Is your account receivables (AR) stuck in the dark ages? If so, you’re not alone but in a couple of years you may be. While exhibiting at the Industrial Supply Association (ISA) Convention (largest yearly meeting of distributors, manufacturers and suppliers), it was eye opening to see how many companies are still managing their AR manually and how risky this is with customer appetite shifting to the online world. Continue reading Why you need to digitize your accounts receivable…even if you don’t want to.
It’s no secret that there is a cost to credit card acceptance. Actually, it is one of the main reasons cited by B2B companies for not accepting credit cards. According to a survey by First Annapolis Consulting, 67% of suppliers noted that high credit card acceptance fees are the main reason they resist credit cards. This is a fair reason as fees are a cost to their business, but what many suppliers do not understand is the benefits of credit card acceptance. The value it creates can significantly outweigh the cost. Continue reading Does the value of credit card acceptance outweigh the cost? For some B2B businesses, it does.
Last week we attended the 2016 Convenience Distribution Association (CDA) Marketplace in Las Vegas, where convenience stores, wholesalers and distributors connect.
— CDA (formerly AWMA) (@CDA_01) February 17, 2016
During the opening keynote, Chad Owen (Chairman of the CDA), addressed the crowd with an important message, “change is not easy, but necessary…you cannot continue to do the same thing, expecting a different result”. This message resonated with me. The shift in technology has changed customer preferences and created a demand for customized services, more convenience and real- time results. Companies that operate like they did 20 years ago will be forced to adapt in light of growing competition, and changing customer demands. Continue reading 3 Ways Wholesalers and Distributors Can Better Manage their Accounts Receivable to Make the Sale and Get Paid
The Institute of Finance & Management (IOFM), specifically, a division known as The Accounts Receivable Network, recently interviewed and profiled one our clients, Sihl Inc. (Coventry, RI). The article is entitled: AR Automation Brings Big Benefits to Sihl Corporation.
The following excerpts from the interview provide insight into the challenges Sihl had been experiencing in their day-to-day operations. If their challenges sound like yours, this case study on SIHL is a great illustration of how implementing an AR automation platform will not only produce a healthier cash flow, but happier customers. Continue reading How Sihl Corporation Leverages AR Automation to Produce a Healthy Cash Flow and Happy Customers
When software development companies evaluate software for their business, one question creeps to mind – should we build or buy?
When your business builds software for a living, you have resources at your disposal – talented team of software engineers who are wizards at code, money for research and development, and unlimited office coffee to keep the team running.
But economically does it make sense to build software? Instead of just looking at how much it will cost to build the software vs. buy, you should also consider the effect building in-house will have on your resources: their time and ability to work on the very projects you hired them for. In most cases, companies realize diverting their resources to build software and maintain it in-house can quickly become more costly than just buying it. Not to mention the fact that it diverts your focus from your core business. Continue reading Software: Build or Buy?
Working on our upcoming webinar with Lina Chindamo (Senior Risk Manager from Dun & Bradstreet), I had the pleasure of diving into her fountain of knowledge and expertise in accounts receivable (AR). With her track record working in senior credit positions at top companies including Mondelez, Maple Leaf Foods, Kraft, and Sony, Lina has established key best practices to manage the AR function along the way. Continue reading What is the secret to an effective accounts receivable department?
A couple weeks ago, we attended the Receivable Management Association’s annual conference in Toronto. The keynote speaker, Lisa Nelson, President of Equifax Canada challenged the audience to think about big ideas, and how they can innovate to differentiate. She spoke passionately about the coming cohort, the Millennials, a group that now out populates the baby boomers in the US. Continue reading Millennials are here to stay: Is your Accounts Receivable process ready?
A couple of weeks ago, Money20/20 took Las Vegas by storm. This conference juggernaut has soared in its impact in just a few years of existence, becoming the largest global event focused on payments and financial services innovation for connected commerce. It is a conference that should interest anyone reading this blog, and you will quickly see why…
I recently attended the CPA ‘The One’ conference at which Curtis Zimmerman, a best selling author and motivational speaker, was a keynote. (www.curtiszimmerman.com) Zimmerman helps plant the transformational seed for organizations by illustrating how people need to constantly learn and organizations must always be evolving if they want to beat the competition. He does this in the most unconventional but engaging way…juggling. Continue reading Believe In What’s Possible And Put a Plan In Motion To Change And Improve
It’s been a busy season of tradeshows! This week’s stop was Birmingham Alabama for the McLeod Software User Conference. If you haven’t heard of McLeod Software, it is a leading trucking software that helps LTL and Truckload businesses manage all aspects of their business. Continue reading On The Road to Innovation at McLeod User Conference 2015