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:
All Blog Posts
5 Easy Ways to Reduce your DSO
May 18, 2023 by Zazil Martinez
Effective management of accounts receivable is crucial for the financial stability of any business. One key metric used to assess this is the Days Sales Outstanding, which indicates how well a company performs. High DSO values can lead to cash flow problems and unpaid debts, resulting in limited liquidity for growth and investment.
The B2B Payment Processing Process
May 17, 2023 by Zazil Martinez
Optimizing B2B payments is challenging, but long-term solutions involve more than accepting ACH or credit cards. It requires addressing the challenges complicating the process.
How Venmo and PayPal Changed B2B Payments
May 11, 2023 by Kelsey Banerjee
The way money changes hands has transformed in the last two decades. Digital transactions are the norm. This shift came to the payments industry through point-of-sale technology, which made B2C transactions more convenient.
Setting Up Custom Invoice Workflows in Sage Intacct
May 10, 2023 by Zazil Martinez
Are you looking for ways to streamline your accounts receivable processes and save time for your team? Let us guide you through setting up a custom invoice workflow on Sage Intacct using the Paystand integration. From mapping out your ideal workflow to generating reports, we'll cover all the steps necessary to start.
Moving from QuickBooks to NetSuite? 5 Best Practices for a Successful Migration
May 9, 2023 by Kelsey Banerjee
So, you've decided to migrate from QuickBooks Online to NetSuite. And why wouldn't you? As a growing business, using an ERP that fully supports your ever-expanding team is essential.
Digital Payment Alternatives to Cash and Paper Checks
May 5, 2023 by Zazil Martinez
Due to the COVID-19 pandemic, many merchants and customers have shifted to digital payment methods to avoid infection risks. However, this shift has also presented an opportunity to explore alternative payment options to paper checks and cash.
Solutions for Slim Margins in the Solar Industry
May 3, 2023 by Zazil Martinez
In the solar industry, competition is fierce, and companies constantly strive to establish their brand and gain a competitive edge. While a promising technology with significant benefits for the environment and energy sector, businesses in the industry face numerous challenges, such as improving efficiency and reducing costs while maintaining competitive pricing for their customers.
What are eChecks and How Do Businesses Accept Them?
May 2, 2023 by Kelsey Banerjee
An electronic check has many names - eCheck, direct debit, direct deposit, and online check are just a few. And while credit cards have been the default payment method for businesses for over a decade, this new alternative is making headway. And for good reason.
5 Advantages of Blockchain Payment Processing
Apr 28, 2023 by Kelsey Banerjee
To most people, blockchain technology is an enigma that only relates to cryptocurrency. But to us, it's so much more.
Paystand: Pioneering Commercial Blockchain
Apr 27, 2023 by Jeremy Almond
As the CEO of Paystand, I am proud to say that we have been at the forefront of decentralizing the financial system since our inception. Our mission is to create a more open and fair monetary network through the business adoption of blockchain and Bitcoin technology.