The pace of technology change is staggering: If you see a gadget in a sci-fi movie, chances are you will get to test-drive it in real life sooner than you think. Yet the nightmares of a typical AR department have remained unchanged for decades. Between managing the disaster of having sent the wrong invoice to the wrong customer, to eye-rolling at customers’ claims that they never got a single one (of the three invoices) sent to them, AR managers are dealing with the same-old problems. The cause is simple: Many of the processes that drive billing and collection functions in a modern company are 150 years old.Read More
Consider all the tasks your team must complete to get cash in the door. Every month they create, print and mail invoices. Not all payments come in on time, so your staff must identify clients who need follow up. That usually requires running AR aging reports and sorting them manually to prioritize the calls. Then there are phone calls to be made, followed by waiting for payment and another round of follow-up calls - just in time for the next month’s invoicing cycle.Read More
Far, far away in the land of Silicon Mountain, where new ideas are dreamt, innovations are cultivated and efficiency is the goal, was a young, tired, overworked back office lady. This lovely lady that went by the name of Aimee worked for the next predicted unicorn of the land. Her small team of herself and just 2 others approved credit worthiness, invoiced, collected and applied cash for her ever growing company.Read More
Purchasing a technology solution can represent a huge up-front investment for a corporation—but one that can potentially pay for itself many times over. But make the wrong choice and that investment can turn into a financial sinkhole.Read More
Working capital is oxygen to the nation’s 200,000 middle-market businesses, vital to their survival, competitiveness and growth. But managing working capital efficiently is all too often a challenge.Read More
Accounting is no easy task, as suggested by the challenges of receivables payment management, which includes bad debt write-offs, making the accounts receivable staff more productive, and portfolio risks.
It is, therefore, important for a finance team to delegate tasks and do more despite having the minimum number of employees in the department.