Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
Why you should care about reducing your DSO
Oct 21, 2021 by Brandon Jones
Many companies struggle with the problem of getting customers to pay invoices in a timely manner. On-time payments are extremely important to a business’ cash flow. Since understanding the details of customer payments is the first step towards improving cash flow, many companies keep track of days sales outstanding (DSO).
Get your hands off your AR process
Oct 19, 2021 by Kelsey Banerjee
For people on the outside looking in, accounts receivable (AR) processes appear deceptively simple. After all, isn't it just accepting payments? What's better than handling payments?
How to streamline month-end close processes with digital payments
Oct 14, 2021 by Brandon Jones
The end of the month can be a stressful time for your financial team. Between calculating employee wages, paying bills, and balancing budgets, there is a lot of financial data to keep track of. And unfortunately, due to human error, that data can easily be lost. But all of that can be avoided with digitized month-end accounting.
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How to Automate B2B Payments
Jul 6, 2021 by Daniella Bourguetts
Introduction Progressive companies have been investing in Accounts Receivables automation to achieve sustainable growth and optimize their team's most valuable resource: time. As advanced as some ERPs are, they don't automate many of AR's manual processes associated with payments like reconciliation, mailing invoices, and processing paper check payments. Automating these manual and arduous tasks allows an AR team to focus on more impactful and strategic issues that add greater value to the organization. In 2019, a study conducted by Mastercard and PYMTS titled "B2B Payment Automation Innovation Playbook" stated that 74% of companies haven't yet adopted payment automation but plan to do so by 2022. In a more recent 2021 study, these numbers increased to 76% of respondents wanted to automate banking activities and 80% of respondents planned to automate their payments and reconciliation processes. Though payment automation has been focused of cost saving and efficiency, the pandemic has highlighted the need to manage their AR processes remotely plus build a scalable payment process that facilitates the evolution from legacy (paper checks, cash, etc) to digital payments. In this blog, we will demonstrate how evolving your payment strategy with B2B payments automation can be the key ingredient for growth and embracing the benefits of digital payments. After all, it took a relatively short time for consumers to adopt digital payment apps like Paypal and Venmo. We can be confident that the business payment evolution won't be far behind the consumer's shift away from paper payments. How automation puts your finance team on path to success At Paystand, we sometimes hear from companies hesitant to change to an automated payment system. It's difficult to change when some people have used the same processes for many years that have "worked". Thankfully with some coaching these same people understand that change is inevitable and companies either evolve or else. While new payment technologies aren't revolutionary, using paper checks and credit cards and their associated fees can and will consume resources for those unwilling to change. Those companies who continue to resist the shift toward digital payments will be at the mercy of card networks and their tendencies to increasingly raise processing fees. Besides the cost and efficiency savings involved in this new digital payment paradigm, there's the benefit of quickly accessing all AR data in one integrated system plus there's no more waiting for the post office to deliver the mail or in the rare case, tracking down a lost envelope. In summary, the benefits of B2B payment automation are:
EIPP Software's Future is in Blockchain: Issue #13
May 3, 2021 by Daniella Bourguetts
Editor’s note: Hello! 2021 is proving to be quite the year for a financial revolution – and now, in the middle of Q2, most companies are still in the process of adjusting to the new, post-COVID era. 78% of finance professionals predict that all future accounting methods will be automated, and we're seeing these changes happen sooner rather than later. This month, we're covering the rise of EIPP, a software that is moving the B2B payments industry forward. Subscribe now.
How to Evaluate Your Cash Flow Health
Apr 15, 2021 by Daniella Bourguetts
The way you measure your cash flow should always be tied to your business goals and operational needs. Every company has different needs, so it’s only natural that indicators in cash flow statements vary accordingly.
Issue #12: Software is Eating the Banks
Apr 1, 2021 by Daniella Bourguetts
Editor’s note: Hello there, readers. In this month's newsletter, we invite you to take a pause and think of all those aspects in your life that have become software in the last ten years. From the way we consume content, to the sophisticated digital tools we use to manage daily complex financial transactions. It's no longer a material world, it's a digital one.
Issue #11: The Fee (R)evolution
Mar 9, 2021 by Daniella Bourguetts
Editor’s note: Hello there, readers. This month we're taking a long hard look at the inconvenience of payment fees. Most B2B businesses still can't transact without giving away a chunk of their revenue to payment processors. But, this is starting to change and the landscape is evolving to eliminate transaction fees altogether. Subscribe now.
Why Card Monopolies Are Failing B2B Businesses
Feb 19, 2021 by Daniella Bourguetts
If the last couple of years have taught us anything is that change is inevitable. On most occasions, it's impossible to predict global pandemics or the financial implications of profound political changes in the worldwide landscape.
Issue #10: The Journey to Zero
Feb 4, 2021 by Daniella Bourguetts
Editor’s note: Hello, readers. Welcome to the first newsletter of 2021. To kick off the year, we're setting the stage for what it means to create a new financial infrastructure for the B2B industry. It's something we call: The Journey to Zero. Subscribe now.
The Journey to Zero: How Paystand is Changing B2B Payments
Feb 3, 2021 by Daniella Bourguetts
Of the myriad problems facing businesses today, one over-arching challenge dominates all else: the B2B financial system remains essentially unchanged since the middle of the 20th century. At its core exists a fee-based transaction model for payments that no longer meets the needs of modern, digital-first businesses.
Leadventure: Automating AR with Paystand for Sustained Growth
Jan 28, 2021 by Daniella Bourguetts
Leadventure is a SaaS website provider of digital marketing services for dealerships, OEMs, and resellers across 13 verticals, operating multiple subsidiaries that provide solutions to drive leads and in-store sales. With over 28,000 clients and services that range from website management to marketing tools and eCatalogs, LeadVenture has formed relationships with some of the largest manufacturers in the industry.
4 Common Accounts Receivable Challenges and How To Solve Them
Jan 14, 2021 by Daniella Bourguetts
Most companies have an accounts receivable policy for when to bill, how much to bill, and when to collect. But research shows that not all businesses execute that policy effectively — the average US business has 24% of monthly revenue tied up in overdue invoices.