What is the meaning of accounts receivable?

Just as Accounts Payable represents the company’s obligations to its suppliers and vendors, AR represents the amount of money customers owe to a company for goods or services provided on credit, reflecting the anticipated future inflow of funds.

Accounts receivables are considered an asset because it represents payment to be received in the future. It is recorded at the invoiced amount and will be adjusted for necessary allowances, such as doubtful accounts or uncollectible amounts. AR highlights the value of products sold or services rendered, with the understanding that payment will be received later.

As customers make payments, the AR balance is reduced, and the corresponding cash or another form of payment is recorded.

AR is an essential component of accrual accounting, where revenue and expenses are recognised when earned or incurred, regardless of when the actual payment is received. It ensures that the company’s financial records accurately reflect its revenue, even if the cash has yet to be received.

Understanding the Accounts Receivable (AR) Process

The procedure for managing accounts receivable typically starts as follows:

1. A signed agreement between the customer and the company specifies the goods or services to be purchased.
2. The company then fulfils the order by delivering the goods or providing the agreed-upon services.
3. An invoice is sent to the customer, indicating the amount owed and the payment due date.
4. The company records the outstanding amount as a credit entry in accounts receivable, representing the customer’s debt.

Why is accounts receivable an asset?

The essence of accounts receivable as an asset is the expectation that customers’ debts will be converted into cash. Higher receivables indicate a company’s strong potential for generating money and fuelling business growth over time.

A company’s size, nature of the business, regulatory requirements, and management preferences determines the method of accounting employed by the business. Under the cash basis of accounting, revenue is recognised only when cash is received. Therefore, accounts receivable would not be considered revenue under this approach. However, under the accrual basis of accounting, revenue is recognised when earned, regardless of when the cash is received. In this context, AR is indeed considered revenue.

How to calculate Accounts Receivable?

AR can be calculated with the help of a financial ratio known as the Accounts Receivable turnover ratio or receivables turnover. This financial metric assesses how effectively a company manages the credit it extends to customers. It measures the speed at which outstanding debts are collected during a specific accounting period.

In addition to the turnover ratio, the average collection period can be calculated by dividing the days by the AR turnover ratio. This figure helps determine the average days customers take to pay their debts.

Here’s a list of formulas that can be used while calculating AR related Metrics:

• Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts Receivable

(This ratio measures how efficiently a business collects its average accounts receivable over a specific period. Net Credit Sales represent the total credit sales during that period.)

• Accounts Receivable Turnover Ratio in Days = 365 / Accounts Receivable Turnover Ratio

This calculation determines the average number of days it takes for a customer to pay for credit sales. A lower ratio in days indicates faster collection, while a higher ratio suggests slower payment.

• DSO = (Accounts Receivable / Total Credit Sales) x Number of Days

DSO provides insights into the efficiency of the receivables function. A high DSO indicates delays in receiving payments, while a low DSO suggests prompt payment.

What is the Importance of Accounts Receivables?

Accounts receivable offer several advantages for businesses:

• Improved Cash Flow: AR allow businesses to receive payment for goods or services provided on credit. Businesses can generate sales and revenue by extending credit to customers, even if immediate payment is not received. This improves cash flow and provides a steady stream of incoming funds.
• Increased Sales Opportunities: Offering AR as a payment option can attract more customers and boost sales. Some customers may prefer to buy now and pay later, which can lead to increased purchase volumes and repeat business.
• Customer Relationships and Loyalty: Extending customer credit can help build stronger relationships and foster customer loyalty. Offering favourable payment terms and flexibility can enhance customer satisfaction and encourage long-term business relationships.
• Competitive Advantage: Providing AR as a payment option in competitive markets can differentiate a business from its competitors. It can attract customers who prioritise convenience and flexibility in their purchasing decisions.
• Short-Term Financing: AR can be a short-term financing solution for businesses facing cash flow challenges. Instead of relying on external financing options, businesses can use outstanding invoices as collateral to secure financing or sell them to third-party financing companies at a discount.
• Valuable Business Insights: AR data provides valuable insights into customer behaviour, payment patterns, and creditworthiness. This information can help businesses make informed decisions about credit policies, customer segmentation, and risk management strategies.

What does an Account Receivable Specialist do?

An AR specialist is crucial to a company’s financial operations. Their primary responsibility is to manage the accounts receivable process and ensure the timely collection of outstanding payments from customers. Here are some essential tasks and responsibilities of an accounts receivable specialist:

• Generating accurate and timely invoices for customers.
• Recording and tracking incoming payments.
• Proactively contact customers for overdue payments.
• Reconciling payment discrepancies and resolving issues.
• Communicating with customers regarding billing and payment inquiries.
• Maintaining records of customer accounts and transactions.
• Generating reports on AR status and performance.
• Identifying opportunities for process improvement.
• Ensuring compliance with financial regulations and company policies.
• Supporting audits and financial reviews.

AR Management with Team SBA

Team SBA assists Law firms, accounting firms and general businesses with AR support processes including creating draft bills, final bills, sending out invoices to end clients and level 1 debtors follow up by email. Gain a critical competitive advantage by deploying team SBA for your Accounts Receivable processes. Reduce costs in your Accounts Receivable processes by deploying the SBA Away team.

