Do you wish your business could accomplish more tasks with fewer tools and resources? Using business process automation to manage client contracts, customer agreements, and payments will simplify the way you work. Old manual processes slow down operations and make it harder to juggle projects and internal workflows. Embracing business process automation is the best way to speed up deals …
Send Bulk Messages to Scale Your Business
Sending digital communications to customers has a lot of advantages. It’s fast, easy, and creates a detailed record for your company and the recipient. As your business grows, sending bulk messages helps you hang onto these advantages without sacrificing more time and effort. Bulk Message MeaningSending bulk messages means following the practice of creating and delivering personalized messages to many …
3 Proven Tips to Reduce Outstanding Invoices and Avoid Late Payments
Running a business comes with many internal and external concerns, from training and team management to focusing on brand reputation. But if your company has excessive outstanding invoices or delayed payments, cash flow will stall and the health of your business will suffer. Reduce late payments from customers, keep revenue flowing and free yourself up to focus on other aspects …
Team Leadership: Seven Steps to Lead a Winning Team
The California Association of Collectors (CAC) conference and expo held each year in October features some of the best leaders in the credit and collection industry. Many of the sessions center on best practices for successful agencies, but some sessions provide unique advice which can be applied to all aspects of personal, professional and team leadership communication, no matter what …
Hiring Process Steps to Build a Strong Debt Collection Team
This post was originally written by Mary Shores, agency owner of Midstate Collection Solutions, and was recently updated. It’s no secret that the hiring process has become a challenge in most industries, and the debt collection industry is no exception. We spend time writing job descriptions and interviewing, only for our candidates to change career paths. Or, we choose a …
How To Create a Credit Policy and Collection Procedure
The blueprint most businesses use to collect on accounts receivable is called a credit and collection policy. The guidelines are typically broken into two sections: a credit policy and a past-due collection procedure. The framework can be as detailed or as broad as is necessary for your office. Providing this direction to your employees is essential. Unfortunately, many businesses don’t …
Accounts Receivable Collections Best Practices: Handling Late Payment Excuses
Every employee will encounter late payment excuses in accounts receivable collections. Greg Ruffino, a successful coach and trainer in the accounts receivable industry, is well-versed in the difficulties a consumer’s payment stalls and objections can cause. Ruffino shared his knowledge on the subject, including common excuses for late payments consumers give and effective debt collection techniques to overcome them.Payment Excuses …
A Guide to Lawyer Trust vs Operating Accounts
As a law practice, it’s important to follow rules for how to handle a client’s money. This means keeping funds separate through different lawyer trust accounts and operating accounts. Using multiple accounts to manage these finances can be tricky. It’s essential to have strict financial management practices and payment software that can handle multiple lawyer trust and operating accounts.What is …
Use Root Cause Analysis Methods to Improve Policies and Procedures
Courtney Reynaud, President and CEO of Creditors Bureau USA, has found success in her agency with careful attention to policies, procedures, and work instructions. But, she didn’t always have such a strong compliance management system. Before her office focused on these practices, she noticed blame would often be placed on a single employee or a client. Reynaud explained that blaming …
Organize a Successful Working Group for Your Business
For self-sufficient professionals, it can be hard to share workloads. This mindset can sometimes be positive, but more often, this thinking leads to forgotten tasks, overlooked details, and staff burnout. Working groups are a more efficient way to solve difficult problems or finish big projects.Working Group DefinitionA committee or group of people appointed to study and report on a particular …
Cash Flow Positive: The Ultimate Compass for Your Small Business
In the vast ocean of business, being cash flow positive is your ultimate compass. Having cash to spend gives you more options–to expand and grow, to invest back into the organization or to share with stakeholders. Cash flow statements, profit and loss statements and other financial management reports steer these financial decisions your company makes. Explore what cash flow reports …
Profit and Loss Statements for Business Planning and Growth
Businesses want to make money. But how do you know if sales are good enough to keep your company profitable? There are many different financial reports organizations use to track performance. One of the most common–the profit and loss statement–lets companies: Monitor how the organization is performing and better understand profitability Assess expenses and profit trends Plan for future growth …
