RMAi Blog

APRIL 25, 2023

BLOOMINGTON, Minn. — Absolute Resolutions Corp., headquartered in Bloomington, MN, announced today that in honor of financial literacy month they have made a financial contribution to BestPrep. Based in Brooklyn Park, MN, BestPrep prepares students with business, career, and financial literacy skills. Officially established in 1976, BestPrep is now a statewide organization that serves 35,000 students annually and mobilizes more than 5,800 volunteers from the business community.

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Your Virtual Credit Manager

APRIL 25, 2023

As you add customers and increase sales, your company’s Accounts Receivable (i.e. money owed) will grow. Inevitably you will need to initiate collection activities; in other words, start requesting past due customers pay what they owe your firm for goods and/or services provided on credit terms. Photo by JESHOOTS.COM on Unsplash When business owners become challenged by the collection of delinquent receivables (AR), here are the solutions they commonly choose: Handle Collections Yourself:

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Credit and Collections Past Due Invoices Collector DSO 130

Due

APRIL 25, 2023

Retirement is a time when many people have the opportunity to pursue their interests and hobbies, and travel is often high on the list of things people want to do. However, the cost of travel can make it infeasible for many people…unless they budget for it. In this article, we’ll explore how to budget for travel in retirement. But first, let’s highlight some of the benefits of making time to see the world.

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Plooto

APRIL 24, 2023

Few activities in business have as much impact in reducing costs, eliminating waste, detecting fraud, and improving the bottom line than spend management. It is the foundation for operational efficiency, cost containment, and visibility throughout the company.

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RMAi Blog

APRIL 25, 2023

ROSEVILLE, Minn. – Frontline Asset Strategies , a tech-enabled, nationally licensed and bonded full-service collection agency, is proud to announce that it has hired Justin Miller as its new Head of Operations. Justin Miller comes to the Frontline team from Vital Solutions. Mr. Miller has worked on various leadership teams across the industry for over 20 years and has directed teams across operations, business analytics, dialer teams, and customer services.

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FundThrough

APRIL 28, 2023

When you’re looking for ways to fund your business, you’ve got to look at every possibility to find the right fit and create your ideal funding mix. Maybe you’ve decided that getting your invoices paid in advance makes sense and you’re researching all the possible ways it can be done. As entrepreneurs ourselves, we understand […] The post Invoice Factoring vs Reverse Factoring: Which is Best for Your Business?

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Know-It Global

APRIL 26, 2023

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. Understanding how much credit risk a business could pose to you is critical if you want to avoid disaster! Failure to manage credit risk can lead to bad debts, cashflow problems, and eventually, business failure.

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Sky Business Credit

APRIL 26, 2023

Factoring may be one of the most underutilized yet effective forms of funding for a growing business. It may also be one of the most misunderstood and overlooked types of funding. Below, Sky Business Credit addresses and explains 11 myths about factoring. 1. Factoring is for companies having financial problems. Factoring is not for companies that are having financial problems.

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Credit and Collections 98

Waystar

APRIL 25, 2023

This is the eighth and final post in a new Waystar blog series: 7 steps to sharpen your healthcare revenue cycle. Don’t want to go blog-by-blog? Download the eBook to learn 7 steps for maximizing your healthcare RCM software. When you’re managing a rev cycle, medical billing metrics matter. Seasoned RCM pros know that a revenue cycle doesn’t end until you report on it, and that means using key performance indicators (KPIs).

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Medical Billing Dashboards Credit and Collections Current Receivables 98

Due

APRIL 27, 2023

As you remain obsessed with your career progression or raising your kids, the precious days of your retirement planning eventually slip by. Amidst high inflation and increased cost of living, how do you plan to allocate funds for your retirement or your kids? How do you start investing for you kids? An informed investor can strategize plans early on to ensure a worry-free retirement.

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Credit Absolute

APRIL 24, 2023

While not all healthcare providers will report unpaid debt to credit bureaus, medical debt that ends up on your credit report could damage your credit score in the long run. That said, there’s a little sigh of relief for consumers where medical debt reporting is concerned. In a process that started in July 2022, the […] The post Is Medical Debt Getting Removed from Credit Reports & How Will It Impact Credit Scores?

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Credit Scoring 98

Chaser

APRIL 24, 2023

While it is true that law firms, especially big corporate firms, can generate significant amounts of money, the popular TV shows and movies depicting the legal industry as awash with money are not entirely accurate. In reality, many law firms operate without significant cash reserves , which can put them at risk if payments are late.

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Law Firms 97

Lendio

APRIL 26, 2023

Did your small business keep employees on your payroll through the pandemic? Congratulations! You may be eligible for a tax credit from the Internal Revenue Service, too. The Employee Retention Credit, or ERTC or ERC, was first launched in the early days of the COVID-19 pandemic as part of the CARES Act relief package. It was intended as an extra incentive for smaller businesses to retain their employees, although it was widely overshadowed by the Payment Protection Program.

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Due

APRIL 25, 2023

Cyber security has become more critical with the exponential growth of online transactions and e-commerce. Hackers across the globe try to invade your privacy in different manners, and one of the most crucial areas they entice is credit card info. If your credit card details are leaked, it won’t be just the finances that will suffer; your identity and privacy may also be breached.

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Credit Card Companies Credit Scoring Credit Reporting Agencies Transactions 109

Gaviti

APRIL 24, 2023

Effective accounts receivable management is one of the most critical aspects of boosting steady cash flow for your business. The AR team must identify problems and seek long-term solutions. Taking this proactive approach can smooth problems over before they spiral out of control. Every business is different. Issues vary based on industry, business size, geographical location, and company culture.