The post What are Accounts Receivable (AR)? A Comprehensive Guide appeared first on Strategic Business Alliance.

In this blog, we’ll discuss accounts payable, their significance, challenges, and practical strategies to navigate this necessary aspect of financial management.

What is the meaning of Accounts Payable (AP)?

Accounts payable, or AP represents a company’s short-term liabilities, encompassing the invoices owed to suppliers and other businesses for products and services. It is a crucial component in the liabilities section of the balance sheet. AP departments play a crucial role in handling expense reports, and invoices, and facilitating prompt payments.

Accounts payable (AP) are essential components of businesses that operate under the accrual basis of accounting. This accounting method records income and expenses when they are invoiced and paid. In essence, it is the sum of money a business owes to third parties, such as suppliers or vendors, and it is a crucial aspect of the overall accounting function. Whether managed by a dedicated department or a single accounting staff member, accounts payable is critical in tracking and fulfilling payment obligations outside of payroll.

How does the Accounts Payable Process Work?

The scale of an organisation’s accounts payable process workflow depends on the following factors: the number of vendors/service providers, the payment volume, documentation requirements for each transaction, payment terms and discounts, internal control and approval processes, and the level of automation and technology solutions employed.

1. Invoice Processing: Upon receiving a purchase order, the supplier may generate an invoice based on the purchase order to request payment for the delivered goods or completed services. Once invoices are received, they undergo verification to ensure accuracy, validity, and proper coding for expense categorisation. Invoice processing also involves obtaining necessary approvals and preparing the invoices for payment.
2. Payment Processing: The payment processing component begins once invoices are processed and approved. This involves scheduling and executing vendor payments based on the agreed-upon terms and payment methods. Payment processing may include issuing checks, initiating electronic fund transfers, or utilising online payment platforms. It also entails tracking payment due dates and ensuring timely payments to avoid penalties or disruptions in vendor relationships.
3. Vendor Management: Vendor management is essential to the AP process, and it involves establishing and maintaining positive relationships with vendors or suppliers. This includes negotiating payment terms, resolving disputes or discrepancies, and addressing vendor inquiries.
4. Record Keeping and Reporting: The final component of the AP process involves maintaining accurate records and generating reports. This includes documenting all relevant AP transactions, keeping payment history, and maintaining vendor records. Additionally, regular reporting provides insights into AP performance, outstanding liabilities, cash flow management, and vendor analysis.

The complete cycle of the accounts payable process involves receiving the purchase order (PO) from the purchasing department, validating and comparing it with the vendor’s invoice, and approving the final payment to the vendor.

Why are accounts payable management important?

• Accounts payable management is crucial in fostering strong relationships and a solid foundation for long-term partnerships with suppliers and vendors by ensuring timely payment of bills and invoices.
• Effective accounts payable management is essential for businesses to avoid incurring unnecessary costs such as late fees, penalties, and interest charges.
• The timely processing of all necessary purchases is ensured by effective accounts payable administration, avoiding delays or interruptions in business operations.
• By leveraging the credit terms offered by vendors, accounts payable management enables businesses to optimise their cash flow.

Accounts Payable vs. Accounts Receivable

In simple terms, accounts payable and accounts receivable are two interconnected aspects of a business’s financial transactions. The amount owed to suppliers by the business is shown in accounts payable, while accounts receivable shows the money owed to the business by customers.

Accounts receivable are considered a current asset, indicating the expected conversion of outstanding payments into cash within a year. Accounts payable, on the other hand, is a current liability that reflects the company’s debts to creditors. Using both v allows for effective cash flow management and provides insights into a company’s financial position.

Accounts payable tracks the business’s outstanding debts, while accounts receivable monitors the payments owed by clients or debtors. Both accounts are recorded on the balance sheet. Accounts receivable records credit-based customer purchases until payment is received; at this point, the payment amount is debited from accounts receivable and credited to the revenue account.

Automation in Accounts Payable Management

Current accounts payable management leverages software automation and intelligent applications to simplify the bill entry process, reduce manual effort, enhance accuracy, and facilitate efficient payment scheduling. AP automation reduces manual effort and costs, providing significant benefits to businesses. It speeds up data entry through automated capture, improves invoice matching and coding accuracy, and streamlines approval routing. By eliminating manual tasks, companies can lower processing costs and scale their AP operations.

Additionally, automating accounts payable helps businesses track invoices from receipt to payment, monitor approval progress, and identify bottlenecks or delays. This visibility enables proactive management, allowing prompt action to resolve issues and maintain a smooth workflow. The detailed data generated offers more profound insights into accounts payable performance, which helps the business to make informed decisions.

Companies implement AP automation software through either cloud-based software-as-a-service (SaaS) or on-premises solutions depending on whether the business prefers to host and control its systems. While the AP process is generally standard, companies may have unique requirements that should be considered to ensure the solution aligns with their workflows, ultimately providing the highest return on investment.

