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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AR Turnover Days: What Is It, and How to Calculate
Feb 8, 2024 by Zazil Martinez
As an AR manager, you must know what AR Turnover Days are and their importance as a metric. They're used to evaluate how efficiently accounts receivable are managed by measuring the average number of days it takes for a company to collect payments from its customers.
How Reducing Your DSO Can Solve Cash Flow Woes
Dec 26, 2023 by Kelsey Banerjee
DSO measures the time it takes to receive revenue. A low DSO indicates prompt payments, and a high DSO suggests payment delays. Understanding DSO and comparing it to industry benchmarks is vital for financial decisions.
7 Expert Invoicing Tips That Can Help You Get Paid Faster
Nov 28, 2023 by Zazil Martinez
Gear up for year-end by accelerating your invoice payments. Go digital with electronic invoices, automate collections, and offer early payment perks. Save time and improve cash flow with these expert tips.
The Guide to Payment Terms (and How to Optimize Them)
Oct 4, 2023 by Zazil Martinez
Payment terms are essential in any business transaction as they define the cash flow cycle. They are the rules that ensure vendors and suppliers get paid on time, and customers know when to expect payments. When discussing payment terms, we refer to the conditions that dictate when and how payments should be made.
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.
8 Best Practices for Invoicing Clients
Aug 18, 2023 by Zazil Martinez
For B2B businesses, efficient invoicing practices are essential. They impact the business's financial health and client relationships. But invoicing is more than just a routine process. It represents the backbone of cash flow and the basis for trust and transparency in every transaction.
Making the Switch: Why You Should Use Virtual Corporate Expense Cards
Jul 24, 2023 by Daniel Escudero
Managing corporate expenses effectively can be a daunting task, especially in a fast-paced world where businesses need to cope with rapid technological advancements. Accounting and finance teams have been relying on traditional credit cards to streamline the process of expense management, but it is time to move on to something better.
Unlock the Power of WooCommerce: Email Invoices with Pay Now Link
Jul 14, 2023 by Zazil Martinez
Discover how to optimize WooCommerce's WordPress extension to improve your eCommerce functionality. Learn how to generate invoices, email them with payment links, and enable customers to make online payments in this practical guide.
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.
The First Three Things to Do When Faced with a Chargeback
Jun 14, 2023 by Zazil Martinez
Whether due to stolen credit cards or customer dissatisfaction, chargebacks are a reality that merchants face. But understanding how they work and knowing how to respond when confronted with one can ease the process.