A Guide to Lawyer Trust vs Operating Accounts

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

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 …

Cash Flow Positive: The Ultimate Compass for Your Small Business

Cash Flow Positive: The Ultimate Compass for Your 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

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 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

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?

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

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

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

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

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

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 …