In Australia, some of the top automation software for Accounts Payable include:

• Xero: Xero offers cloud-based accounting software with AP automation features such as automated invoice processing, bill payment scheduling, and document management.
• MYOB: MYOB provides accounting software solutions that include AP automation capabilities, allowing for streamlined invoice processing, payment automation, and integration with banking systems.
• QuickBooks Online: QuickBooks Online offers AP automation features that help businesses streamline invoice processing, automate payment schedules, and track vendor bills and payments.
• SAP: SAP offers comprehensive enterprise resource planning (ERP) software with robust Accounts Payable automation capabilities. SAP is known for its enterprise-level solutions and is widely used by larger organisations with complex accounting needs.
• Freshbooks: Freshbooks is a cloud-based accounting software with AP automation features. Freshbooks mainly caters to small and medium-sized businesses with user-friendly interfaces and simplified accounting processes.

Accounts Payable Management With Team SBA

Streamline your accounts payable process with our AP management services and focus on growing your business. We offer comprehensive AP solutions, including invoice processing, payment management, and accurate reporting. With over 12 years of experience, our team of experienced bookkeepers is well-equipped to handle all your bookkeeping needs. Our team utilises cutting-edge bookkeeping software to ensure precise and efficient financial management. We leverage the latest technology to ensure accuracy, efficiency, and compliance with the Australian Tax Office (ATO) regulations.

The post What are Accounts Payable: A Comprehensive Guide appeared first on Strategic Business Alliance.

Legal transcripts are essential to the legal industry, enabling lawyers and legal professionals to transform audio recordings into searchable text documents. It has become vital in meeting the demands of depositions, court proceedings, interviews, and police investigations.

Legal transcriptions not only boost productivity in the workplace but also help lawyers to build stronger arguments and assemble crucial data and evidence, ultimately saving them time and money. Accuracy is paramount in legal transcription, particularly in court proceedings where every word matters.

The demand for legal transcription services is skyrocketing, with lawyers and attorneys seeking a more efficient and accurate method to manage information exchange during legal proceedings.

How is legal transcription different from general transcription?

General transcriptionists typically handle audio or video recordings not specific to any particular industry or field, such as interviews, podcasts, or lectures. On the other hand, legal transcriptionists work with specialised terminology and documentation that requires in-depth knowledge of the industry-specific jargon and procedures. Legal transcriptionists must know legal terminology, court procedures, and documentation requirements. As a result, it is essential to have a transcriptionist with the appropriate knowledge and training to transcribe industry-specific recordings accurately. In addition, transcriptionists working on any legal transaction must be familiar with verbatim transcription methods. This implies that every utterance, including filler words like ‘ums’ and ‘ahs’ and non-verbal cues, must be transcribed.

What are the different types of legal transcription services?

1. Deposition Transcription

Deposition transcription is a legal transcription service that involves the conversion of audio or video recordings of depositions into written transcripts. Depositions are formal proceedings where witnesses are sworn in and give their testimony under oath, typically in a legal setting, such as a court or law office. The deposition transcript is an official witness testimony record and can be used as evidence in legal proceedings. Therefore, it is crucial to hire a reputable legal transcription service for deposition transcription to ensure the accuracy and completeness of the transcript. These transcripts can become a powerful tool in court, providing attorneys with valuable details and evidence to build better and stronger arguments.

2. Interrogation Transcription

Recording and transcribing conversations with witnesses or suspects is a valuable tool for legal authorities. These Interrogation Transcription Services involve converting audio or video recordings of interrogations into written transcripts. Interrogations are typically conducted by law enforcement personnel in a custodial setting, such as a police station, and involve questioning suspects, witnesses or persons of interest in a criminal investigation. These recordings are often transcribed verbatim by legal transcription services to create accurate written records of the proceedings.

Interrogation transcripts can be a powerful tool for legal professionals, including law enforcement personnel, prosecutors, defence attorneys, and judges, in analysing the details of the interrogation, including the suspect’s statements, behaviour, and demeanour. The nuances, non-verbal cues and utterances captured in the audio can be analysed and used to develop arguments or issues in court.

3. Hearing Transcription

Hearing transcripts are another type of legal transcription that serves as an official record of the proceedings. Transcribing hearings into a text format can be valuable for capturing witness testimonies, cross-examinations, and the defence presented by both sides in court. Hearing transcription requires specialised skills and knowledge of legal terminology and procedures. Transcriptionists working on hearing transcripts must accurately capture the spoken words, distinguish between different speakers, and maintain the integrity of the original recording. Their expertise ensures the resulting transcripts are accurate, reliable, and admissible in court. Important details and arguments are documented by transcribing hearings, ensuring they are accurately preserved and easily accessible for future reference.

4. Transcription of Wiretaps and Phone Calls

Legal authorities employ various surveillance methods, including the interception and monitoring of phone calls, as part of their investigative efforts to gather evidence and construct a strong case. The verbatim transcripts serve as a reliable source of information, enabling legal professionals to analyse conversations, identify key points, and uncover crucial details that may support or challenge arguments. These transcripts are valuable assets in building a solid case and ensuring justice.

Due to these transcription requests’ sensitive and high-stakes nature, they are often entrusted to highly skilled and experienced legal transcriptionists. The best transcriptionists are sought after for their expertise in accurately transcribing these recordings with utmost precision, ensuring a near-perfect level of accuracy close to 100%.

Confidentiality and security are paramount when dealing with phone calls and wiretap transcription. Transcription service providers adhere to strict protocols to protect the privacy and integrity of recorded conversations. They handle the transcription process with the utmost professionalism and ensure that the transcripts are securely stored and accessible only to authorised individuals involved in the legal proceedings.

