Blog 2018-04-26T09:34:27+00:00
803, 2017

4 Reasons Why Your ERP Alone is not Enough to Optimize your Invoice-to-Cash Cycle

By | March 8th, 2017|Categories: Blog, Gain Insight Into AR, Save Time and Money|0 Comments

Your ERP is a jack of all trades, but is it enough to optimize your invoice-to-cash process? At first, you may think so. It would be the utopia as an ERP integrates and aligns all functional areas of your business (planning, purchasing, inventory, sales, marketing, finance and human resources). But as a jack of all trades that manages many moving parts of your business, does it mean it’s a master of none? Of course not, but traditionally ERPs are limited in managing your invoice-to-cash cycle. According to PayStream industry analysts, “ERP solutions are woefully inadequate in terms of receivables and collections management (RCM) functionality.” That’s a bold statement, but before you start getting down on your ERP, pause. It is one of the most important and vital business investments to set the foundation to optimize processes. What you have to keep in mind is just like any system that manages across functions, each ERP has its own advantages. But traditionally, the finance and accounts receivable capabilities in an ERP is limited with baseline functionality. Why? Historically customers have demanded that ERPs optimize resources for inventory and sales, while unfortunately overlooking one of the most important assets, the money they are Read More

2001, 2017

90% of CFOs have one top priority for 2017 – better reporting and insight.

By | January 20th, 2017|Categories: Blog, Gain Insight Into AR|0 Comments

It’s almost 3 weeks into the new year - how are your 2017 business goals shaping out? A new year means a new opportunity to refocus your business objectives. Teams gather to review the previous year, set goals for the new one and create strategies on how to attain them. Tracking is an important part of all of this and you need the right information to make critical decisions to reach your goal. But, how can you navigate this path without shedding light on the road to your goal? Lack of insight is a challenge and a top priority for CFOs in 2017. According to a recent survey by Kaufman Hall consulting (featured here on CFO.com), “over 90% of CFOs say they need to do more with financial and operations data at hand to help top management to make critical decisions.” As indicated by Kaufman Hall’s survey, 2017 is a transformative time for CFOs who are moving from a traditional accounting and finance focus into trusted business advisers. The modern CFO is increasingly concerned with making a true impact on operations versus just cutting costs. This is where the need for real-time insight comes in; CFOs are looking to improve Read More

1412, 2016

Finance and Sales Work Together to Provide Better Customer Service.

By | December 14th, 2016|Categories: Blog, Make Customers Happy|0 Comments

Group Leader of Finance Operations at Dun & Bradstreet, Christopher Rios shares insights his company has captured in recent years for its goal of the CFO to play a larger role in the go-to-market strategy of its operations as noted in his paper entitled Maximizing Finance Operations, published by the Credit Research Foundation. As Rios notes, operational or support functions, often referred to as “back office” functions, are typically relegated to cost center status and never an engine for change — and certainly not for revenue. At Dun & Bradstreet, five years ago the global CFO issued a directive to his leadership team, which included Finance Operations: “We need to change the perception, real or imagined, that finance is an impediment and barrier to sales growth, and we need to enable Sales!” Rios notes that “there is an inherent relationship between finance and sales, but it breaks down when both fail to capture what each is contributing to meeting the organization’s vision and align on that collective objective.” Dun & Bradstreet set out to educate its sales organization on exactly what the finance organization does in order to loosen the significant tension across the company’s various business units. Leaders of Read More

311, 2016

What Will You Do Differently On Monday?

By | November 3rd, 2016|Categories: Blog, Get Paid Faster, Make Customers Happy|0 Comments

I recently attended a lunchtime seminar hosted by the MaRS innovation hub in Toronto. The session was led by Zachary First, the executive director of the Drucker Institute based at Claremont Graduate University in California. Peter Drucker, of course was the American management consultant, educator, and author, hailed by BusinessWeek as “the man who invented management,” So I wasn’t surprised that First’s presentation spoke so directly to the need for rapid change in today’s corporations. Drucker passed away in 2005, but his thinking continues to grow in importance as the metabolic rate of companies constantly accelerates. First cited one of Drucker’s quotes: “Change and continuity are poles rather than opposites. The more an institution is organized to be a change leader, the more it will need to …balance rapid change and continuity.” First explained that the Drucker Institute’s programming is built around the premise of “Yesterday/Today/Monday.” “Yesterday” refers to the fact that the Institute’s work is grounded in Peter Drucker’s wisdom. “Today” speaks to the urgency that organizational leaders feel to successfully meet challenges and opportunities. And “Monday” points to the Institute’s mission to help executives move quickly from ideas to action and results. This concept of “Monday” reflects what Drucker urged his own consulting clients to think about: “Don’t Read More

