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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Unlocking Success: Sage Intacct Month-End Guide
Nov 17, 2023 by Zazil Martinez
Explore how Sage Intacct's reporting and integrations herald a new era of financial management. It offers a 79% reduction in close time and lays the groundwork for a closing process that redefines industry standards.
5 Benefits of Digitizing Month-End Close Processes
Jun 20, 2023 by Kelsey Banerjee
Digitizing month-end close processes offers several benefits that can significantly improve the efficiency and accuracy of financial reporting. By eliminating manual processes like data entry and paper-based transactions, digitization and automation can reduce the risk of human error and data loss. The end of the month can be stressful for your financial team. Between calculating employee wages, paying bills, and balancing budgets, there is a lot of financial data to keep track of. And unfortunately, due to human error, that data can easily be lost. 78% of finance professionals believe that manual processes result in more mistakes, such as lost documents and compliance breaches. But all of these issues associated with financial reporting can be avoided with digitized month-end accounting. Digitized (and automated) month-end close processes reduce human error, improve account visibility, and boost cash flow. This approach to financial reporting saves your accounting team money and time—making room for high-level, strategic tasks.
Guide to a Stress-Free Month-End Close
Dec 13, 2022 by Sage Thee
Nobody looks forward to the month-end close. It’s stressful, exhausting, and — most of all — time-consuming. Accounting departments typically spend 36 hours manually reconciling payments every month. If there are any manual entry errors, discrepancies, or other issues, that time increases drastically.
How Automation Makes Month-end Accounting Less Stressful
May 31, 2022 by Kelsey Banerjee
How stressed are accountants? A recent study by the Institute of Chartered Accountants in England and Wales found that 80% of accountants struggled with general stress, and 56% said they were on the verge of burnout.