Revenue KPI’s
Churned monthly recurring revenue percentage (Churned MRR %) What is MRR? Churned MRR % looks at any decrease in MRR as a percentage of the whole MRR. The reduction in MRR can be an outcome of clients who decide they no longer need your services, from clients who...
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Tools for Effective Collections Communication
Telephone Limitations Wait for the debtor to finish before you speak and avoid talking in between pauses. Avoid interrupting and the urge, even though your message is important. They may be trying to decide how to tell you the actual reason why payment hasn’t been...
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Revenue KPI’s a Must Track
One of the key factors that impacts your success is the revenue coming into your firm, so it is important that you understand it well. From how much is coming in, to how much you are losing, and where any sizeable activity is occurring. We’ve chosen the top five...
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How to be an Effective Collector
PART 2 Effective phone tactics Here are ways to increase your chances of success: Call the debtor to see if they’re still in business and if there is a disagreement about the invoice. Many steps in the collection process must be skipped or rushed, if a debtor is out...
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How To Be An Effective Collector
The Effective Collector Having the following qualifications will help you become an effective collector: Clear handwriting. Memos, letters and their signatures that go to the debtor need to be simple to read, and the notes on a customer’s file must be clear to others...
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Employee-Generated Expenses Managed
15% of employee fraud is related to inflated travel and other expenses according to The Association of Certified Fraud Examiners. Manual systems are tedious and make it easy to get away with inflated expenses. Cloud-based expense management systems is beneficial to...
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Payroll and Caution on Social Media
Having a small payroll tax problem? Payroll tax audits, investigations and even penalties used to be routine, handled quickly by most payroll service providers. That is no longer the norm! The attorneys from recent a recent American Bar Association conference said...
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5 Most Common Myths about a Debt Collection Agency
Have any of these “myths” held you back from working with a collection agency in the past? If there’s one key ingredient in the recipe for a business’s success, it’s getting paid for the products and services they provide. Revenue is the bread and butter of any...
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Policy for Duplicating W-2s
Do you have a policy? Well, you should! Having a good policy in place avoids phone calls and sending to the wrong address or person. Example Policy: Make changes as needed for your company. Requests for a duplicate W-2 required to be submitted in writing. Create a...
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3 Crucial Steps for Collecting Payments from Clients
Everywhere, accounting firms diligently protect their clients’ best financial interests through consultation, employment tax preparation, annual tax returns, balance sheet and P&L review, and company audits. Frequently, the issue of “accounts receivable” might also be...
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