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Credit and Collections Bad Debt 95

The Esker Blog

APRIL 27, 2023

The robots are here. Okay, they’ve actually been here for a while now. But lately it’s hard to avoid the topic of artificial intelligence (AI) and the newest game-changing tools it’s made available to every person and business around the globe with internet access. If you still don’t know what ChatGPT is, think of Google — except it talks back to you and can pass the Bar Exam.

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Credit Management Group UK

APRIL 26, 2023

In terms of the impact on your customers’ inclination to pay you, letters tend to have more gravitas than emails or phone calls alone. They are a much more formal way of communicating with a customer and therefore can potentially encourage them to take a situation more seriously if they have been paying late and ignoring your emails. Also, to comply with the Court’s pre-Actin Protocols, a Final Demand Letter or Letter Before Action must be posted.

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Credit and Collections Credit Management 94

Due

APRIL 27, 2023

American universities continue to rank among the most revered academic institutions across the world. The industry-oriented curriculum and sophisticated academic infrastructures in these institutions generate some of the highest-paid graduates. It’s logical to compare the median salary of graduates in the first place before delving into other particulars.

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Small Businesses 98

Abrigo

APRIL 26, 2023

M&A implications of FASB decisions Some recent, tentative FASB decisions on the accounting treatment of purchased financial assets will impact acquisitive institutions when finalized. You might also like this whitepaper, "Valuation and purchase accounting in a dynamic environment." DOWNLOAD Takeaway 1 The FASB is moving ahead with a plan to eliminate the PCD and non-PCD distinctions for acquired assets.

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CECL 78

Headway Capital

APRIL 27, 2023

Without small businesses, every town would feel more or less the same — the same restaurants, the same coffee shops, The post 7 Reasons to Support Small Businesses appeared first on Headway Capital Blog.

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Small Businesses 90

ForwardAI

APRIL 23, 2023

Originally published on Forbes. Nick Chandi covers three common yet frequently overlooked issues that can cause cash flow problems for small business owners. In the blog, Nick discusses the importance of cash flow for SMBs, citing statistics that 60% of small businesses face cash flow issues regularly and 40% of businesses struggle with cash flow as a growth restriction.

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Small Businesses 89

Enterprise Recovery

APRIL 28, 2023

Listed as an asset on financial statements such as the balance sheet , accounts receivable is an important resource to your business. It's considered an asset because it can be converted to cash if collected within the payment terms set in your client contracts. If it's not collected in a timely manner, it becomes a drain on company resources. Policies and procedures must be documented to increase the success of these collections.

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Abrigo

APRIL 25, 2023

How and when to end a banking relationship If your financial institution's AML/CFT program spends valuable time filing repeat SARs on customers, read on to learn how and when to end the relationship. You might also like this webinar, "Best Practices for Writing SARS." Watch Webinar Takeaway 1 Getting stuck in a cycle of repeated SAR filing for the same customer can be a strain on your financial institutions' time and resources.

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Cybersecurity Credit Unions Transactions 78

Due

APRIL 28, 2023

You didn’t start your company to lose money. However, you don’t want to just break even, either. Ideally, you want the healthiest possible profit margin. And that one way to do that is by growing your revenue streams. As a refresher, revenue is the cash coming into the business. Typically indicated at the top of your organization’s income statement, revenue is highly variable.

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Accounting Department

APRIL 25, 2023

Not all business owners are well versed in invoicing clients, collecting payments, tracking payments, or other bookkeeping tasks - and that's okay.

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Small Businesses 79

Lendio

APRIL 27, 2023

It’s common for companies growing faster than their current income to seek outside capital to keep up their momentum. An under-capitalized business will find it difficult to make the leap required to scale and expand. A clear first step to lining up outside capital is to determine whether equity investment or debt financing (or a combination of the two) might be the best route for your business.

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Credit Reporting Agencies Deductions Default Small Businesses 69

ForwardAI

APRIL 24, 2023

In this Meet the Team interview, we’ll interview our People & Culture Coordinator, Zoi Manos. She’s been with the company since late 2022 and helps keep ForwardAI a fun place to work. Hey Zoi! Tell us a bit about your background and experience. I have always been a very transparent and people person, and I was always able to put myself in another’s position and see it from their perspective because there is not only one way to do things in life, and this stands for within the workplace

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APRIL 24, 2023

From giant corporations to solopreneurs, every enterprise uses accounting. It’s important for businesses to consider ways they can improve accounting practices, as this vital piece of business administration takes into account all of a company’s financial transactions. It measures and shares financial activity, tracks taxes, makes payments, and sends invoices.

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Transactions 69

Accounting Department

APRIL 27, 2023

Last week, AccountingDepartment.com Business Development Representatives, Shawn Marcum, and Luke Backus attended the 2023 Entrepreneurial Operating System (EOS) Conference in Indianapolis, IN.

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The Red Spectrum

APRIL 26, 2023

Starting a business can be a daunting task. There are many factors to consider, from financing to marketing to managing employees. However, with the right strategies, you can successfully build your business and take it to the next level. In this guide, we will provide tips and insights on building your business, including using net 30 vendors and increasing your credit limit.

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Credit Scoring 59

TreviPay

APRIL 28, 2023

What’s important about the order-to-cash cycle? An agile and efficient order-to-cash (O2C) cycle can have a huge impact on the success of your company, whether you are an SMB or a global organization. By successfully managing and optimizing certain stages of the O2C process you can drive down costs, remove inefficiencies and get paid on time for your products and services.

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Order to Cash Credit and Collections Debt Collections Credit Management 59