When payment requests are handled separately from signed payment agreements, it’s easy to lose paperwork or miss getting an important signature. Standardized payment agreement templates: Reduce errors and missing signatures Link a signature directly to the corresponding payment Make sure authorizations comply with NACHA and Regulation E of the Electronic Funds Transfer Act (EFTA) Read on to learn more about …
Template Management: Best Practices, Tips, and Tools
Looking for a better system to create, organize, and send requests to customers? Template management is an excellent way for busy office managers to simplify these repetitive tasks. Well-designed templates save time and reduce human error, whether you’re: Setting up electronic signature agreement templates Setting up a process for accepting credit card or check payments. Sending customer documents or notifications …
Tools and Hiring Practices That Simplify Onboarding
Strong hiring practices matter for business success. Better hiring reduces turnover, improves productivity, and ensures your business remains compliant. But between sorting through resumes, interviewing, and onboarding new staff, the process can be time-consuming. That’s where technology can give your company an advantage. When HR staff and hiring managers have easy access to digital records, it’s simpler to: Keep track …
Plan for Business Risk: Basics of Business Insurance
Running an accounts receivable agency means balancing opportunities with business risks that can threaten your bottom line. From compliance violations to data breaches, even a small misstep can become costly if your team isn’t prepared. That’s why effective business risk management is essential. Attorney Lauren Valenzuela and Finexus Insurance CEO Katie Zugsay, both experts in financial services, stress that the …
Operational Risk Management in Financial Services
Operational risk management (ORM) has always been on the radar for business owners and senior management. However, hybrid work models, tighter regulations, and escalating cyber threats have raised the stakes and added new challenges to managing operational risks. Effective operational risk management now goes well beyond meeting check-the-box requirements. Risk management protects your bottom line from financial losses stemming from …
Task Automation for eSignatures, Documents, and Payments
How much of your staff’s time is spent doing repetitive tasks to manage customer signatures and payments? Task automation streamlines day-to-day responsibilities so teams can devote their time to more important issues. Task automations are a lifesaver when your office needs to: Manage complex contract workflows across departments Monitor payments for deal stages or reconciliation Send many messages to many …
Risk Management Strategies: Prevent, Shift, and Improve
An essential part of running an accounts receivable business is keeping up with trends that will impact the industry and your agency. With the changes caused by the coronavirus pandemic, new regulations, and emerging technology, it’s important to understand the risks your company faces. Just as important, you must know the latest risk management strategies to keep issues to a …
Back Office Operations Explained: The Hidden Power Behind Business Success
Back office operations can encompass many types of tasks, departments, and decision-making processes in a company. How can your back office operations impact efficiency and staff productivity?What are Back Office Operations? Most organizations split office roles between front office and back office employees. The front office team structure includes departments like sales and customer service, that interact directly with customers, …
Organizational Management: Tools for Better Productivity
Organizational management is a challenge for most small business owners. It requires balancing team management and customer satisfaction while working toward company growth. This often means: Handling client contracts Monitoring payment collection efforts Dealing with compliance issues Keeping up with personnel and administrative tasks Managing other day-to-day office operations What is Organizational Management? Organizational management is the act of planning, …
Managing a Multigenerational Workforce: Key Tips
Effective team management transforms your office. It can create an environment where a multigenerational workforce comes together to make a winning team. But managing different generations in the workplace isn’t always easy. A good manager must take into account the backgrounds and experiences each employee brings to their work — experiences that change with every generation.5 Generations in the Workplace …
Simplify Operations With Business Process Automation
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 …
Guide to Contract Elements for Entrepreneurs
Contracts are essential for companies and customers who need to agree on a deal. But they’re only effective if all the elements of a contract are included in the document. Properly structured agreements protect everyone and withholding elements of a contract could invalidate the deal.What are the Elements of a Contract? Contract elements are the different requirements that make up …
