A customer relationship management (CRM) database simplifies the process of collecting, tracking, and organizing client data. For an organization with hundreds of thousands or even millions of customers, this data could easily grow to monumental proportions—but that’s exactly where the CRM database comes into play. In this article, we’ll learn about what a customer relationship…
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What Are Accounts Payable & How To Account for Them
Accounts payable (A/P) is the amount that a small business owes to third-party suppliers and vendors. It is a liability account in the balance sheet that shows the outstanding amounts that are yet to be paid. This article will teach you what accounts payable are and how you should account for them properly in the…
Completed Contract vs Percentage of Completion Method
The primary difference between the completed contract method (CCM) and the percentage of completion method (PCM) is the timing of income recognition. With PCM, income is recognized in phases as the work is completed while, with CCM, income is recognized upon completion of the contract. Quick Comparison of Completed Contract vs Percentage of Completion Method…
What Is a Bank Failure & How To Protect Your Small Business
Business bank failure is when a financial institution is closed by federal or state regulators. The 2023 failures of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank sent shockwaves through the business community. They were the first three bank failures since October 2020. And while the occasional bank failure isn’t uncommon, it is…
What Is a Call Queue? Benefits, Best Practices & Tips
Call queuing is a business phone technology that routes inbound calls by placing callers into virtual lines based on predetermined criteria. Businesses use call queues to manage call volume and minimize calling wait times—which, in turn, can improve sales, increase customer loyalty, and build stronger brand awareness. In this article, we explore what a call…
What Is CRM Data? 4 Types of Data to Store in Your CRM
Customer relationship management (CRM) data is information that can help make a business’ decisions and other operational activities more accurate, objective, relevant, and timely. CRM data can include gathered information of a personal, contextual, or measurable nature, such as contacts, leads, customers, accounts, cases, deals, opportunities, activity, performance, and more. CRM data helps you build…
Medical Malpractice Insurance: Cost, Coverage & Providers
Medical malpractice insurance is a type of professional liability policy designed specifically for physicians and other medical professionals. Policies cover the costs associated with accusations that a physician’s negligence caused a patient’s injury or death. Medical malpractice insurance costs vary by state and specialty, and premiums vary significantly depending on geography and practitioner but can…
What Are Mobile Payments & How They Work for Small Business
Mobile payments are transactions and purchases completed using a mobile device such as smartphones, tablets, or smartwatches. Mobile payments are popular for both consumers and businesses for their convenient setup, ease of use, and security. Types of Mobile Payments & Examples The types of mobile payments are categorized by the platforms being used. Users can…