Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
Why You Need an Accounts Receivable Process Flowchart
Feb 28, 2024 by Zazil Martinez
Consider creating a flowchart if you're looking for ways to improve your accounts receivable process. An accounts receivable flowchart visually represents the collection process, highlighting areas of inefficiency and opportunities for automation. Accounts receivable flowcharts are excellent for helping accounts receivable departments to visualize their processes. They often help pinpoint which areas are ripe for automation or improvement. Not only can they effectively keep your team on the same page and train new employees, but they can also help you see areas of inefficiency.
How to Find the Best AR Automation Software for Your Business
Feb 23, 2024 by Zazil Martinez
Finance professionals always search for ways to enhance efficiency and streamline financial operations. One powerful solution to address these challenges is finding the best AR automation software. But what exactly does this mean for CFOs and finance teams? Imagine that tedious tasks of manual invoicing, chasing payments, and reconciling accounts are in the past. The best AR automation software offers a solution that automates and optimizes accounts receivable management. This lets finance professionals focus on strategic initiatives rather than mundane administrative tasks. But with so many available options, choosing the best AR automation software can be daunting. Here's a comprehensive guide on what to look for to select the best one for your business.
Top Challenges Accounts Receivable Teams Face and How to Solve Them
Feb 20, 2024 by Zazil Martinez
In today's fast-paced digital marketplace, accounts receivable (AR) teams face numerous challenges that impact a company's cash flow and growth. Even with an optimal rhythm, some remain significant. Common accounts receivable challenges include high DSO, ledger disorganization, poor communication, and inadequate policies. Streamlining processes, offering multiple payment options, going paperless, updating customer information, and automating AR can overcome these. A structured credit policy can help identify suitable customers. A weak accounts receivable management process can cause several other unintended consequences, including:
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How to Automate B2B Payments
Jul 6, 2021 by Daniella Bourguetts
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 on 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.
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.
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.
Issue #09: The Year that Changed the World
Dec 21, 2020 by Daniella Bourguetts
Editor’s note: Hey there, my name is Daniela and I’m the editor of Paystand’s newsletter. Each month, I send a roundup of the best payments and finance content from Paystand and around the web, direct to your inbox. Don’t miss the next issue. Subscribe now.
Reasons to Consider an AR Automation Tool in 2021
Dec 15, 2020 by Daniella Bourguetts
For most CFOs, the COVID-19 crises caused a shift in priorities, leaning towards employee safety, and cutting down expenses in order to survive the unexpected economic shock that unfolded. In this environment, the careful planning and demands of building a budget for 2021 became more than routine exercise. Instead, it became a strategic imperative.