How to Finance Transformational Change by Unlocking your Working Capital
Cash flow is the lifeblood of any business. The key to increasing cash flow on a consistent basis is to collect payments faster, decrease Days Sales Outstanding (DSO) and reduce business expenses. Although an area of finance commonly overlooked – and in large part because it has been overlooked for so long – the Accounts Receivable department can achieve these goals by creating efficiencies in the invoice-to-cash process.
And the fastest and most effective way of doing that? Automate.
Automating the accounts receivable process:
In addition to automating accounts receivable, the following best practices are proven to increase the speed of customer payments, reduce DSO and keep more accessible funds in the company.
Automating the accounts receivable process holds great potential for increasing working capital within an organization. By unlocking those previously tied-up funds, organizations can use that money for new projects and to drive company growth. Increasing working capital enables finance functions to champion transformational change so they can lead and succeed.
Interested in learning more about AR automation or how VersaPay can help your business? Contact us here.
Katie Canton has been helping companies develop and implement successful social media, content marketing, and marketing communications strategies for more than 10 years. Since joining VersaPay in 2018, she writes on topics such accounts receivables automation, Customer-Centric AR, collections management, and fintech.
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