703, 2019

7 Interesting AR Facts and Figures

By |March 7th, 2019|Categories: Blog|

In celebration of the first annual National Accounts Receivable Appreciation Day, we wanted to shine a light on you, the AR professional, and the huge task you are responsible for delivering each and every day. 1. 49% of B2B invoices in America are overdue Nearly half of all B2B invoices in America are overdue and almost all of B2B businesses in America (93%) have reported receiving late payments. 2. 66 days is the average DSO 50% of global payments are made between 31 and 90 days with 66 days being the average DSO globally. That number is much higher when you look at industries with long manufacturing processes. The Electronics, Machinery and Construction sectors all have average DSOs of above 85 days. 3. 26% of payment delays caused by incorrect information on invoices Incorrect information on invoices is the reason for ¼ of payment delays in America and 21% of delays are caused by invoices being sent to the wrong person. 4. 400 billion invoices are produced each year It’s estimated that 400 billion paper and electronic invoices are produced around the world every year. When you include supporting documents and other “invoice-like” documents, that number grows by 5 to Read More

403, 2019

Does Your Finance Team Need a Digital Transformation? 4 Questions to Ask Yourself

By |March 4th, 2019|Categories: Blog|

New technologies are transforming every aspect of business. From mobile to cloud, AI, IoT, RPA, blockchain and more, organizations who have undergone a digital transformation are experiencing more streamlined processes, unprecedented efficiencies, deeper insights and happier customers. As finance is traditionally considered a back-office function, it is often overlooked for cutting-edge digital projects. It’s up to the CFO to champion for change. But how can you, as that finance leader, be sure of the need? Here are 4 questions you can ask yourself to discover if your finance organization needs a digital transformation: 1. Am I armed for leadership table discussions? Of all the players who sit at the leadership table, only the CFO or the senior finance executive can speak to the company’s ability to handle the ongoing cost of doing business. In order to provide actionable insight, you need systems in place that arm you with accurate, real-time data. You require complete visibility over the organization’s working capital and receivables, including: days sales outstanding, accounts receivable risks, the cost of the collections process, customers at risk, and much more. Do your current finance systems provide you with the clear and concise reports you need to be fully prepared? Read More

2502, 2019

3 Strategies for Dealing with Slow or Non-Paying Clients

By |February 25th, 2019|Categories: Blog|

In this age of seemingly endless "disruptive" finance technologies, there are a number of areas where CFOs can choose to invest. The key is to invest in the technologies that will benefit your customers, your end-users, and your organization not just now, but over the long term. One area that bears heavy consideration for those disruption dollars is your customer experience. Though not normally considered the responsibility of the AR or finance teams, keeping customers happy must be a shared duty. Why? Because today’s customers demand it. For a customer to be truly happy - to the point where they part with money, repeatedly, and recommend others to do the same - they require a great experience with every interaction, including post-sale billing and payments. The accounts receivable process has a vital impact on the customer experience. If it’s easy, seamless and quick, the customer will remember it as one part of a great experience. If it’s long, complicated and cumbersome, the customer will remember it instead of the great experience. Investing in ways to provide a pleasant and predictable accounts receivable process is vital to organizational success. Customers want to pay you in full and on time but become Read More

2002, 2019

How to Finance Transformational Change by Unlocking your Working Capital

By |February 20th, 2019|Categories: Blog|

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. How AR Automation Increases Working Capital Automating the accounts receivable process: Allows B2B buyers to pay online using secure electronic payment options, thereby reducing the business expenses of processing paper transactions, Optimizes the invoice delivery channel so that invoices can be accurately tracked as received and read, providing greater visibility for the collections team so they can apply their time more effectively, Optimizes the invoice delivery timing so invoices are sent out right away (and the faster an invoice is sent out, the faster a payment is received), Ensures communications with the customer are routine and consistent, thereby enhancing the relationship with the customer so they pay on time or early, Automatically alerts customers when payments are due, past due, or Read More

1102, 2019

5 Tactics To Help You Get Paid Faster

By |February 11th, 2019|Categories: Blog, Get Paid Faster, Make Customers Happy|

Enabling your customers to pay invoices at times convenient to them increases the likelihood that they will pay on time or early. When you make it easy for your customers to pay, you reap the rewards by getting money in the door faster and freeing up working capital. But how can you effectively help more of your customers to view and pay invoices online? Here are our top 5 tips: 1. Targeted follow-ups Send targeted follow up messages to specific groups of customers. For example, send more frequent follow-ups or more assertive messages to customers who have a history of late payments. 2. Enable credit card payments Giving customers the ability to pay with credit card can give you a competitive advantage by making it easier for customers to do business with you. Enabling credit card also allows customers to reap the benefits of whatever loyalty reward program they are a part of. 3. Stay on top of credit card expiration dates Automatically remind customers who pay with credit card to update their card when the expiry date is coming due. 4. Include online payment information on Read More

1601, 2019

CFO Tech Outlook: The New Standard in AR Automation

By |January 16th, 2019|Categories: Blog|

VersaPay was featured in the December 2018 issue of CFO Tech Outlook. In the cover story, our CEO Craig O’Neill explains the idea behind VersaPay, how VersaPay ARC empowers organizations through automation, and the many benefits of a holistic platform. Click here to download and read the full story.

1401, 2019

Happy New Year!

