Cost Reduction: 5 Reasons to Hire an Outside Expert
At Silverback, our team works to bring our clients cash. I often hear prospects ask why they would need to engage a company like ours to bring improvement to their bottom line. Sometimes these prospects believe they can do it themselves. So, why not do this internally? The five most common reasons our clients hire us to […]
Hospitals: Costs are Headed Up; Reimbursements Headed Down
If you are involved with healthcare, you understand the need to reduce costs and improve profitability. Here is a graph published by Objective Health related to cost-cutting hospitals and the results of their efforts. Highlights: Only 10.3% of all U.S. hospitals are characterized as “aggressive cost cutters” from 2009 to 2011 Generally these are larger (> […]
Healthcare Reform: What Should You Do First?
Healthcare reform is coming! You might hear it referred to as the Patient Protection and Affordable Care Act (PPACA), or a host of other names. Regardless, it will be here before you know it. If you employ more than 50 full-time equivalent workers (FTEs), there are a few simple steps you can take to help you navigate healthcare reform: […]
You Are in for a Shock: Electricity Rates Are Rising
The State Utility Forecasting group is projecting a rise in electricity rates of 20% over the next six years. What can you do about this? From a pure rate standpoint, not much or at least here in Indiana where the rate that you are charged for electricity is regulated. If you are fortunate enough to own […]
Credit Card Settlement: Is It Good for Your Business?
Visa, MasterCard and other banks have agreed to pay more than $7 billion to settle an antitrust case brought on behalf of retailers. Is this settlement good for your business? Every time you use your credit card, a percentage-based fee is created. This percentage varies based on the amount of the purchase and the type of credit card. For the retailer, […]
Coming Soon: 401K Plan Disclosure Rules Take Effect
If your company has a self-directed 401K plan, there are new disclosure rules that take effect no later than Aug.30, 2012. The U.S. Department of Labor (DOL) legally requires the plan sponsor to disclose in writing the fees and other “reasonable” nature of the funds selected in the plan. Additionally, specific Employee Retirement Income Security Act (ERISA) language requires plan sponsors to […]
Significant Rise in Utility Bills Ahead
CNN has recently reported the results of a poll regarding energy consumption and the new rules being imposed by the Environmental Protection Agency: higher utility bills lie ahead. According to the poll, 90% of the 500 polled utility executives believe that new regulations will lead to higher utility bills. Of those 90%, more than 50% believed that utility […]
Fleet Cost Formula: Is It Really This Simple?
As part of a fleet reduction initiative, the city of Philadelphia developed a formula designed to quantify the relationship between size of fleet and overall costs, an Automotive Fleet article reports. In this formula fleet size was a super-variable in determining aggregate costs. FC = (A + R/M + F+ I/O) x #V (A = acquisition costs. R/M = repair/maintenance costs. […]
Indiana State Unemployment Taxes: Did Your Company Overpay?
Legislation passed in 2009 increased the employee taxable wages from the first $7,000 to the first $9,500. This increase had a start date that was later postponed to a date later in the year. Many companies failed to correct this postponement and may have overpaid. In fact, according to a recent IBJ article, of 91 businesses audited by the Department […]
Mid-size Companies Losing Bargaining Power
CFO Research Services, in collaboration with American Express, released a report last month titled Cash and Working-Capital Discipline, which describes the financial obstacles for the finance team at mid-size companies. The report identifies the loss of bargaining power with vendors as the most prominent obstacle to improving cash and working-capital: “… Companies seek relief from the pressure they feel on the sales […]