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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Why Automation is the Strongest Tool in your AR Belt
Jan 12, 2023 by Zazil Martinez
Today 69% of organizations around the world still perform significant processes manually. Companies that don’t automate processes spend excessive time on tasks that could be done with the help of technology. They haven’t leaped into digital transformation out of a lack of knowledge or fear of innovation.
How Long do B2B Payments Take (and How to Speed Them Up)
Jan 5, 2023 by Zazil Martinez
As markets and players' consumption patterns evolve, processes sometimes follow at different speeds. Payment solutions are one of them. Speed is a key component in the evolution of B2B payments.
Planning for the Year Ahead
Dec 29, 2022 by Zazil Martinez
2022 is almost over. Are you ready to start 2023 on the right foot? We’re navigating that time limbo between Holidays when some things might slip away — important things among them. And in the AR department, that just can’t happen.
Is Crypto Part of Your Retirement Plan?
Dec 27, 2022 by Kelsey Banerjee
Looking at sky-high inflation, many investors are wondering whether or not the potential high crypto gains could be a solution for their retirement plan. And they aren’t the only ones.
Growing With Paystand
Dec 16, 2022 by Sage Thee
It’s been an eventful and exciting year here at Paystand. We’ve been growing at an unprecedented rate, sprinting toward Unicorn Status and expanding our mission. Here’s a quick rundown of what we’ve been up to:
Importance of Customer Databases
Dec 15, 2022 by Zazil Martinez
Much has been said about the countless advantages of automating AR processes. Saving time, money, and other resources are the most important. But we must take care of several details to achieve optimal automation.
Guide to a Stress-Free Month-End Close
Dec 13, 2022 by Sage Thee
Nobody looks forward to the month-end close. It’s stressful, exhausting, and — most of all — time-consuming. Accounting departments typically spend 36 hours manually reconciling payments every month. If there are any manual entry errors, discrepancies, or other issues, that time increases drastically.
What Does it Mean to be “Zero-Fee”?
Dec 1, 2022 by Zazil Martinez
Nowadays, every product or service we get usually includes an extra charge. Either for payment processing, using a particular bank card, or other operations. No matter the transaction, no additional fee should increase the original agreed price.
How to Set Up Custom Invoice Workflows in Paystand's SuiteApp
Nov 30, 2022 by Kelsey Banerjee
Empowering your NetSuite Credit Card Processing with the ability to automate B2B payments is a big win for not just accounts receivables but the entire business. Invoice automation, in particular, removes a huge chunk of manual processes so that the finance team can focus on mission-critical tasks—all without sacrificing cash flow.
Evaluating Your Year and Finishing the Year Strong
Nov 24, 2022 by Zazil Martinez
Think about everything companies must do to begin the year-end close: expediting collections, making payments, setting objectives for the coming year, closing accounts, and paying taxes. But why is it so important? Believe it or not, this intricate yet necessary process may give you a glimpse into your business's future.