March, 2024

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Keeping Rural Healthcare Afloat: Midwestern Financial Struggles

RevCycle

The idyllic landscapes and tight-knit communities of the Great Lakes region mask a growing concern – the financial struggles of rural healthcare. These facilities, often the sole source of medical care for miles around, face unique challenges in maintaining financial margins and collecting patient revenue. This article explores the financial struggles of rural healthcare in the Great Lakes region and proposes solutions, including implementing flexible payment policies, up-front collections, and

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Black Swan

Credit Research Foundation

As we embark on the new year, there’s been a renewed interest in a potential black swan event on the horizon. Historically speaking, the term gets its derivation from a Latin expression; its oldest known occurrence is from the 2nd-century Roman poet Juvenal’s characterization in his Satire VI of something being “rara avis in terris nigroque simillima cygno” (“a bird as rare upon the earth as a black swan”).

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What Triggers Your Collection Efforts?

Your Virtual Credit Manager

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits. (Photo by Austin Chan on Unsplash ) For most trade creditors (B2B organizations selling on open terms), the collection process is triggered shortly after a customer’s account becomes past-due.

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Fisker’s financial future takes a spin after automaker pulls out of share talks

Due

Fisker, the California-based automotive electric vehicle (EV) start-up, has encountered a twist in its finance share saga. An unnamed automotive company has stepped out of major share talks, leaving the company’s future unknown. Fisker’s share talks collapse Fisker’s Newsroom released a statement last week , stating the company “is in continuing negotiations with a large automaker for a potential transaction to develop EV platforms and to manufacture in the US.

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From Psychology to Programming: Navigating My Journey into the Tech Industry

Plooto

What led you to go into the tech industry? I started university studying psychology because it was my passion. In my second year, like everyone does, I took what I thought would be a really easy course: Computer Science 101. Many people might not think computer science would be an easy study, but for some reason, I thought it would be a breeze. Turns out, for me it was.

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Best States for Women Small Business Owners in 2024

Lendio

The number of small businesses has been increasing in the United States over the past several years. Last year, the White House announced that more than 10 million small businesses were created in 2021 and 2022. Along with its growth in the total number of businesses, the U.S. is also seeing growth in the number of women-owned businesses in the country.

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CRE loan distress: Spot the symptoms, diagnose, and treat problem loans

Abrigo

How to respond to CRE loan distress Use these tips for banks and credit unions to identify and handle commercial real estate loans that are showing signs of being problem CRE credits. Would you like other articles like this in your inbox? Takeaway 1 Engaging the bank or credit union loan workout team or an outside expert can help restore CRE loans in distress or mitigate their impact.

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The Imperative for Modernizing Trade Credit

Your Virtual Credit Manager

In B2B commerce, payment systems often rely on manual processes — think paper invoices and checks. A recent article placed in the Wall Street Journal (WSJ) by Deloitte, Trade Credit in Focus: Challenges and Options for the B2B Sector , notes that advancements in technologies like blockchain, robotic process automation (RPA), and AI/ML, are driving digital transformation in areas such as accounts payable (AP) and accounts receivable (AR) processing.

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Understanding the art of goodbyes

Due

In the vast landscape of human interaction, one experience binds us together, regardless of our cultural, linguistic, or geographical differences. It’s the act of saying goodbye. This simple yet profound ritual marks the end of an encounter, a conversation, or a relationship. This remarkable encounter we participate in regularly takes place everywhere, whether you are in a finance meeting or with your kids at the park.

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How to Incorporate Credit Risk Management in Business

Credit Management Group UK

When budding entrepreneurs decide to be the next Mark Zuckerberg, dreaming of creating a vast business empire and billions in sales, the last thing they usually think about is the financial risk to their business and to them personally. Some may find the thought of managing financial risk daunting, but it should be straight forward. Having credit risk processes in place from the outset is ideal, but credit risk management procedures can be implemented at any stage to reduce your exposure to risk

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5 Quotes By Confucius On Running A Small Business

Lendio

Chinese culture is known for many things. Not only are they know for their business sense, but for their philosophy as well. So it’s no wonder that one of their most popular philosophers, Confucius, has a number of quotes related to running a business. Here are 5 of the best quotes by Confucius on running your small business: Perseverance “It does not matter how slowly you go so long as you do not stop.