3009, 2016

Transportation: How to realize certainty, in uncertain times

By | September 30th, 2016|Categories: Blog, Collect Smarter, Save Time and Money|0 Comments

A couple of weeks ago, I attended the McLeod User Conference in San Antonio. McLeod Software is the leading trucking software used by some of the most innovative transportation and logistics companies. It was a great conference for VersaPay to connect with our customers who are using McLeod and learn more about the changes in the transportation industry. The show was impressive with great educational sessions and interesting keynote speakers. One keynote speaker that was most memorable was, Tom McLeod, founder of McLeod Software. He kicked off the show with a transparent overview of the uncertain times the transportation industry is facing. Elizabeth and I with Tom McLeod at the McLeod networking event. When Tom covered the obstacles and ambiguity the industry is faced with, it became apparent there are key areas that will change transportation business operations and introduce new conversations on how to adapt. Here are a couple of key areas Tom highlighted that are brewing with uncertainty: Regulation: new regulations in the industry will affect transportation business operations including Federal Motor Carrier Safety Administration’s (FMCSA) ELD (Electronic Logging Device) mandate, new overtime /pay rules, the Affordable Care Act (ACA) fall out, speed limiter rule, Phase Read More

2909, 2016

Tommy Spaulding Delivers Inspiring Presentation On Leadership at CPA The One Conference

By | September 29th, 2016|Categories: Blog, Make Customers Happy|0 Comments

I had the good fortune to watch a presentation last week by Tommy Spaulding, author of two books on the New York Times Best Seller list. He was the opening keynote speaker at the CPA The One conference in Vancouver. VersaPay was a sponsor and exhibitor at the conference. Tommy is the former CEO of the renowned global leadership organization Up With People and believes “heart-led” leadership can change the lives of everyone you lead and serve. Today Tommy has a for-profit consulting company and also a non-profit leadership institute. The consulting side of the business, whose guiding principle is “put people first and business will follow,” works with organizations to develop “a leadership and service vision.” Tommy described how Up With People exists to inspire young people to make a difference in their world. It aims to bring the world together through service, music and travel. This gives students an unparalleled experience and a pathway to make a difference in the world. Since 1965, more than 22,000 young leaders from 131 countries have become part of its global alumni network. Tommy’s presentation focused on Company Culture, Love and Results, and how great leaders rely on these as a foundation Read More

1307, 2016

The True Cost of Not Automating your Accounts Receivable.

By | July 13th, 2016|Categories: Blog, Collect Smarter, Save Time and Money|0 Comments

One common misconception with accounts receivable software is that it’s costly and will not realize ROI. But, most companies only focus on the direct costs of invoicing (printing, postage, etc) and do not understand the true cost of preparing invoices and collecting outstanding receivables. Working at VersaPay, I’ve seen customers on average realize ROI in less than 2 months with an AR automation platform. Read More

2706, 2016

Metrics are a headache, but they don’t have to be.

By | June 27th, 2016|Categories: Apply Cash Easily, Blog, Gain Insight Into AR, Get Paid Faster|0 Comments

Whenever quarter end rolls through, so does the dreaded metrics headache. Pulling data from multiple sources, managing various spreadsheets, correcting inaccurate data, and creating reports can be a nightmare, especially if you do not have all of your ducks in a row. The amount of time spent gathering  data makes teams reactive vs. proactive. Wouldn’t it be nice to use time spent on gathering data to analyze it and create actionable insight?   Read More

906, 2016

The “CFO” is Keeping your CFO up at Night

By | June 9th, 2016|Categories: Apply Cash Easily, Blog, Collect Smarter, Gain Insight Into AR|0 Comments

We’re at mid-year mark for 2016. This is the time companies start reflecting on the last 6 months to see if the objectives they’ve set are on the right track. For the role of the CFO, this is very true as they are overseeing a sea change. With emerging digital technologies, CFOs are challenged to look past their traditional processes to increase productivity, efficiency and accuracy. What is the main objective they will be reflecting on? I like to call it the CFO – Cash Flow Objective (CFO) – this is what keeps your CFO up at night. According to a survey of 650 CFOs by Protiviti, CFO’s are seeking more precision and efficiency in cash forecasting, period-end close and reconciliation and consolidation activities. Protiviti highlights that, “cash forecasting represents one of the highest-ranked priorities, which may be indicative of the tepid economic recovery in many industries.” So, if cash flow and forecasting is a main objective, how is this performing and was it one of your priorities on your new years to do list? A couple of weeks ago, we hosted a webinar with Pam Krank, President of the Credit Department (TCD). She has great insight into cash flow with over 37 Read More

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