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5 Strategies for Reducing Health Benefits Costs in 2021

November 3, 2020 / by Richie Marrero posted in Northern Chicago


Savvy employers will be prepared to counter the rise in health benefits costs that is almost certain to come in 2021.

Health benefits costs have been trending upward for years — over 50% in the last decade, according to the Kaiser Family Foundation — and the current state of economic uncertainty over COVID-19 won't reverse that trend. Realistically, after enduring months of business closures and managing exhausted workforces, many employers will be lucky to maintain uninterrupted operations.

That's why it's critical for employers to think about reducing healthcare costs right now — figure out cost-effective benefits first so money can be shuffled as needed later. Having a solid plan going into 2021 will better position organizations facing limited budgets.

Here are five cost-reduction strategies employers should explore:

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Managing Accounts Receivable for Prompt Payment

September 8, 2020 / by George Stephen posted in Bookkeeping Services, Northern Chicago, Business Continuity


From reviewing your A/R aging each week to knowing how and when to follow up, these collection strategies will help you get paid.

Considering the importance of cash, it's surprising collections is one of the more neglected processes for businesses. It easily gets out of control if not managed consistently. Especially in the current environment, you need to have a systematic approach in place.

Here's how to manage your accounts receivable to ensure timely payments.

Know Your Cash Status
Like brushing your teeth, getting paid requires consistent effort to avoid unpleasant surprises. While tools are available to automate certain aspects, you still must devote time to compiling and reviewing transactions as well as confirming your records are up to date and accurate.

It all starts with billing. Your invoices should contain all required information to be paid (accurate descriptions, P.O. numbers, bank instructions, etc.) and be sent as soon as possible. Having any missing information and/or not following a client's procedure just delays payment.

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Bookkeeping Best Practices: How to Prevent Fraud

August 20, 2020 / by George Stephen posted in Bookkeeping Services, Northern Chicago


Trust the process rather than the person: Here's a systematic way to safeguard your company from fraud with professional bookkeeping.

At Supporting Strategies, we've written before about the heavy toll that fraud takes on small businesses (e.g., a median loss of $200,000 per fraud scheme). And, unfortunately, a new report from the Association of Certified Fraud Examiners warns that the COVID-19 outbreak has led to a 68% increase in fraud levels.

As a business owner, you don't have to accept that staggering losses are inevitable. You can proactively protect your interests by instituting proven financial controls.

Taking Control, Step by Step
The first step in protecting your finances is to adjust your mindset. Implement systems that are process-based, not people-based. You don't have to trust your employees to do the right thing if your system gives them no other option. Here are the practices you need to put in place to accomplish that.

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