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5 strategies to reduce future cybersecurity threats in the healthcare revenue cycle

Waystar

If you’re a leader in healthcare revenue cycle management, cybersecurity threats are a top concern — and they have to be when nearly 50 million Americans are affected by health-record data breaches annually. This was called into sharp focus recently, when a cyberattack breached the network of a health IT giant, disrupting operations for healthcare organizations across the U.S.

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The value of fair value: Credit union merger accounting requires a strong partner

Abrigo

Find the right support for your credit union merger Consider the benefits of a third-party fair value specialist to smooth the credit union merger accounting process. You might also like this webinar, "Valuation and purchase accounting: Navigating the changing M&A landscape." Watch NOW Takeaway 1 Fair value specialists bring expertise to ensure accuracy, transparency, and adherence to accounting and regulatory standards during the merger process.

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Effective Communications for Collecting Delinquent Receivables

Your Virtual Credit Manager

Finding the time and resources to accomplish all the collection activities required to do a good job is a constant challenge. Most small companies come up short because when there isn’t a dedicated employee responsible for credit and collections, the owner or CFO have more important things to do. Even when another person has been assigned collection responsibilities, they may also have other responsibilities that get in the way.

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Exploring the importance of originality

Due

In a world where imitation is often seen as the highest form of flattery, the question “Am I original?” is one that resonates with many. This question is not just a mere reflection of self-doubt but a profound inquiry into the essence of one’s identity and authenticity. This article delves into originality, its importance, and how it shapes our personal and professional lives.

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AccountingDepartment.com's 20th Year is Here!

Accounting Department

Two decades ago, a brilliant CPA joined forces with a daring sales expert, united in their mission to revolutionize how entrepreneurs approached their accounting needs—and thus, AccountingDepartment.com came into existence. While that may be the condensed version passed down in company lore, the reality is far more captivating and undoubtedly inspiring.

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Is Your Small Business Profit Margin Good?

Lendio

Quick—when was the last time you calculated your business’s profit margin? If you answered “Last week,” excellent! And if you don’t remember, you’re probably way overdue. But were your numbers good or bad? Every company is unique, so the yardstick you measure your profit margins against isn’t the same one your neighbor uses. What’s considered a “good” range varies across industries—restaurants average a slim 6–8 %, whereas the advertising and public relations industry averages

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International Women's Day - Unveiling potential: Women's role in redefining fintech | Chaser

Chaser

On this International Women's Day, I reflect on my journey as a woman in fintech and how I have navigated this complex landscape, paving the way for future female leaders in this space. The fintech sector, mirroring the finance realm it transforms, thrives on fierce competition, disruptive innovation, and exponential expansion. Yet, amidst its glamorous facade of advanced technology and modern workplaces, lurks a pervasive issue that extends beyond this burgeoning field: gender equality.

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Customer retention in banking: A proactive guide

Abrigo

Strengthening customer relationships with tangible value and personal touch Customer retention in banking can be challenging for community financial institutions. Follow this guide for strategies to stay competitive. You might also like this SMB Lending Insights report for banks and credit unions Download report Takeaway 1 Banks need to implement customer retention strategies to keep their valuable customers, not just attract new ones.

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Get Paid Faster With These Six Credit Management Tricks

Credit Management Group UK

Getting paid on time is an ideal situation for any business that offers credit to their customers; but unfortunately this is not the case for many businesses throughout the UK. Late payment can, at times, be done in all innocence but others will provide spurious excuses as to why you have not received payment, or just completely ignore you. Late payment from customers may seem like it is unavoidable, and it will be at times, but using small, simple tricks can make a massive difference.

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Advocacy groups plea for scrutiny in Capital One-Discover deal

Due

Pressures on major mergers and acquisitions could collapse blockbuster Capital One-Discover deal. Mergers and acquisitions (M&A) are an integral part of investment banking infrastructure, but pressure on major moves could cost prospective business ventures at the highest level. Capital One and Discover’s blockbuster banking deal is one such merger that faces intense pressure from advocacy groups to scrutinize the fine print.

