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 Methods You Can Use to Reduce Late Payments
Aug 30, 2023 by Kelsey Banerjee
Maintaining a steady cash flow is essential to running a business, but keeping a steady revenue stream is more challenging than it sounds. According to a PYMNTS report, 93% of companies experience late payments. Payment delays pressure the accounts receivable (AR) team and accounts payable (AP). Delayed payment can mean straining vendor relationships, missing out on an early payment discount, and weak cash flow. In other words, when a company receives late payments consistently, day-to-day operations and overall progress slow down. But you can avoid a potential overdue payment and bad debt in the first place. Healthy cash flow boils down to streamlining your process, starting with your customers. By understanding why your customers are paying late, you can take steps to create an actionable plan to reduce late payments and thrive as a business. Here are 5 easy-to-implement methods, including automation, to limit late payments from your customers.
Power Up Your AR with Dynamic Discounting
Aug 23, 2023 by Daniel Escudero
In today's fast-paced business environment, cash flow is king. At Paystand, we understand this and offer a revolutionary tool called Dynamic Discounting. This tool empowers accounts receivables teams to optimize their cash cycles by incentivizing early payments. More than just a service, it's a game-changer for AR teams.
Overcoming Payment Digitization Challenges
Aug 16, 2023 by Zazil Martinez
In an era where technology reshapes everyday activities, a profound transformation in financial transactions is no surprise. Traditional payment methods relied heavily on cash and paper-based processes but gave way to a new digital frontier. This wave of digitization brings countless opportunities, yet it has its share of challenges. Payment digitization challenges stem from internal and external pressures, and with the B2B payments landscape shifting, organizations need help to adapt. The last thing a CFO wants is to invest in new digital solutions and train the team, only for their new software to shut down or change to another within a year. As we embark into the digital finance era, we face questions demanding thoughtful consideration and strategic planning. How do we ensure the security and privacy of sensitive financial data in an increasingly interconnected world? What measures must be taken to bridge the gap between tech-savvy individuals and those still adapting to digital platforms? How can businesses and financial institutions collaborate to create a seamless payment ecosystem? This article will cover some of the biggest challenges of payment digitization today and how to overcome them.
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.
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.
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.
What is Cash Application and Why Is It Important?
May 23, 2023 by Kelsey Banerjee
Cash application is critical for the success of commercial transactions, but it can be complex in B2B exchanges. Transaction delays, invoice matching, and manual processes create challenges. This article explores the complexities of cash application and discusses solutions for streamlining the process.
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.