Education Archive

Audits are designed to ensure all financial reports are knowledge-based, factual and follow regulatory guidelines. The auditing process is important as it presents credibility to a set of financial statements—giving both shareholders and the company confidence in the fairness of all accounts. It can also help to improve a company’s internal controls and systems as a resource to better processes and find efficiencies in them.

The U.S. economy kicked off 2024 powerfully. Business activity, labor markets, sentiment and inflation indicators have been trending favorably. Yet, we must stay vigilant as rising consumer debt and high interest rates threaten to slow down economic growth.

In the pursuit of academic excellence, understanding how to effectively study is paramount. From late-night cram sessions to meticulously planned study schedules, each embarks on a unique quest to uncover the methods that yield the greatest results.

Credit is the lifeblood of every business. Its role in managing cash, identifying risks and evaluating potential for loss are only a snippet of the entire picture. But there’s another key function that cannot be overlooked: accounting. As credit is the lifeblood of a business, accounting is the language of a business.

Most decisions require careful consideration before reaching a conclusion because all decisions have consequences. When it comes to business decisions, there’s a lot more at stake because of the potential impacts on the financial health of the company and the risk that comes with making the wrong choice.

Customer onboarding is arguably the most important part of a business transaction because businesses can enhance revenue and cultivate enduring customer relationships. However, the time-consuming onboarding process, coupled with the urgency for swift credit decisions due to sales or competitive pressures, can escalate loss risk.

The pressure to make quick decisions can often compromise the integrity of due diligence processes. When faced with tight deadlines and mounting expectations, credit managers may find themselves forced to cut corners and make rushed decisions. Why it matters: Maintaining a balance between efficiency and thoroughness is crucial to ensuring accurate risk assessments and protecting the company’s interests when financial stakes are high. By the numbers: According to a recent eNews poll, 79% of credit professionals said that their companies have experienced adverse consequences due to a la…

The adoption of new technology is no longer a choice but a necessity for staying competitive in business. Despite the undeniable benefits these advancements bring, getting customers comfortable with change remains a significant challenge. Why it matters: The key to shifting customers’ mindset to embrace change lies in trust and clear communication when undergoing any user-faced automation transformations. Several financial institutions, both large and small, have undergone digital transformations in recent years, notably incorporating AI to simplify everyday functions. This widespread…