial statements often serve to confuse business owners. As a result, you might find yourself dependent on your business accountant—who most business owners speak with only once or twice a year—to explain your business’s finances.
Abrigo
JULY 30, 2019
Why is writing effective credit memos so vexing? Given that a credit memorandum is one of the most critical documents in the life of the loan, it would seem like a straightforward process. However, lenders, credit analysts, and other banking staff frequently seek tips for writing better credit memos. One reason they do is that writing an effective credit memo is important.
Abrigo
JULY 17, 2019
Small public banks, privately held banks, and credit unions will get extra time to get CECL right, based on a move by the Financial Accounting Standards Board Wednesday. The FASB took the first step toward providing at least an extra two years for smaller public companies and an extra year for all private financial institutions to implement the current expected credit loss standard, with members saying they expect the longer timeframe to promote a higher quality, smoother implementation.
Abrigo
JULY 15, 2019
After more than a decade of steady economic expansion, many experts are forecasting an impending economic downturn. Nearly half of CFOs in the U.S. expect a recession by the end of 2019 – and 82% believe a recession will have begun by the end of 2020, according to the Duke University/CFO Global Business Outlook survey. Would your institution be ready for this?
Abrigo
JULY 12, 2019
By Urum Urumoglu Senior Consultant A financial institution’s internal pricing decisions and strategies are crucial to the safety and the soundness of the organization and to its interest rate risk management process in particular. While it is unclear whether we will remain in a rising wholesale interest rate environment, given some of the Federal Reserve’s recent discussions on the fed funds rates, we all know and expect that in many areas of the U.S., retail rates will probably go higher since
Abrigo
JULY 9, 2019
A subcommittee of the AICPA task force focused on the current expected credit loss standard (CECL) has provided its first look at how auditors will approach the changes with clients, noting that CECL represents a “fresh start” from the incurred loss model. “CECL model estimates will be evaluated against ASC 326, not anchored to incurred loss model estimates,” according to published takeaways from an AICPA CECL Task Force Auditing Subgroup meeting.
Abrigo
JULY 3, 2019
The lending landscape is growing increasingly competitive, and the loan process can be frustrating and time-consuming. A loan origination system (LOS) can provide clarity to the intertwined data web that the loan lifecycle weaves , but not every LOS is built the same. Here are four critical criteria to consider when assessing a modern-day LOS for your financial institution: Implementation and integration – You don’t want to spend time and/or money on software you don’t use.
Abrigo
JULY 2, 2019
The following article is based on the whitepaper, The Ag Lender’s Survival Guide by Rob Newberry, SVP of Credit Risk Services at Abrigo. To download the whitepaper, click here. Today, most of farmers’ cash reserves that were built up in 2012-2014 are at, or nearing, depletion. If that trend continues, operating costs will begin outpacing revenue for many farms, and demand for ag financing will grow for community financial institutions.
Fundera
JULY 30, 2019
You’d have to look far and wide to find a small business owner who didn’t wish there were a few extra hours in each day. Whether your business is established or you’re just about to start a small business , sometimes it can seem like the to-do list is only ever getting longer, even when you’re completing tasks daily. But what might make the difference is taking some steps to kick your productivity into high gear with some of these productivity tips.
Fundera
JULY 10, 2019
New small businesses pop up every day across the country and a huge portion of those new businesses are started by women. Women are starting businesses doing everything from accounting and bookkeeping to dog walking and freelance graphic design. . The options can seem endless and deciding which small business idea you find most interesting or want to start for yourself can be tricky.
Fundera
JULY 12, 2019
How to Start a T-Shirt Business. Identify Your Market: Consider who you are trying to sell to, as this will inform the type, quality, and style of the T-shirts you design. Design Your T-Shirt: Your T-shirt design should factor in the quality, style, design, color, fit, weight, and softness of your product. Make Your Business Legal: Determine your business entity type, and file for a DBA (if needed).
Eastern Credit Management Services
JULY 15, 2019
More often than not you may wrack your brain when you are trying to make contact with a customer who has a past due account. If you can easily reach them wonderful, but if they keep breaking their promises to pay they can be as frustrating as a customer you cannot reach. Fret no longer, as this entry in our blog is going to explore how to deal with customers who keep breaking promises to pay on their past due invoice and how a collection agency can help.
Fundera
JULY 18, 2019
As a child care professional, you know that there is far more to setting up a daycare than playing with kids all day. These types of businesses require big capital for big purchases, which often require loans for child care businesses or daycare equipment financing. No matter whether your needs for daycare loans are big, such as renovating a building and transforming your center—or smaller, like making sure your assistants get paid, there’s a capital solution that’s right for you.
Fundera
JULY 16, 2019
Accounts Receivable Turnover Ratio. The accounts receivable turnover ratio is used to measure how effective a company is at extending credits and collecting debts. You can calculate your business’s accounts receivable turnover ratio by dividing your net credit sales by your average accounts receivable. This accounts receivable turnover formula, in other words, looks like: Net Credit Sales / Average Accounts Receivable.
Fundera
JULY 24, 2019
What Is Key Person Insurance? Key person insurance, also known as key man insurance, is life and disability insurance that a company can purchase on an owner or critical employee of the business. If the insured individual passes away or becomes disabled, insurance proceeds can be used to cover lost profits or to hire a replacement. As a small business owner, you know that your team is your most important asset.
Fundera
JULY 12, 2019
When starting a small business, there are several legal requirements that you’ll need to meet. You can depend on legal services to steer you through the majority of this process, but you’ll need to be actively involved with some decisions, such as which type of business entity is best for your company. . There are 2.2 million small businesses in Ohio, and according to the Small Business Administration, Ohio businesses are growing at a faster rate than the average American business.
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