5. Transcription of Meetings, Dictations, and Conferences

Attorneys constantly face time constraints while building cases, reviewing materials, and attending court hearings. They often dictate important notes, documents, and reports for future reference to optimise their time and focus. Transcription services play a vital role in converting these dictations into written form, allowing attorneys to conveniently access and utilise the information.

Transcribing meetings and conferences are also common in the legal field. By converting these gatherings into written transcripts, attorneys can easily identify critical details and essential keywords discussed during client meetings or internal discussions. This streamlines their workflow, saving time and enabling them to focus on constructing solid arguments and engaging in meaningful conversations.

6. Transcription of Various Correspondences

Transcribing various correspondences is a crucial aspect of communication in multiple industries and sectors. It involves converting different types of written or recorded correspondences, such as emails, letters, memos, and messages, into a written text format. Transcription services are vital in ensuring accurate and efficient documentation of these correspondences.

Correspondence transcriptions enhance communication, documentation, and information management across different practices. Accurate transcriptions contribute to effective decision-making, seamless collaboration, and improved organisational efficiency.

Outsourcing Legal Transcription Services

Legal entities can significantly alleviate their workload and minimise stress by outsourcing legal transcription services. However, selecting the right service provider that offers top-notch legal transcription solutions at affordable rates is crucial. When searching for legal transcription services, turnaround time should be a consideration. This ensures that the transcriptions are delivered promptly, allowing legal professionals to access the transcribed documents promptly. By focusing on these aspects, legal entities can provide a seamless and efficient transcription process that meets their needs and requirements.

With over 12 years of experience, Team SBA has established itself as a reliable provider of transcription support services for law firms. The dedicated SBA WP team specialises in completing dictations for law firms across various practice areas, including family law, litigation, commercial law, workers’ compensation law, and more. Their extensive familiarity with the legal field enables them to accurately transcribe complex legal terminology and jargon, ensuring the highest accuracy and understanding in the final transcripts.

The post Understanding Various Types of Legal Transcription Services appeared first on Strategic Business Alliance.

Despite the glamour associated with the white-collar profession, there’s a significant issue with the normalisation of a lawyer’s long and demanding working hours. While hard work is a necessary part of any successful career, overworking is a pervasive problem in the legal profession. It leads to high levels of burnout, excessive stress, substance abuse, and mental health issues that are often ignored or brushed under the rug. Accepting long working hours perpetuates this toxic culture and fails to prioritise the well-being of legal professionals.

In this blog post, we’ll take a closer look at the working hours of a lawyer and why they often extend beyond the typical 9-5 workday.

How Many Hours Do Lawyers Work?

As per Labour Market Insights by the Australian Government, solicitors work an average of 48 hours per week in their main job, which is 4 hours more than the 44 hours per week average across all occupations; however, in reality, most lawyers work far more than 44 hours each week, as the job often demands them to work nights and weekends.

Lawyer working hours can vary greatly, and there is a multitude of factors that contribute to this. Everything from the firm’s size to the specific practice area to the geographic location can play a role in determining the working hours of a lawyer, but the hours billed to clients only show part of the picture. Lawyers often work far harder than the hours they bill for.

In addition to legal work, lawyers must spend significant time on administrative duties such as invoicing, processing payments, and more. The pressure to complete things on time only adds to the already long working hours for lawyers.

Why are Lawyer Working Hours too Long?

The demanding and high-pressure nature of legal work significantly contributes to lawyers’ long working hours. The job demands acute precision and meticulous attention to detail, so taking shortcuts or rushing through tasks is not an option. The heavy paperwork load only adds to the challenge.

Legal issues that require immediate attention can arise at any moment; many clients unofficially expect that legal services will be available around the clock. The intricacy of legal work often means that handing it off to colleagues in a shift system might not be feasible. As a result, many lawyers find themselves working long hours to keep up with their workload and client demands.

Additionally, there’s the simple arithmetic of billing clients in six-minute increments – the more hours an associate works, the more revenue the firm generates. With attorneys having to work a minimum billable hours quota and completing the other non-billable work, it’s easy to see how 10 pm in the office can become the norm.

How can Long Working Hours affect a Lawyer?

Burnout: Lawyers who work long hours in high-stress environments have burnout, which can seriously affect their well-being. A recent poll conducted by Lawyers Weekly confirmed that lawyers are indeed feeling “very exhausted.” While some lawyers may know they’re working too many hours, many may only realise it or hesitate to admit it once it’s too late. Many legal recruiters and professionals have echoed a similar sentiment in recent years.  According to research conducted by Gallup, if an employee works for more than 50 hours per week, it significantly increases the risk of burnout among them.

To combat burnout, lawyers and law firms must implement protective measures such as creating a culture of respect and psychological safety, providing flexible work schedules, and establishing policies for taking time off to recharge. By prioritising the well-being of their employees, law firms can help prevent burnout and promote a healthy work-life balance for lawyers.

Stress is inevitable in any profession, but it can be particularly intense in the legal field. It can be highly stressful, with high stakes, tight deadlines, and demanding clients. This can create a challenging and overwhelming environment, leading to anxiety, depression, and other mental health issues. Unfortunately, lawyers also face job insecurity, high competition, and ethical dilemmas that only exacerbate their pressure.  A US survey by Law360 Pulse found that 83% of attorneys report experiencing stress at some point in their work, and many are expected to take only one week or less of vacation in 2023.

