Supercharging your Sage Intacct Invoice-to-Cash Cycle with Paystand
The invoice-to-cash cycle is vital for businesses, but it can be time-consuming. This cycle affects cash flow, working capital, and efficiency, and any disruption can lead to late payments and cash flow issues.
Every business has its unique invoice-to-cash cycle. This process encompasses strategies businesses use to ensure prompt and reliable payment collection. But one thing is common in all industries: the time spent managing it.
But your finance team shouldn't spend hours on the invoice-to-cash cycle process.
A well-designed system considers the finance and accounting departments' needs and aligns with the organization's objectives. It emphasizes the importance of clear invoices catering to customer payment method preferences.
Optimize invoice-to-cash process, ease timely payments, and enhance customer satisfaction with these best practices.
Why is the Invoice-to-Cash Cycle so Important?
The invoice-to-cash cycle involves nearly every business function and department. As one of the most crucial processes, invoice-to-cash helps determine your company's cash flow and working capital as well as:
- Reduce costs
- Speed up cash flow
- Quickly resolve errors
- Minimize delays
- Serve customers more efficiently
- Eliminate inefficiencies such as order submission delays, re-entries, duplicates, and backorders
- Eliminate quoting and invoicing errors and invoice delays
Common Invoice-to-Cash Cycle Challenges
The invoice-to-cash cycle is delicate. When it runs smoothly, the entire company benefits. But a misstep in the process can break the whole cycle. This increases DSO, wastes time fixing errors, and builds up paperwork and backlogged tasks. These delays hinder forecasting and customer satisfaction, resulting in late payments and cash flow disruptions.
Furthermore, the invoice-to-cash cycle is susceptible to issues requiring work from many departments. This can lead to delays, data-entry errors, and a headache for all involved. Your business needs one comprehensive ERP capable of managing every department with ease.
Accelerating Your Invoice-to-Cash Cycle with Paystand's Sage Intacct Integration
There are five challenges your company needs to address to speed up the invoice-to-cash cycle:
- Order management
- Data quality
- Manual processes
- Payment collections
Sage Intacct automates the invoice-to-cash process, allowing you to overcome these challenges efficiently. With an automated invoice-to-cash cycle, you can end manual bottlenecks, cut data errors, and improve information flow and visibility from order entry to invoicing to reconciliation.
The American Institute of Certified Public Accountants (AICPA) endorses Sage Intacct because it makes accounting easy, intuitive, and automatic.
Sage Intacct offers real-time visibility through built-in and customizable dashboards, graphs, reports, and charts. This increases visibility and reduces the risk of errors and duplicate data entries. Also, shared data and automated workflows reduce the window between order entry, invoicing, and reconciliation, with a smooth invoice-to-cash process flow.
Sage Intacct's capabilities integrate sales, finance, and fulfillment information, ensuring everyone is on the same page. This improves accuracy, eliminates errors, streamlines revenue recognition processes, and supercharges efficiency.
Furthermore, it automates crucial manual tasks in the billing and collections process. Its solutions help create automated, customizable processes to supercharge internal controls. It defines the procedures to align with how your finance team operates and lets Sage Intacct do the rest. With an automated, faster, and more reliable billing and collections process, your accounts receivable becomes more efficient, reducing your DSO.
With economic and political uncertainty and supply and cash constraints, businesses need help to grow in the current inflationary environment. To thrive, they need a paradigm shift from human-centric processes to AR that delivers instant and automated payments.
Paystand's AR application for Sage Intacct and our business payments network allow AR teams to scale their revenue through automation. As the only zero-fee B2B payments option for Sage Intacct, it helps reduce costly fees for realizing revenue by leveraging the newest technology to create an automated cash cycle.
Our AR solution enables fast, efficient, and profitable payments, delivering advanced functionality that puts the invoice-to-cash cycle on auto-pilot. To speed up time to cash, simplify complex billing processes, and eliminate transaction costs, Paystand provides the capabilities for:
- Invoice Creation and Distribution
- Customer Payments Experience
- Instant Payment Verification
- AR and Payments Operations Management
- Recurring Invoices
- Dunning and Collection Notices
- Cash Application and Bank Reconciliation
- AR Reporting
Also, anything going through Sage Intacct will instantly appear in the Paystand dashboard and vice versa. There's no need to open your bank account and manually compare transactions. Time-consuming, manual reconciliation is now a thing of the past. Paystand's software automatically imports all the details and information into the Sage Intacct dashboard as soon as a payment is made. Every step of the cash cycle is managed quickly, efficiently, and accurately.
Get your free copy of our ebook to learn more about digitizing your AR cash cycle with Sage Intacct and Paystand.