Business process outsourcing (BPO) is the practice of contracting with an external company to handle specific business functions or activities. Essentially, you hire a specialist outside your organization to take care of certain tasks, allowing you to focus on...
The accounts receivable turnover ratio (AR turnover ratio), also known as the debtors’ turnover ratio, is a metric used to assess a company’s efficiency in collecting payments from credit sales. It essentially measures how many times a company sells and...
Accounts receivable (A/R) represent the money owed to a business by its customers for goods or services sold on credit. It’s essentially a line of credit extended by the company to its customers, who are expected to pay within a specified timeframe outlined in...
According to IHRSA, most fitness centers and health clubs lose half of their new members in the first six months. Cancellations are a part of running any business, and the fitness business is no exception. They require a significant amount of time and staff for...
Uncollectible accounts, also known as bad debts, are receivables that a business is unable to collect from customers due to various reasons such as bankruptcy, financial difficulties, or disputes. These accounts pose a risk to a company’s financial health as...
According to an article by Federal Reserve Bank Philadelphia, auto loan debt is now the third-largest debt category after mortgages and student loans. The first quarter of 2023 saw a $10 billion increase in auto loans, bringing the total to $1.56 trillion. With the...
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