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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5 Easy AR Automations Your Company Needs
Nov 23, 2021 by Brandon Jones
AR automation simplifies an accountant’s job by taking the most monotonous and repetitive parts of accounting off your schedule. Find out more about AR automation and the five most important automations you should already have. Just want the ebook? Click here.
Get Your Hands Off Your AR Process
Oct 19, 2021 by Kelsey Banerjee
For people on the outside looking in, accounts receivable (AR) processes appear deceptively simple. After all, isn't it just accepting payments? What's better than handling payments?
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:
Why CFOs are Betting on AR Automation for Survival
Mar 17, 2021 by Mark Fisher
For most CFOs, the COVID-19 crises caused a shift in priorities, leaning towards employee safety and cutting down expenses to survive the unexpected economic shock that unfolded. In this environment, Accounts Receivable automation became more than wishful thinking and turned imperative for continuing operations in remote situations. But more broadly, last year's events ushered in an acceleration of digital transformation across the Finance organization in companies of all sizes.
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.
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.
Automated Accounts Receivable Solutions
Dec 3, 2020 by Daniella Bourguetts
Accounts Receivable Management is the cornerstone of a steady and healthy cashflow, keeping your business in a better position to drive growth, operate better, and optimize your team's time and resources.
How Does Paystand Automate the Accounts Receivable Process?
Nov 22, 2019 by Eduardo Lopez
Paystand automates the entire Accounts Receivable process, so you never have to spend hours manually collecting and reconciling payments. The benefits are two-fold: your team removes hours of repetitive tasks from their workload, and tasks are automatically executed error-free on your behalf. Paystand also helps businesses reduce late payments. That's why Paystand customers usually decrease the number of overdue receivables by 62% in the first few months.
4 Accounts Receivable Processes Controller Should Automate
Sep 17, 2019 by Eduardo Lopez
Today’s world is highly automated, from the sales email in your inbox to the money that gets deposited in your bank account every two weeks. Across every function from marketing to sales to HR and Support, automation has become a key to success. Now it’s time for finance teams to benefit from the cost savings, profit, and productivity that only automation can deliver.
Accounts Receivable Automation with Paystand
Apr 2, 2019 by Mark Fisher
Here at Paystand, we pride ourselves on being the most flexible B2B payment platform available for growing businesses. When we engage with a new customer, our goal is to help the business automate manual processes and digitize their enterprise cash cycle in a flexible, customizable way.