Legal professionals must prioritise their mental health and well-being to avoid addiction disorders and maintain a healthy work-life balance.

How can Long Lawyer Working Hours be Reduced?

• Automate Tasks

According to Clio’s data anonymously analysed 40,000 law firms, lawyers only billed 28% of an eight-hour workday. To reduce extra-long working hours, lawyers can utilise technology to automate administrative and non-billable tasks, allowing them to work more efficiently and potentially bill more hours. Legal Tech tools help lawyers track their time in real time, streamlining their daily processes and reducing the time spent on manual time tracking.

• Communication

Lawyers should communicate their workload and deadlines with their colleagues and clients to set reasonable expectations and avoid last-minute rush work.

• Self-care

Lawyers can prioritise their physical and mental health by taking breaks, engaging in physical activity, and practising stress-management techniques such as meditation or yoga.

• Flexible work arrangements

Lawyers can negotiate flexible work arrangements with their employers, such as reduced hours, remote work, or job sharing, to promote a healthier work-life balance. Many firms have already started mastering hybrid work arrangements as it is essential to attract and retain top talent. By offering a mix of remote and in-person work options, firms can create a more flexible environment for family-oriented staff and working parents.

• Delegating and Outsourcing:

Delegating and Outsourcing non-core legal tasks can be a strategic move for lawyers and law firms, especially for administrative work like accounting, legal research, word processing, precedent formatting, database management, and more. Not only can outsourcing free up time for lawyers to focus on billable work and client relationships, but it can also reduce costs and increase efficiency. By delegating these tasks to an outsourcing company, you can ensure that they are handled by trained professionals, leading to better work quality and faster turnaround times. Team SBA assists a wide array of law firms and lawyers with back office support services.

The post Beyond the Glamour: Stress of Lawyer Working Hours appeared first on Strategic Business Alliance.

Ruby’s journey began in 1928 when she moved to Tulagi in the British Solomon Islands Protectorate with her husband, Skov Boye. Skov worked as a plantation manager for Lever Brothers, and Ruby found joy in playing the piano. However, with the outbreak of World War II, Ruby’s skills in radio were noticed by the Australian Navy Intelligence Division, and she was recruited to serve as a Coast Watcher.

The Boyes knew what usually happened to coastwatchers who fell into Japanese hands. In March 1942, an elderly Australian copra planter named Percy Good was executed by enemy troops on Bougainville in the western Solomon Islands. 

Ruby’s primary duty was to transmit weather observations to the coastwatchers’ regional headquarters on Tulagi. She was stationed at Vanikoro, where her enciphered meteorological observations proved invaluable during the Battle of the Coral Sea, the invasion of Guadalcanal, and the Battle of Santa Cruz. Her observations helped the Allies gain a key advantage in these battles, which ultimately led to their victory.

Japanese intelligence officers knew all about Mrs. Boye and the work she was performing. When radio-delivered threats failed, a flying boat dropped pamphlets over Vanikoro that offered money in return for the death or capture of the island’s “European spies.

With the loss of Tulagi in May 1942, Vanikoro became a relay station between the American headquarters at Vila in the New Hebrides and coastwatchers operating far behind enemy lines to the west.

Sometime in 1943, Ruby Boye received a high-profile visitor when Admiral William F. “Bull” Halsey arrived by seaplane to congratulate the coastwatcher on her wartime achievements.

Halsey introduced himself by exclaiming, “I want to meet the wonderful lady who operates the radio here.”

Australian officers were also impressed by this self-taught wireless operator, the sole female coastwatcher to serve during World War II.

Commander Eric Feldt arranged for her appointment as Honorary Third Officer in the Women’s Royal Australian Navy Service (WRANS), effective July 27, 1943.

Ruby was 51 years of age when she accepted this commission. This was done also to protect her in case of her capture to prevent execution as a spy.

Skov and Ruby remained on Vanikoro until 1947, when he sickened with leukemia. The Boyes returned by chartered airplane to Sydney, where Skov Boye died shortly after being admitted to the hospital. Settling in Sydney, Ruby married Frank Jones in 1950. Sadly, she lost Frank after 11 years of wedlock.

Honorary Third Officer Ruby Boye lived to the age of 99, passing away on September 14, 1990.

Her contribution to the Allied victory in World War II has been commemorated by the dedication of an accommodation block—Boye House—at the Australian Defence Force Academy in Canberra.

As we pay tribute to the service and sacrifice of our Anzac heroes, it is crucial to remember the lesser-known heroes, such as the Coast Watchers. They faced immense danger to protect our freedom and ensure the success of the Allied forces.

Ruby Boye was extra special in being the only female coast watcher – her name liveth for ever more and lest we forget.

Source:

Warfare History Network

Australian Navy

Maritime Museum

The post Anzac Day 2023 – The Story of Ruby Boye appeared first on Strategic Business Alliance.

Introduction to Email Management

Email is a core component of communication for lawyers and other business professionals. In fact, a lawyer’s inbox can become an unofficial part of their client’s case management system. Along with sending and receiving messages, Outlook is often used to sort and store emails.

