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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Billing Cycle | B2B Finance Glossary
Jul 11, 2023 by Zazil Martinez
What is a Billing Cycle? A billing cycle is the length of time from the end of one billing statement date to the next billing statement date. The billing statement includes the cost of goods and/or services that a business provides to another business or regularly provides to a consumer. Billing cycles typically recur on a monthly basis. Still, their durations can vary depending on the product or service rendered or the billing preferences of the company offering those products and/or services.
Write-Off | B2B Finance Glossary
Jul 11, 2023 by Zazil Martinez
What is a Write-off? A write-off is a business accounting expense that accounts for both losses on assets and payments that were never received. Write-offs are also used to reduce taxable income on an income statement because they function as accounting actions that reduce the value of a particular asset while also debiting a liabilities account.
The Inside Scoop on Revenue Recognition
Jul 10, 2023 by Kelsey Banerjee
Gain insights into revenue recognition and its significance in financial reporting. Explore the implications of ASC 606 and discover strategies to optimize your process. Stay informed about common AR challenges and learn how automation can enhance your workflow.
Everything You Need To Know About EDI Payments
Jul 7, 2023 by Zazil Martinez
EDI payments involve exchanging payment information electronically instead of using paper-based methods. They can benefit businesses by saving resources and speeding up transactions. By adopting them, companies can become more efficient and thrive in today's competitive world.
Reconciliation in NetSuite: The 10-Minute Guide
Jul 4, 2023 by Kelsey Banerjee
Transitioning from manual reconciliation to NetSuite ERP has simplified the process for accounting professionals, reducing the time spent on data entry. However, reconciling all transactions manually before the end of the month can still take time and effort. Get ready to streamline your financial processes and dive into the more exciting aspects of your work.
How Does Blockchain Deal With Privacy?
Jun 30, 2023 by Daniel Escudero
Discover how blockchain tackles the privacy dilemma. Learn about Anonymous State Pinning, a solution that combines the best of both worlds; transparency and privacy.
Upgrade Your Team with a Digital Accounts Receivable Process
Jun 30, 2023 by Zazil Martinez
Unlocking the potential of a streamlined and efficient accounts receivable process is critical for finance teams burdened by paperwork, manual tasks, and fragmented data sources. If your accounting processes are still in the manual era, this article will help you upgrade your team with a digital approach.
3 New Features in Paystand's Sage Intacct Integration
Jun 29, 2023 by Zazil Martinez
Streamline your accounts receivable processes with Paystand and Sage Intacct's integration. Its latest enhancements, the Payer Portal, advanced filtering, and dispute resolution, help gain real-time visibility and improve efficiency.
What eCommerce Platforms Integrate with NetSuite?
Jun 28, 2023 by Zazil Martinez
Unlocking the full potential of your eCommerce business requires a robust platform that seamlessly integrates with other essential systems. NetSuite, renowned as one of the most powerful eCommerce platforms, goes beyond standalone solutions by managing website data, sales, and payments while effortlessly integrating with other platforms.
3 Steps to Digitize Your Enterprise Cash Cycle
Jun 27, 2023 by Kelsey Banerjee
Digitizing the enterprise cash cycle is a complex undertaking. Some companies dodge it entirely to avoid losing customers or incurring operational expenses. Others try digitization to save time and reduce costs but regularly miss the mark. This three-part post will look at the enterprise cash cycle and what it means to modernize your business payments truly.