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 Strategies for Effective Accounts Receivable Management
Mar 23, 2023 by Zazil Martinez
In today's business environment, it is crucial to have a robust and cost-effective payment process. Achieving this requires careful consideration of data, hidden costs, and risk while balancing time, bandwidth, and customer relationships. Your AR staff may be spending a lot of time taking, processing, and reconciling payments, and your business may be paying high and unpredictable credit card fees each month.
Improve Your Collections With Recurring Payments
Nov 17, 2022 by Zazil Martinez
Managing customer collections is not always easy, and there is often no protocol for consistent control in this aspect. One of the main problems of not having a clear collection strategy in the company is late payments. Around 20% of customers are late in their payments or do not pay their debt, significantly reducing the company's gross income.
Higher Conversion Rates with Online Payment Optimization
Nov 10, 2022 by Zazil Martinez
Delivering the right payment experience to customers is crucial. A huge transformation has already occurred, but the pace is constantly accelerating. New payment methods are appearing, and security standards and consumer demands are increasing.
5 Mistakes in AR Automation and How to Avoid Them
Oct 13, 2022 by Zazil Martinez
AR automation is a great way to increase your cash flow and free up time so you can focus on growing the business. However, there are common mistakes that you should avoid when implementing automation in your business that need careful consideration so they don't disrupt ongoing workflows. Keep on reading to learn about these mistakes and how to avoid them.
The Ins and Outs of Invoicing
Sep 22, 2022 by Sage Thee
Invoicing is an inevitable part of running a business — you need your customers, clients, and vendors to pay you, and you need to give them all the information they need to do so. Enter invoicing.
The Billing Cycle Guide
Sep 14, 2022 by Kelsey Banerjee
Billing is the backbone of a business. Without regular cash flow, transactions can come to a halt, so having a sound billing strategy is essential for success. And one of the most important decisions you’ll make when strategizing is your billing cycle.
Are Paper Payments Slowing Your Supply Chain?
Mar 10, 2022 by Sage Thee
Recent pandemic issues have had a big effect on the supply chain. You might not know that paper payments in your supply chain are slowing down your entire chain, too. Learn more about why companies choose to use paper payment processes, why they are a bad idea to keep as part of the supply chain and how automation can speed up processes.
6 Ways Your AR Management Platform Needs Improvement
Dec 16, 2021 by Brandon Jones
Accounts receivable management platforms can be amazing tools for managing AR if they’re used correctly. They help improve efficiency, streamline the payment process, and save you time. But, as helpful as they are to improving your accounts receivable processes, they also have their shortcomings.
How to Keep Your AR Team Happy this Holiday Season
Nov 30, 2021 by Brandon Jones
The holiday season often means different things to different people. Many employees enjoy the extra time off to spend with family and friends, others enjoy traveling and new experiences and a few may even want to work a little harder at the office to catch up while it’s quieter. Regardless of your personal preferences, if you’re managing an accounts receivable team, the holidays are an excellent time to tune into what might make this period more meaningful for your employees. Here are a few ideas to keep in mind.
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.