By |January 14th, 2019|Categories: Blog, Management Blog|

What a difference a year makes!  We’ve learned so much in 2018, advanced ARC in many important ways, had over 50 great companies join our family of clients, and watched 1000s of our clients’ end-customers embrace ARC as the better way to receive and pay their invoices. Most importantly, we’re starting the new year with a strong team and clear focus. At this time of year, I often think of a story that some of you might be familiar with about getting our priorities straight.  It’s so important to do that well when you have so much you want to accomplish: A professor stood before his class and had some items in front of him. When the class began, wordlessly he picked up a large empty jar and proceeded to fill it with rocks, rocks about 2" in diameter. He then asked the students if the jar was full? They agreed that it was. The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles, of course, rolled into the open areas between the rocks. He then asked the students again if the jar was full. They agreed it Read More

2811, 2018

Top 5 Considerations When Evaluating a Payment Portal

By |November 28th, 2018|Categories: Blog|

I’ve been away from the accounts receivables automation space for the past 15 months and, now that I’m back, it’s clear that a lot has changed in that short amount of time. Electronic payments are not only becoming top of mind, but becoming a core customer requirement. The popularity of topics such as migration to electronic payments, getting clients to participate, and tools available to help facilitate the transition was evidenced at a recent CRF show. Through discussions at that event, one issue began to stand out: most companies wanted or were being asked to transition, however, few had outlined a clear path toward the migration. This blog was written to help those companies who were starting down the path of transition, by outlining the considerations to look for, and the items to avoid. First, I feel compelled to share that I have heard virtually every excuse in the book for why clients won’t join in electronic payment transformation, including: My biggest clients won’t do this Our clients don’t have computers We are a hand hold customer service business The list goes on and on. Although I find all of these to be true in some sense, it’s important to Read More

2011, 2018

This is Why Your ePayment Project is Failing

By |November 20th, 2018|Categories: Blog|

I was cleaning out the top drawer of my dresser the other day and came across a sealed box of check books. Isn’t it amazing how the world has changed to a point where in our personal lives we pay for nearly everything electronically? I rarely visit the bank to get cash, and truly can’t recall the last time I wrote a check (as evidenced through the untouched bank of checks I found tucked behind my socks). So, if paying electronically is the norm in our personal lives, why is it so different in our professional lives? While many companies recognize the value of electronic payments (the benefits of which include automated cash application, faster settlement, and more visibility), they have generally failed to materially change how their customers pay them. Writing paper checks is still the most common form of payment in B2B. Further, when business customers actually do pay electronically, it is likely that they are pushing the payment from their bank via ACH or EFT without the valuable remittance data (i.e. naked payments) needed for the billing company to realize the benefits. The challenge all boils down to convenience. In our personal lives it is simple and Read More

1511, 2018

The Changing Face of B2B Payments

By |November 15th, 2018|Categories: Blog|

“The greatest danger in times of turbulence is not the turbulence—it is to act with yesterday’s logic.” Peter Drucker Across industries, functional areas, and seniority, the general consensus in business today is that it’s a complicated, fascinating time to be a contributor. Norms are being challenged, rules are being rewritten, and the organizations that embrace change are finding themselves able to compete on levels that many would not have thought possible just a few short years ago. As humans, we have a natural inclination to shy away from change, and to fear the unknown - and this is why I’ve always found Drucker’s quote to be so powerful. Obstacles and uncertainty (in their purest form) are just manifestations of opportunity - and when I look at the state of the payments (especially within the context of B2B), I see a great deal of opportunity. While payment trends in the B2B will inevitably lag what is happening in the B2C space, B2C continues to be a good “leading indicator” for where things in B2B will eventually end up. (Don’t forget that, at their core, your colleagues and customers really are retail consumers who inexplicably change their expectations, habits and processes around Read More

2410, 2018

CRF Fall Forum 2018 – Day 2 Recap

By |October 24th, 2018|Categories: Blog|

If you’re looking for the Day 1 Recap, you can find it here! Following on the heels of Day 1, Day 2 of the CRF Fall Forum was filled with sessions that contained practical, actionable insights on key issues in the credit and AR space, delivered by leaders in the field who are setting the bar high for their peers! For ease of consumption, I’ve organized today’s takeaways thematically. Takeaway #1 - On Robotic Process Automation (RPA) and Digital Transformation By an informal show of hands, it looked liked ~30% of attendees were leveraging some form of process automation in their workflows Driving meaningful impact out of digital transformation projects requires a top-down commitment to change management, test and learn cycles, and a willingness to break from the status quo Of the digital transformation projects that fail, nearly 50% can be traced back to the human element (unwillingness to change) Robotic process automation can offer efficiencies, but is not a long-term “set and forget” solution. Changes in your toolset (e.g. operating system, website, ERP, portal) will break your RPA workflows, requiring them to be rebuilt Ultimately, RPA is a great first step towards digital transformation - but ultimately, it’s just Read More

2210, 2018

CRF Fall Forum 2018 – Day 1 Recap

By |October 22nd, 2018|Categories: Blog|

I’d like to recognize the great work of Angela Lawson from the Federal Reserve Bank of Minneapolis, and Eric Biderman, Esq, of Arent Fox, whose session on Digital Currency drove my main takeaways from Day 1 of the CRF Fall Forum. It was a beautiful day in Salt Lake City, and the energy was apparent as members and partners gathered to kick off the Credit Research Foundation’s Fall Credit & Accounts Receivable forum. The half-day kickoff was marked by two keynote sessions - the first an overview of the Digital Currency landscape, and the second a panel featuring three bankruptcy judges discussing some of the approaches and reasoning behind US Bankruptcy Court decisions. While I won’t be able to do justice (pun intended) to the intricacies of bankruptcy law discussed in the panel, I’d like to share some of the interesting points that were discussed in the earlier session on Digital Currencies. The session opened with a straw poll around the level of effort currently being invested by attendees into investigating and evaluating the potential for digital currencies (perhaps more commonly known as cryptocurrencies). Based on a quick scan of the room, it appeared that none of the businesses represented Read More

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