Here are some common challenges law firms face when it comes to email management:

• Emails are often stored inconsistently across the firm, making it hard to find specific messages when needed.

• Searching for client emails can take up valuable time that could be spent on other tasks.

• Miscommunication with clients can occur when emails aren’t properly organized into the correct folders.

How to organise Emails?

• Use filters and labels
• Creating Canned Responses
• Using Email Shortcuts
• Scheduling Emails
• Using ‘Rules’ to Automatically Mange Emails
• Integrate Legal Tech Solutions

• Use filters and labels:

When lawyers are receiving hundreds of emails everyday, organising them can be a daunting task but there are several features that can help. One of the most useful ability is to create subfolders and apply labels to messages. It allows them to organise emails into different categories, such as client emails, court documents, and internal communications. The folder structure is frequently used for email archiving, but folders are also a great way to manage incoming emails as tasks and remove them from the inbox view. Additionally, using labels and filters can also help them stay organised and on top of their emails.

• Creating Canned Responses:

Creating canned responses using Microsoft Outlook’s Quick Parts feature can save lawyers time and effort in responding to frequently asked questions. By selecting and saving boilerplate text in the Quick Parts Gallery, lawyers can easily insert the text into their email responses to clients. This helps them address repeated messages more efficiently and can increase their productivity.

• Using Email Shortcuts:

Efficient email management can greatly benefit lawyers by reducing the time they spend on email and increasing their productivity. One way to do this is by utilising keyboard shortcuts on Microsoft Outlook. Some of the most commonly used shortcuts include:

• composing a new email with Ctrl + N,
• sending an email with Ctrl + Enter,
• replying to the sender with Ctrl + R,
• deleting an email with Ctrl + D, and
• flagging an email for follow-up with Ctrl + Shift + G.

By learning and using these shortcuts, lawyers can work more efficiently and manage their emails with ease.

• Scheduling Emails:

Lawyers often work for long hours, but often one does not feel comfortable sending emails outside of working hours. Streamline email management by scheduling emails with the “Delay Delivery” feature in Microsoft Outlook. This feature allows users to set a specific send time for an email, even if it’s drafted and scheduled outside of business hours.

Scheduling emails offers several benefits, including the ability to send emails at a time when they are most likely to be opened. By avoiding sending emails during off-hours or weekends, lawyers can also prevent giving the impression that they expect an immediate response or are available around the clock..

Scheduling emails also enables users to start a conversation when they are ready, rather than getting drawn into an email thread at an inconvenient time. For example, if someone is about to have dinner with their family, they may not want to engage in a lengthy email exchange at that moment!

• Using ‘Rules’ to Automatically Mange Emails:

Many automatic notification emails do not come with an unsubscribe option and prevent employees from focusing on their important work. Some of the common examples include automatic notifications from customer relationship management software, and daily or irrelevant mass emails. To manage these distracting emails, Microsoft Outlook’s rules function can be used to automatically sort them into the trash or another designated folder for review. Rules can also be set up to automatically sort incoming emails based on their sender, subject, or other criteria, and direct them to specific folders for better organisation.

Using these rules can significantly reduce the number of distracting emails in the inbox and allow employees to prioritise and manage their inboxes more effectively.

• Integrate Legal Tech Solutions

Integrating Microsoft Outlook with various legal tech tools and the firm’s practice management system can significantly enhance a lawyer’s productivity and workflow. Many legal tech companies offer plugins and integrations that seamlessly connect with Outlook to automate tasks, streamline document management, and enhance client communication.

For example, practice management software can integrate with Outlook to automatically link emails to relevant client matters or cases, and document management tools can enable users to save and access files directly from Outlook. Additionally, integrations with billing and invoicing software can help lawyers track time spent on emails and automate invoicing processes.

By leveraging these integrations, lawyers can save time and reduce errors by centralising matter-related data directly from Outlook.

Email Management with Team SBA

Managing email is crucial for lawyers, and with the help of SBA’s services, it can be made easier and more efficient. With SBA’s support, lawyers can stay organised, save time, and maintain a professional image.

Team SBA currently assists law firms with ‘email profiling’.

Team SBA can check for the relevance of emails, segregate them as per sender, flag urgent emails for attention, and profile them according to their content.

Team  can also profile email attachments and save emails in the firm’s practice management software.

Additionally, Team SBA can provide a spreadsheet of all emails profiled and input time sheets for legal teams for any time costs relating to emails.

With Team SBA’s assistance, lawyers can take control of their mailbox and achieve email management nirvana!

The post Email Management Tips for Lawyers appeared first on Strategic Business Alliance.

Who would have thought that a bunch of fancy metal things floating above us would change the way we communicate? Well, it did! Satellites have revolutionised global communication networks by enabling the transmission of signals across vast distances. And boy, did it revolutionise weather forecasting! Thanks to those geostationary meteorological satellites, we can now see weather patterns in real-time. You can’t deny that you’ve secretly pretended to be a weatherman at least once.

The idea of satellite communications was first proposed by Arthur C. Clarke in 1945, and we haven’t looked back since.

The Soviet Union launched the first communications satellite, Sputnik 1, in 1957. And guess what, the United States followed suit in 1962 with Telstar 1. The launch of early satellites in the 1960s spurred private sector interest in communication satellites.

