Creating Aging Reports Manually? It’s Time for Automation

Recently, Anthony Venus, CEO and Co-Founder of YayPay, was a guest on Nathan Mersereau’s Day in a Canoe podcast, an online segment about creating the life that you want – and one that’s filled with wealth, wisdom, meaning, and purpose. In the podcast, Anthony talks about the journey to creating YayPay, how accounts receivable teams can find efficiencies in workflow. Here are highlights of their conversation.

Cash flow is a serious problem for many businesses. In fact, one study found that 82% of companies that were forced to close their doors attributed their downfall to cash shortages.

Accounts receivable management is at the core of your ability to operate continuously, even though it’s on the back end of business management. Sales are visible and at the forefront of reporting and key performance indicators (KPIs), but if you don’t realize the proceeds from transactions, your business could be at risk. By tracking accounts receivable turnover ratio as a key KPI, you’ll always know where you stand and when it’s time to sound the alarms to avert a cash crisis.

It feels great to make a sale and send an invoice out.

While hefty projected receivables amounts might look nice in terms of “money that will be coming in,” you can’t exactly pay your company’s bills with unpaid invoices.

It’s always astounding to me when I come across companies with aging AR that are not taking advantage of technology, especially when it comes to pushing their processes to the cloud to lessen their days sales outstanding (DSO).

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