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 …
Small Business Financial Management Terms and Tips
Small business financial management helps business owners, operators and managers know where money is being spent and how much profit is coming in. Without a background in accounting or bookkeeping, it can be hard to know the best way to manage small business finances – or even to understand the common terms, reports and tactics used. This glossary will help …
Creating Credit Terms for Customers
Companies who sell high dollar products, or offer professional services, usually ask for payment after work is done or goods are delivered. Establishing clear credit terms helps customers know what to expect during billing and teaches staff proper procedure when collecting on both B2C and B2B payments.Definition of Credit TermsCredit terms can be defined as the guidelines your company creates …
Billing Processes: Which Option is Best for Your Business?
An organization’s billing process can depend on the goods and services offered and the audiences served. Your company should follow best practices based on industry but there will always be room to customize and improve workflows. Reviewing the billing tactics and tools your business uses will: Save money through more efficient processes Save staff time following up on unpaid invoices …
How to Reduce Past Due Invoices
When a customer pays late, it may seem like no big deal. However, if you make a habit of accepting past due invoices from customers, you’ll start to notice it in your bottom line. To keep your business healthy, you should minimize how many overdue invoices your company has open at one time. How to Collect More Past Due InvoicesFor …
Innovative Digital Workflows: One Company’s Creative Solution
Businesses now have so many software choices it can be overwhelming to decide what systems to use. Technology should make doing business easier and create a better digital workflow for both staff and customers. Some of your systems, like your customer database, gamification tools or training programs will never be seen by the public. But others like the tools that …
Electronic Invoice Management: Level Up Your Business
Office processes like invoice management are built and refined through countless rounds of trial and error. Usually though, companies don’t have time to dedicate to changing an entire end-to-end process. As technology advances and consumer communication preferences shift, this can cause a big problem. If your office is only changing sections of your customer invoicing process without reviewing the big …
Best Practices, Tools, and Strategies to Improve Customer Service Quality
Using a range of strategies to improve customer service quality is the best way to ensure you’re prepared for any type of issue. After all, problems can occur anywhere along the customer journey. It’s important to strive for excellent customer service with high quality standards to build trust and brand loyalty.Basic Customer Service Skills Before making big changes to your …
Expert Advice to Create Call Center Employee Career Development Plans
Every time a good employee quits, your office loses knowledge and experience that could have enriched your organization. If you’re tired of training people only to lose them months later, consider adding a career development plan to your employee pipeline. Beth Conklin, Director, Organizational Training and Development at State Collection Service, Inc. and Hal Trapp, AVP, Organizational Initiatives at Receivable …
6 Step Blueprint to Prevent Call Center Burnout and Stress
Many collectors experience call center burnout in their careers. Back to back negative calls, pressure to meet goals and countless other factors can contribute. When your call center agents are in this position, they can’t recognize missing opportunities for collection (making the problem worse). Luckily, CollectorLive! provides debt collectors in all stages of their careers with tools, tips and education …
Improve Call Center Operations Through Training and Technology
Improving your call center operations is an ongoing struggle. You want to provide the best customer experiences possible but managing large teams and standardizing processes is hard. From acquisition to customer service to payment, there are many steps where the system can break down. Investing in workflow tools and the latest training techniques will make life easier for your customers …