NASA and private companies such as AT&T and Hughes Aircraft Company launched a series of satellites, culminating in the launch of Early Bird by Comsat in 1965, which provided the first continuous satellite communications link.

And here we are today, enjoying the fruits of that early labor. Satellites have brought us television and radio broadcasting, internet connectivity, GPS navigation, and even military communications – it’s like a one-stop shop for all our communication needs! Plus, it’s the only fully commercial space technology that generates sales worth billions of dollars.

Satellites enabled the continuous exchange of video, audio, and data information between distant locations, allowing people to witness and react to historic events in real-time. From the launch of Sputnik 1 by the Soviet Union in 1957 to the launch of the smallest low orbit device in 1999, satellites have changed the way we live and work. They’ve connected us to people and places on the other side of the world and opened up a world of possibilities for communication and information sharing.

So, the next time you’re using GPS navigation to get around or binge-watching your favorite show, remember that it’s all possible because of satellite communications. And with the impact of this invention continuing to be felt for generations to come, who knows what kind of crazy communication technology we’ll have in the future? Maybe we’ll finally be able to communicate with aliens!

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Picture this: it is the 1950s, and computers are still big, clunky machines that take up entire rooms. And if you wanted to store data, you had to use punch cards or paper tape, which were about as reliable as a cat trying to catch a laser pointer.

But then, out of nowhere, comes a hero in the form of an IBM engineer named Rey Johnson. He’s on a mission to create a storage device that doesn’t need constant power to keep data safe. So he tinkers away in his lab, and finally, after months of hard work, he emerges victorious with… (drumroll please) … the hard disk!

Yes, folks, the hard disk was a game-changer. Suddenly, you could store up to five whole megabytes of data on a single device. That’s right, megabytes, not gigabytes or terabytes like we have today. But back then, five megabytes was a big deal. You could store 100,000 pages of text, more than anyone had ever dreamed of.

And the hard disk didn’t just change the game; it became the game. Everyone wanted one. It was like the hottest new tech gadget; before you knew it, the IBM 350 disk storage unit was the gold standard for all computer manufacturers.

Fast-forward to today, and we have hard disks that can store more data than you’ll ever need. Need to save all your cat pictures? No problem. Want to back up your entire life’s work? Easy-peasy. And it’s all thanks to the hard disk.

But let us not forget the quirks of early hard disk technology. Remember those 24-inch platters? Yeah, those things were massive. You could not precisely slip one into your pocket and take it on the go. And imagine the noise they made spinning around in those disk drives. It’s a wonder anyone could get any work done with all that racket.

Despite its quirks, the hard disk remains an essential component of almost every computer today. We rely on it to store our photos, documents, and all the other digital clutter accumulating in our lives. So, here’s to you, hard disk. You may not be the flashiest technology, but you are essential.

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The True meaning of Legal Process Outsourcing

As lawyers work towards transforming and enhancing their service delivery model, they also strive to make it flexible, scalable and efficient. Increasing costs are consistently making it difficult for law firms to continue with their old delivery model. In order to address and sustain the futuristic vision and requirements, lawyers need to identify the right time and right areas, in their firm to implement Legal Process Outsourcing (LPO) solutions.

Outsourcing legal services increases the firm’s value by supporting cost-effective growth and improving internal compliance. LPO people solution and process solution brings a rigour to project management.

A partnership with outsourcing companies like SBA also enhances the firm’s legal tech capabilities with its technology solutions. It streamlines legal services and standardises repeatable processes like matter management, contract management, e-billing etc. Most of the LPO providers can offer custom-tailored services, which can help the firm with legal tech implementation and document standardisation.

Various Legal Processes to Outsource

Often, lawyers are swamped with cases, making time and resource management difficult. Hence, Legal Process Outsourcing stands out as the next strategic step for firms to improve their service delivery. Before adopting this strategy, it’s essential to evaluate the significance of specific legal services and determine which processes the firm should outsource to improve its service delivery model and increase profit margins.

Processes within each category which are most commonly outsourced include:

Litigation Support Outsourcing

Litigation support refers to the services that assist with legal proceedings throughout the “pre-trial, trial prep, and trial processes.” These services may include drafting legal documents, conducting research, managing discovery, providing trial support, and creating and maintaining database.

Often, legal associates must block their calendars to provide litigation support, causing law firms to experience cost increases. Outsourcing Litigation Support services help lawyers to avoid undesirable positions in which high legal costs could ultimately impact the direction and success of their litigation strategy.

Conveyancing Outsourcing

Outsourcing conveyancing helps the firm to take down the stress around property transactions so that lawyers have enough space to handle multiple contracts efficiently and match the client’s expectations.

Conveyancing support services providers like SBA have the expertise to handle complex conveyancing tasks. They can help lawyers streamline their conveyancing process and undertake matters such as matter management, conflict searches, OSR lodgement and preparing the PEXA workspace. 

Legal process Outsourcing solutions specifically come in handy during busy periods. Outsourcing providers like SBA can handle fluctuations in the volume of work, ensuring that transactions are completed on time without putting a strain on the in-house legal team.