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Financial Challenges Faced by Non-Profits and Solutions to Help Them Succeed

Accounting Department

Non-profit organizations often stand at the frontier of social change, operating with the noblest of causes but facing challenges unique to their sector, particularly in the financial realm. With a mission-driven focus and often a limited budget, navigating the complex financial landscape of a non-profit can be daunting.

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5 Quotes on Having a Vision for Your Company

Lendio

Creating and maintaining a vision for your company is just as important for your businesses long-term success as marketing and selling is. Vision not only motivates you and your employees, it helps you stay focused on the goal and work together toward something. Visualizing goals “If you want to reach a goal, you must ‘see the reaching’ in your own mind before you actually arrive at your goal.” – Zig Ziglar Researchers have proven that visualizing an outcome and the proce

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Aryza Strengthens Legal & Insolvency Division with Key Appointments

Collenda

Aryza Strengthens Legal & Insolvency Division with Key Appointments Aryza Group, a leading provider of financial software solutions, has announced significant advancements within its Legal & Insolvency division with the appointment of three key leaders to strategic roles. Elliott Green assumes the role of Head of UK, Legal & Insolvency, taking on full responsibility for the division’s UK profit and loss management.

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Bank wire fraud – How social engineering and technology perpetrate fraud losses

Abrigo

Bank wire fraud is growing and becoming more complex. Here are a few simple things you, as a financial crime professional, can do to slow it down. Would you like other articles like this in your inbox? Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims.

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Agreeing Commercial Credit Payment Plans

Credit Management Group UK

Agreeing payment plans with delinquent customers is a common part of credit control. We’ve included some guidelines to help you get the best outcome for your company and to make consequences of defaulting on the agreement clear to your customer. Push back on their first offer of payment, it’s unlikely their first offer is their best offer. Look at what leverage you are using to encourage they pay your debt in the shortest amount of time.

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Do You Need Credit Even After You Retire?

Due

After decades of work, you may be ready to put your credit profile to rest. Who needs credit after they retire? You do—you need credit even after you retire. There are multiple reasons, and we will discuss them right here. Why Credit is Important, Ever For starters, let us go back a couple of years (not much more than that, right?) to your teenage years.

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Social Media Strategies for Business Growth in the Digital World | Beyond the Books Podcast by AccountingDepartment.com

Accounting Department

We are thrilled to announce that Episode 15 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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Switching accountant – you can kiss a lot of frogs

blue dot counseling

A bad accountant is like a KGB sleeper agent. Causes a lot of trouble and you don't know about it until it's too late! The post Switching accountant – you can kiss a lot of frogs appeared first on Blue Dot Consulting.

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Court Opinion Review: Yellow, Terraform and McDermott International

Reorg Blog

This Court Opinion Review considers the dispute over who will resolve the Yellow pension claims, objections to an unusual retainer arrangement in Terraform and some dry wit from a U.K. judge in McDermott International.

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A Definitive Guide to Funding Your eCommerce Business

biz2credit

In this article: How the eCommerce business model works Debt financing options for eCommerce businesses Alternative financing options for eCommerce businesses Equity financing options for eCommerce businesses How Biz2Credit helps eCommerce brands get funding The eCommerce industry has seen unprecedented growth over the last few years. And as experienced during the COVID-19 pandemic, more … Continue reading "A Definitive Guide to Funding Your eCommerce Business" The post A Definitiv

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International Women’s Day

Collenda

Empowering Voices: Celebrating International Women’s Day with Aryza International Women’s Day is not just a date on the calendar; it’s a global movement that celebrates the achievements of women while highlighting the ongoing fight for gender equality. Every year on March 8th, people around the world come together to recognise the social, economic, cultural, and political contributions of women and to renew their commitment to creating a more inclusive and equitable society.

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Decoding the S&P 500’s current standing

Due

The S&P 500, a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States, is currently trading at all-time highs. This has led to a common perception that stocks are super expensive. However, it’s crucial to understand that not all stocks are costly, and there are still opportunities for investors to uncover value in the market.

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A Small Business Guide to Building Out a Chart of Accounts in QBO

Accounting Department

QuickBooks Online makes a chart of accounts accessible, but it's up to you to tailor it to your business's unique structure and financial tracking needs.