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100 WAYS: #39 Use a Dunning Service to Avoid Collection Agency Fees
– July 28, 2010
Collection agents make good livings because our customers/clients don’t pay timely. They will typically charge 25-35% to collect a bill. Look into alternative measures such as a “dunning” service. ...
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100 WAYS: #38 Comparison Shop Banks to Lower Credit Card Fees
– July 26, 2010
Credit card processing fees are determined by a number of variables, including: ...
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100 WAYS: #37 Lease Your Employees to Other Business
– July 19, 2010
One of the toughest things about a business downturn is having to layoff people who contributed to the success of your company during the good times. It is one thing to fire an individual for not doing a good job, and quite another to have to discharge a productive and trusted employee. Firing good employees should be a last r ...
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100 WAYS: #36 Draw Up Contingency Financing Plans
– July 14, 2010
What happens if your bank is not willing to lend you money or renew your line of credit? This happens in today’s economy. Get your managers and your CPA involved in this brainstorming session and develop a “worst case scenario” for your company. ...
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100 WAYS: #35 Level With Your Banker
– July 12, 2010
Don’t surprise your banker. Provide them your financial statements on a monthly or quarterly basis. ...
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John Dean Receives Distinguished Public Service Award
– July 12, 2010
John Dean, partner at HMV, was recently presented the highest honor for public service leadership, impact, involvement and innovation of a Louisiana CPA. ...
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100 WAYS: #34 Watch Out for Unsound Banks
– July 7, 2010
The recent wave of bank failures has led many companies to take a closer look at how, and where, they invest their idle cash. ...
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100 WAYS: #33 Develop Regular Financial Flash Reports
– July 5, 2010
A flash report can be the lifeblood of your business. A financial statement will report numerous items, can be difficult to understand and can be useless if not prepared timely. A flash report focuses on several categories and is able to present information in a useful and timely manner. ...
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100 WAYS: #32 Develop and Monitor Key Ratios for Your Business
– June 30, 2010
Work with your CPA or CFO to develop key financial ratios which will give you meaningful clues about what is happening in your business and in your department. Here are a few examples of ratios that management should be monitoring: ...
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100 WAYS: #31 Use What-If Scenarios to Monitor Performance
– June 28, 2010
Utilize your computer software to play “what-if” games for financial performance and your management’s reaction. What if your company increases 10% in volume? What if volume decreased by 20%? ...
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