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6 Ways to Improve Cash Flow by Managing Receivables (Collections)
 6 Ways to Improve Cash Flow by Managing Receivables (Collections) 1024 683 Rock Creek Consulting Group
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All businesses should carefully monitor their cash position. Healthy cash reserves enable investment in growth, allow distributions to owners or – for some businesses – can be a matter of survival. In any case, cash management is critical. One way to improve the cash position is to carefully manage Accounts Receivable (or collections). Here are…

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9 Ways to Strengthen Financial Controls in a Remote Work Environment
 9 Ways to Strengthen Financial Controls in a Remote Work Environment 1024 536 Rock Creek Consulting Group
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Employing remote workers presents additional challenges related to financial controls.  Managers and employees may not believe they are at risk but studies by the Association of Certified Fraud Examiners show companies with less than 100 employees are more likely to lose money to fraud.  Leaders need to demonstrate the importance of improving financial security and…

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9 Ways to Reduce IT Costs
 9 Ways to Reduce IT Costs 1024 536 Rock Creek Consulting Group
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One expense that can grow out of control in many businesses is Information Technology (IT).  Tweaking investment in IT increases performance and profitability and sometimes major cutbacks are necessary. Either way, it’s best to be systematic. Here are some ways to economize on IT spending.  Audit your tech stack The first step is to understand…

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Reviewing Costs… to Increase Cash and Drive Profits
 Reviewing Costs… to Increase Cash and Drive Profits 1024 536 Rock Creek Consulting Group
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All businesses should review their expenses periodically.  Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival. No matter what the circumstances, here are some Best Practices in reviewing and managing expenses. Look first at non-core functions When cost-cutting,…

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Managing High Levels of Business Debt
 Managing High Levels of Business Debt 1024 536 Rock Creek Consulting Group
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An important responsibility of leaders is figuring out how to fund business operations and growth plans.  In the best case, a business will generate enough cash for operations, growth and shareholder dividends. However in many cases, leaders need to borrow money for growth and, in tough times, even the operations of their businesses. Debt has…

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Using KPIs to Drive Management Decisions
 Using KPIs to Drive Management Decisions 1024 536 Rock Creek Consulting Group
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Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses. What is a KPI? A KPI is a quantifiable measurement or metric which helps track the progress towards business goals. Leaders use KPI’s to make better, data-driven decisions. They also guide behavior, productivity and decision-making, while…

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Onboarding Remote Employees
10 Tips on Onboarding Remote Employees
 10 Tips on Onboarding Remote Employees 1024 536 Rock Creek Consulting Group
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We’re seeing more businesses engage REMOTE employees and subcontractors as they try to attract the best talent, regardless of location. Remote employment presents challenges, including ONBOARDING, which means helping employees quickly become comfortable, engaged and productive. Here are tips on making the onboarding process a success.  1. Plan for IT needs well in advance Employees…

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Crisis Management for Leaders
Crisis Management – An Overview for Leaders
 Crisis Management – An Overview for Leaders 1024 536 Rock Creek Consulting Group
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As Accountants, we hope our clients never face a business crisis… but we also know that business is unpredictable and factors beyond our control can leave a business in dire straits. Even the largest, most well-funded, most successful organizations can face a crisis… and most will rise to the occasion and emerge stronger. Let’s look…

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Reengineering your Business: For Profit and Sustainability
 Reengineering your Business: For Profit and Sustainability 1024 536 Rock Creek Consulting Group
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Sometimes business leaders need to fundamentally change how things are done to grow profit or just to survive. This is termed ‘Business Reengineering’. What is Business Reengineering? Business Reengineering usually means eliminating activities or processes which are not adding value. In some cases, they will be substituted with better processes. Business Reengineering is challenging because…

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Bad Debt: What Is It… and How to Avoid It
 Bad Debt: What Is It… and How to Avoid It 1024 536 Rock Creek Consulting Group
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Let’s start with a definition of Bad Debt. Bad Debt is an amount of money a creditor must write off after a debtor defaults. In other words, it’s the amount of money your company will not receive for products or services sold to your customer. Understanding and incurring bad debt is part of doing business……

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