Business Finance

Is Your Business Ready to Extend Credit?

shutterstock_144997780As your business grows, the question of whether to extend credit to your customers will inevitably arise. There are certainly many advantages to doing so. For example, according to many experts, extending credit can increase your sales by as much as 50%, depending on the industry you work in.

Credit can also increase repeat business and attract a whole new class of customers who prefer to pay on credit in order to conserve their cash. Additionally, it can help to create goodwill with trading partners and foster good relationships with customers, making them less price-sensitive and more focused on the services you provide.

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Overview of Credit Reporting Code of Conduct

From March 2014, a new Credit Reporting Code of Conduct will replace the existing Credit Reporting Code of Conduct drafted back in 1996. The change is part of the government’s recent reforms of the Privacy Act.

What is the code?

The Credit Reporting Code of Conduct is a mandatory code enforceable by law, with penalties of up to $1.7 million for breaches. It requires credit providers and credit reporting agencies to adhere to a set of rules relating to the collection and disclosure of credit information.

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Investigating Worker’s Compensation Claims Effectively

All forms of insurance are open to abuse, including workers compensation. Common ways the system is exploited are claiming for injuries that did not occur in the workplace and continuing to claim for injuries that no longer exist. When such instances of fraud are suspected, insurers turn to specialist investigators to determine their validity.

Surveillance

Surveillance is an important part of an investigator’s skill-set and is invaluable in many fraudulent workers compensation claims. A common scenario is for an investigator to conduct surveillance of a subject, in close compliance with the law, looking for signs that the subject is working another job or not exhibiting signs of their alleged injury. In such circumstances, an investigator would attempt to obtain photographic and video evidence of this, which could then be used in court at a later date.

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Investigating Fraud Among Employees

Statistics show that corporate fraud costs Australian businesses billions of dollars a year and that more than 70% of fraud is committed by employees. When internal fraud is detected, an investigation will typically involve the following stages.

Research

Because there is only a suspicion of fraud in the initial stage, with little evidence to back it up, rather than going to the police, an organisation will launch its own investigation. Often a fraud investigation company is helpful to effectively conduct research on the matter.
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Improving Your Core Business with Outsourcing

Some businesses recognise they lack the internal expertise or capacity to complete particular tasks well, but are reticent to outsource these tasks for a variety of reasons. Often, the business owner and management will fear that paying for work to be outsourced will not deliver sufficient return on investment, that key tasks will not be completed to a high enough standard and that significant time and resources will be consumed by educating the organisation or individual to whom the work is outsourced about how the work should be done.

The aforementioned fears are real for many business owners and, as they grapple with the decision of whether or not to outsource business tasks, it is equally as important that business owners consider the benefits and improvements that are available through outsourcing arrangements. In every organisation there are tasks that the business itself and its staff do not have the knowledge, skill, expertise, experience, time or capacity to handle and, in order to realise improvement, profitability, growth and overall success, these tasks are better handled when outsourced to specialists.Debt collection services are a prime example of this.

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