About Katie Canton

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So far Katie Canton has created 24 blog entries.
18 09, 2019

How to Transform Your Accounting Processes – Step 5: Consolidate your AR tools

2019-09-18T12:01:45-04:00September 18th, 2019|Blog|

An AR automation tool can help you get paid faster while you reduce the burden on your in-house team. Ultimately, this helps you improve your cash flow and protect your margins. The next section of this guide will show you exactly how you can achieve these results (quickly and with minimal risk). Implementing an AR automation tool doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here is the final step. - Missed Step 4? Click here to catch up. - 5. Consolidate your AR tools Your AR tools don’t just provide information about invoices and collections. They contain critical financial data that gives all of your stakeholders a clear view of your operations. Centralizing your disparate AR Read More

11 09, 2019

How to Transform Your Accounting Processes – Step 4: Go Beyond a Payment Portal

2019-09-11T11:06:50-04:00September 11th, 2019|Blog|

Digital transformation doesn’t need to be lengthy. With the right plan, and the right solution, you can achieve quick results with minimal risks. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here’s step 4. - Missed Step 3? Click here to catch up. - 4. Go beyond a payment portal As the B2B space becomes more digital, you might have considered offering customers a portal where they can pay invoices and check their accounts online. Perhaps you have even tried such a portal. Payment portals are a great step if you want to delight your customers while getting your money in faster. However, an online payment portal won’t help you achieve these goals if your customers don’t use it. Distributors tell us that many online portals offer a poor experience and make customers Read More

3 09, 2019

How to Transform Your Accounting Processes – Step 3: Define your success metrics

2019-09-03T10:47:41-04:00September 3rd, 2019|Blog|

Transforming your finance processes doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here’s step 3. - Missed Step 2? Click here to catch up. - 3. Define your success metrics AR automation can reduce your DSO by 5-25 days. Before you implement an AR automation tool, be clear on your expected ROI. Here are some areas where you should look to track the success of your AR automation solution once it has been implemented: Does it reduce the workload of your accounting team? Is the communication generated through the platform an improvement over email and phone? Does the integration with your ERP save your team time? Does the availability of this platform improve customer relationships? Are customers Read More

28 08, 2019

How to Transform Your Accounting Processes – Step 2: Assemble the right team

2019-08-28T10:06:58-04:00August 28th, 2019|Blog|

Whether your distribution company is growing, has stalled or is in decline, each scenario has its challenges. Whether enabling scale, securing profit margins and cash flow, or guarding against new competitive business models, you may not have the time or resources to devote to a lengthy finance transformation project. Transforming your finance processes doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here’s step 2. - Missed Step 1? Click here to catch up. - 2. Assemble the right team According to a study by CIO.com , the lack of a strong team can cause your digital transformation project to fail. The top team-related challenges include leadership that isn’t committed, resistance to change, and a lack of talent Read More

20 08, 2019

How to Transform Your Accounting Processes – Step 1: Assess your current state

2019-08-28T10:06:36-04:00August 20th, 2019|Blog|

Transforming your finance processes doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here’s step 1. 1. Assess your current state Charting your path for the future starts with understanding where you are now. Here are six questions that will help you identify inefficiencies in your current AR process and learn how they are impacting your cash flow. How many employees are involved with your collections processes? In addition to full-time collections staff, be sure to count other employees who follow up on late payments. Do you hire interns at year-end? Do your salespeople take time away from deals because they need to collect payments in order to get their commission checks, and what about your customer service Read More

6 08, 2019

Unlock Your Money and Gain a Competitive Edge with AR Automation

2019-08-06T13:49:35-04:00August 6th, 2019|Blog|

Invoice-to-cash automation transforms an often-overlooked area into a competitive advantage. Many wholesale distributors use digital technology to automate parts of their supply chain. However, digital tools can also transform your post-sale experience to set you apart from other vendors. AR automation streamlines your manual, time-consuming processes by automating core elements including invoice presentment, collaboration, collections, payments, cash application, and bank reconciliation. It helps you get paid faster, which is critical when you’re faced with low profit margins and increasing cost of capital. It allows you to unlock money that is tied up in AR, improve your margins, better manage your cash flow, and ensure that you have the working capital you need to run your business. Give Customers a Better Experience AR automation improves the experience you provide to customers by giving them on-demand visibility into accounts. Customers can log-in through a customer portal 24/7 to view invoices and supporting Read More

29 07, 2019

Innovative Digital Technologies Positively Impact Every Area of Your Finance Operation

2019-07-29T15:35:31-04:00July 29th, 2019|Blog|

You have the opportunity to use digital technology to protect your margins, free up your cash flow, and improve your customer experience Disruptors such as the Amazon Effect, shifting buyer expectations, and an increase in manufacturers that sell direct-to-consumer are putting your business at risk. According to a survey from Modern Distribution Management (MDM) , growth in the wholesale distribution market is expected to moderate. In fact, 30 percent of wholesale distributors are concerned about their outlook due to uncertain economic conditions, tariff trade wars, and a slowdown in residential construction. To thrive in today’s rapidly-changing landscape, you must use digital technology to transform your company and remain competitive. A report from IDC found that wholesale distributors who use digital technologies – such as robotics, analytics, and cloud services – can transform their finance processes and help them achieve the following benefits: Dramatically reduce your costs so that you can Read More

23 07, 2019

CFOs Not Actively Pursuing Digital Transformation Are Putting Their Business at Risk

2019-07-23T10:48:50-04:00July 23rd, 2019|Blog|

Digital transformation is about more than giving customers an online portal so that they can view information online. It’s about using technology across your business to boost efficiencies and provide customers with greater value. To stay competitive and improve the customer experience, you must embrace digital transformation. According to The Enterprisers Project digital transformation is “the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. Beyond that, it's a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. This sometimes means walking away from long-standing business processes that companies were built upon in favor of relatively new practices that are still being defined.” According to the National Association of Wholesale Distributors, “leaders must learn the art and science of innovation.” And they must do this Read More