Contract Management Support

Outsourcing Contract Management focuses on enhancing the value proposition by achieving better compliance with contracts. Contract Management support services helps the lawyer to focus on the risk provisions of the client’s contract and reduce the cycle time from agreement in principle to a signed contract.  Meanwhile, the outsourcing team takes care of tasks like drafting and reviewing the contract, summarising the contract, identifying the key commercial terms, organising the contract management system and maintaining the contract database.

Outsourcing paralegal support services

Quality paralegal support services gives lawyers leverage to keep their attention towards the core aspects of the case and court proceedings. LPO providers act as an extension of law firms and assist lawyers with various types of secretarial tasks like case law research, statutory research, regulatory research, document preparation, drafting pleadings, document management, and case management.

While these paralegal tasks are crucial for the case’s success, outsourcing them streamlines the legal operations so that the internal legal team can concentrate on other aspects of the case like client servicing, trials, depositions etc. Delegating such tasks to a qualified external team brings back the ability to fine-tune various operational projects that significantly impact the firm’s growth.

Legal Administrative Support

Digital transformation has created innovative ways to outsource administrative tasks and build a next generation business that enhances the workflow processes of the firm. Outsourcing companies like SBA accelerate law firms’ race to become futuristic firms by taking care of all their administrative activities and enhancing the operational efficiency of firms.

With the expertise of multiple legal software LPO providers take care of Data Extraction & Entry, Electronic Document Management, Billing Services, scheduling and organising.

Trust Accounting

Trust accounting is a crucial aspect of legal practice, particularly in the areas of estate planning, real estate law, and corporate law. Lawyers must hold funds in trust for their clients and maintain accurate and detailed records of all trust transactions. Trust accounting outsourcing providers can offer various services, including trust account reconciliation, trust account management, trust accounting software, and trust audits

Determining When to Outsource Legal Services

As the legal process outsourcing market has matured, it has become increasingly tech-driven, offering higher levels of capability. For many lawyers, outsourcing represents a sophisticated approach to assessing legal services, which can yield maximum value from their spending. However, the decision to outsource legal services relies heavily on the LPO provider’s domain knowledge and subject matter expertise. Lawyers must assess all aspects of legal outsourcing, including the qualifications of potential providers, which services to outsource, which providers to work with, and when to outsource. Careful consideration ensures that the outsourcing process succeeds and provides the law firm with the desired benefits.

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Productivity tools like Word, Excel, Teams, SharePoint etc., are a great starting point to improve the IT infrastructure of your firm with its cloud-based features. The tools create an advanced digital workplace that allows you to scale up the internal content management functions with rich and smooth functionality.

How to prepare for Office 365 Deployment?

The implementation of Office 365 offers greater collaboration but installing such an advanced infrastructure can be a bit challenging. Initially, you will need to create an email migration strategy, determine the migrating content, calculate the network bandwidth and take the final steps from your 365 migration checklist. Hence before deploying the tools, you should prepare the team by building a communication and training plan that provides ample time for translation. You can build a standardised roadmap template that helps that can help your team to go from nothing to adopting every feature and tool available to them via Office 365. This ensures that the whole suite is implemented, integrated, and rolled out in a phased manner.

How to implement Office 365?

Implementing Office 365 in a business can be a straightforward process with the right planning and preparation. Here are some steps to follow to successfully implement Office 365 in your business:

1. Determine your business’s needs and goals: Before implementing Office 365, it is important to assess your business’s needs and goals. This will help determine which Office 365 plans and features are best suited for your business and ensure that the implementation meets your requirements.
2. Plan Office 365 Implementation: You should begin the project plan by creating notes about the existing IT environment like Authentication Solutions, Mail routing, Server and Components, Hardware and Software, Network Architecture, and Bandwidth. Then you can strategise your email migration and content migration projects.

There are various Office 365 plans available, each with different features and pricing options. It is important to carefully review the different plans and select the one that best meets your business’s needs and budget.

• Migrate your existing data and applications: The next step is moving mailboxes and other business-related content from your on-premises environment to Office 365. If your business is currently using another productivity suite, such as Google Workspace or Microsoft Exchange, you will need to migrate your existing data and applications to Office 365. This process can be complex and time-consuming, so it is important to plan and prepare carefully.
• Train your staff: Once you have implemented Office 365, it is important to provide training to your staff so they can effectively use the new productivity suite. This can include training on how to use the different Office 365 apps, such as Word, Excel, and PowerPoint, as well as any new features and tools. In order to ensure user adoption, you can even incorporate a communications plan into Office 365  by scheduling alerts and clear instructions.
• Monitor and manage your Office 365 deployment: After implementing Office 365, it is important to monitor and manage the deployment to ensure that it is running smoothly and meeting your business’s needs. This can include monitoring usage, troubleshooting any issues, and making updates and upgrades as needed.

How do you know if Office 365 implementation was successful?

After integrating new technology into your organisation, you might want to measure its success against your set goals. But how do we do that? Unfortunately, checking the access to training courses doesn’t give a clear understanding of the efforts.

It will help if you start by checking and measuring the engagement of managers and their teams. Are they using tools? Is there a change in their working approach?

Secondly, you can measure and analyse the change in productivity, project costs, time spent on projects and operating costs. These factors indicate whether employees are driving towards adoption and if your organisation is consequently pointing towards achieving set success goals.

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