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 …
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 …
Business Team Structure for Digital Billing and Payments
New software opens the door to easier workflow processes and simpler daily tasks. This can impact team structures and job titles or even create new responsibilities – like making sure tools are working right and providing a good return on investment. Right now, the most impactful way people are using tech in business is with digital communication. Channels like email …
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 …
Make the Right Hiring Decision: Tips for Interviews and Resume Reviews
Today’s post is a guest blog written by Mary Shores, agency owner of Midstate Collection Solutions. It’s no secret that hiring 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 bad hire who only …
Understanding Your Business Insurance Policy: Covering Unpreventable Risks
There are countless risks associated with running a business and tactics for preventing or responding to them are always changing. Especially in the accounts receivable industry, there are many unpreventable risks that can become costly if not properly addressed. Earlier this year, Performant Corporate Counsel Lauren Valenzuela and Finexus Insurance Agency CEO Katie Zugsay discussed new risks and better operational …
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 recent changes caused by coronavirus, 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 minimum.Operational …
Operational Risk Management in Financial Services
Operational risk management in the workplace has always been a concern for business owners and managers. However, the changing workplace environments of the last year has created more risks and liabilities for organizations than ever before. Performant Corporate Counsel Lauren Valenzuela and Finexus Insurance Agency CEO Katie Zugsay discussed these evolving risks in a recent CAC webinar, Smarter Risk Management …
6 Tools To Help Employees Succeed at Remote Work
There was a time when remote work—commonly referred to as telecommuting—was widely regarded as an incentive not only for employees but also for their employers. However, with the COVID-19 pandemic, remote work has become less of an incentive than a necessity. After all, telecommuting is pretty much the only way some companies can continue their operations with a semblance of …
Brand Building for Financial Services: An Interview With Phoebe Assenza, Brand Strategist
Phoebe Assenza is a brand strategist and writer behind some of the most innovative fintech companies in wealth management, accounts receivable, and lending. We sat down to discuss the importance of a brand strategy for financial services and ARM firms, and what that entails.Phoebe Assenza Brand Strategist at Rhetorica CreativeWhat is branding or brand building? Why is it important? “Brand” …
Ethics Training Program: An Accounts Receivable Guide
Share this ArticleMany companies focus on incentives and benefits to entice and maintain staff, but a positive company culture can be just as influential. A thorough ethics training program and culture of ethical behavior makes staff feel safe and valued – factors that impact whether staff work their hardest and pursue professional development within your company. Why an Ethics Training …
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