01. 28. 20

Commercial Collection Agencies of America recently announced that through its initiative, Commercial Collection Agencies of America Gives Back, a portion of the proceeds of its annual meeting in Delray Beach, Florida has been given to the American Foundation for Suicide Prevention.

The Foundation was suggested by Commercial Collection Agencies of America’s colleague, Mike Ginsberg of Kaulkin Ginsberg, who participates in the annual Montgomery County MD Walk.  The Association’s Board endorsed the support immediately after learning that the Foundation’s mission is  to save lives and bring hope to those affected by suicide, as well as being the leading private funder of suicide research.

At the general membership meeting, the Board shared the news with the members who overwhelmingly supported the donation, many of whom contributed personally, as well. 

Commercial Collection Agencies of America has also been fortunate enough to donate a portion of the profits from previous meetings to The Cystic Fibrosis Foundation, Wounded Warrior Project, Blessings in a Backpack, The ALS Association-Greater Chicago Chapter, The Red Cross, The Emily Stillman Foundation and the American Diabetes Association.  

“One of the biggest benefits of an association, such as ours, is the privilege to come together as colleagues, not only for education and networking, but to share in the initiative of doing good,” commented Annette M. Waggoner, Executive Director of Commercial Collection Agencies of America.  “The impact made through Commercial Collection Agencies of America Gives Back, throughout the years is heartwarming and certainly a reflection of our compassionate and generous membership.”

The vision of the American Foundation for Suicide Prevention is to build a world without suicide.  With a nationwide network of seventy-six (76) chapters, with chapters in all fifty (50) states, their staff and volunteers work tirelessly to support those affected by suicide loss and deliver an array of education programs and resources.  For more information, please visit www.afsp.org

11. 26. 19

Understanding business performance can be challenging for owners and operators due to the closely held nature of information. Far too often have we seen business owners struggle to assess opportunities for improvement within their business due to a lack of information, which can negatively impact long-term business performance. As a result, Kaulkin Ginsberg Company (Kaulkin Ginsberg) teamed up with Commercial Collection Agencies of America (CCA of A) to develop a two-year operating metrics performance trend.

This Member Benchmark Operating Metrics Survey Report (Benchmark Survey) covered a great deal of information on operating statistics and best-in-class business practices between 2016 and 2017. According to Annette M. Waggoner, the Executive Director of CCA of A, “The Board believes that it’s important for business owners to establish a basis for comparison on operations since this provides a tremendous benchmark on how individuals can improve operations within their respective businesses, whether that be through optimizing the allocation of supervisors to collectors, investing in compliance resources and certifications, or entering into a new market vertical.”

Specifically, the Benchmark Survey showed that compliance was a point of consideration for CCA of A participants. According to Michael Thomas, Vice President of Kaulkin Ginsberg, “between 2016 and 2017, the total compliance software and labor expenses increased by roughly 86% and 29%, respectively, year-over-year.” Annette noted that compliance audits have become more prevalent and will continue to be in future years. As service providers, agencies use these types of audits to ensure that financial and technology internal controls are compliant and capable of serving the needs of client businesses. The resulting attestation report, which includes an auditor’s opinion, is used for the purpose of complying with laws and regulations, governance requirements for client’s financial statement audits, and due diligence reviews. Going forward, Kaulkin Ginsberg and CCA of A believe that investments in compliance functions will continue to grow in importance and expense allocation.

Furthermore, the Benchmark Survey saw that thirty percent of CCA of A participants filed credit reports with credit reporting agencies (CRAs) between 2016 and 2017. While the percentage of those filing reports remained constant, the cost of using credit reports by collection agencies increased by 15.7% year-over-year. When asked to explain this trend, Michael stated, “This may suggest that collection agencies are relatively reliant upon credit report data and the lower rate of filings is leading to an increased push by CRAs to charge more for access to credit reports. As such, credit reporting as a practice and expense should be closely monitored since it represents both an opportunity for operations and potential legal liability for the business.”

When asked why CCA of A decided to work with Kaulkin Ginsberg Company to provide this survey to its members, Annette stated, “We believe it’s important for business owners to establish a basis for comparison on an operational and/or financial basis to support strategic planning. By leveraging benchmark data, owners are better positioned to target significant technology investments and improve expense allocation.”

This report is thought to be extremely beneficial and will support strategic business initiatives. Please contact Kaulkin Ginsberg if you are interested in exploring a more in-depth analysis of your operation, such as financial benchmarking against comparatively sized and/or regionalized industry peer groups, by contacting hq@kaulkin.com.