3107, 2017

Need a competitive advantage? Try a digital transformation

By |July 31st, 2017|Categories: Blog, Gain Insight Into AR, Save Time and Money|Tags: , , , , |

Competition is the frenemy of every business - it’s a sign your offering is valuable to the market but it creates pressure to keep the customers you already have and find new ones quickly before the competition does. With digital on the rise, there is an opportunity for companies to get ahead-of-the-curve and champion digital transformation as a competitive advantage. How big is this opportunity? A Frost & Sullivan report projects that U.S. B2B e-commerce sales will reach $1.9 trillion by 2020, as global B2B online sales will reach $6.7 trillion. This is a lot of business to leave on the table for your competitors if you put off your company’s digital transformation. An undeniable way to make customers stickier is to allow them to conduct business with you, the way they want to. What does this mean in B2B? Adapting to their purchase behavior which is trending online and offering flexible payment types. This is where a digital transformation of your accounts receivable process including adopting an electronic invoice payment and presentment (EIPP) platform comes into play. Even though paper checks continue to reign over the supplier payment space, according to a 2016 Payments Fraud Survey, 71% of companies Read More

1506, 2017

The Great ReWrite: Leverage It Or Lament

By |June 15th, 2017|Categories: Blog, Uncategorized|

I recently had the pleasure of listening to business and technology visionary Leonard Brody at the Gartner CIO Summit. What a fascinating session. He is an award-winning entrepreneur, venture capitalist, bestselling author, and two-time Emmy-nominated media visionary. Brody is now a partner with Creative Artists Agency among other interests. He was previously Co-CEO and a Director of NowPublic which was one of the pioneers in citizen journalism and quickly became one of the largest news agencies in the world. He is also a Venture Capitalist and acts as an advisor to venture capital funds in the US, Europe and Asia. So when Brody spoke, I listened. He has one over-riding message: Move away from the idea of a singular innovation … and toward the idea of The Great ReWrite … it is what we are living right now, in real-time. Everything is undergoing dramatic transformation … individuals and companies have to be part of it, even create it or be lost in it’s wake. Technology advancing at lightning speed underlies all of this. Brody knows all of this first-hand. His uncle was the late Izzy Asper, who once controlled the CanWest media company with more than $6 billion in revenue, Read More

2305, 2017

The creative destruction of accounts receivable

By |May 23rd, 2017|Categories: Blog, Get Paid Faster, Make Customers Happy|

When Joseph Schumpeter coined the expression "creative destruction" in 1942, he had no idea how creative the marketplace would become and how swift the destruction would be. Today’s corporate world, already in unprecedented turmoil, will only get stormier. According to a report released last spring, half of S&P 500 companies are expected to be replaced over the next ten years. The report, entitled Corporate Longevity: Turbulence Ahead for Large Organizations, was developed by the global consulting firm Innosight*. The company’s analysis of S&P shows that the 33-year average tenure of companies on the S&P 500 in 1965 narrowed to 20 years in 1990 and is forecasted to shrink to 14 years by 2026. We are seeing record M&A activity and the growth of startups with multi-billion dollar valuations. These are just two indicators that a period of relative stability is ending and that an increasing number of executive suites will lose control of their firm’s future. Most of Schumpeter’s destruction is caused by new technologies and the innovative ways companies are bringing their goods and services to market. What was leading-edge ten years ago will likely be out of date tomorrow. Products, approaches, procedures and business processes that have worked Read More

2404, 2017

Safe and Fast Payments are Major Trends in B2C and B2B

By |April 24th, 2017|Categories: Apply Cash Easily, Blog, Get Paid Faster|

In my last post, I wrote about a PwC report entitled Blurred Lines that forecasts new market entrants and start-ups in financial services could attract more than $150 billion globally in investment during the next 3-5 years. As a result, all aspects of financial services will be disrupted. PwC says that new digital technologies are in the process of reshaping the value proposition of existing financial products and services. While the capacity of incumbents to assimilate innovative ideas should not be underestimated, the disruption of the financial sector is clearly underway. The report says that banks are adopting new solutions to improve and simplify operations. This fosters a move away from physical channels and towards digital/mobile delivery. Open development and software-as- a-service (SaaS) solutions have been central to giving banks the ability to streamline. The incorporation of APIs (application program interfaces) enables third parties to develop value-added solutions and features that can easily be integrated with bank platforms. SaaS solutions help banks offer customers a wider array of options –which are constantly upgraded, without banks having to invest in the requisite research, design, and development of new technology. Mobile smartphone adoption is a major driver of changing payments patterns. The Read More

304, 2017

Technology Drives Financial Services Upheaval

By |April 3rd, 2017|Categories: Blog, Gain Insight Into AR|

A PwC report entitled Blurred Lines captures how the traditional financial services industry is grappling with the constant innovation of new market entrants and start-ups. These companies are now commonly referred to as “FinTechs”, and they are causing relentless change within the financial services industry, and within the finance department in businesses of all sizes. PwC estimates that within the next 3-5 years, cumulative investment in FinTech globally could well exceed $150bn. These new players seize the opportunities offered by ubiquitous internet and mobile. While the financial services industry has evolved along with digital technologies, “the constant penetration of technology-driven applications in nearly every segment of financial services is something new.” These innovators are attracting investor attention. Funding of FinTech startups more than doubled in 2015 reaching $12.2 billion, up from $5.6 billion in 2014. FinTech companies and new market activities are redrawing the competitive landscape, blurring the lines that define players in the financial services sector. To be sure, financial services incumbents are assimilating innovative ideas, but disruption is clearly underway. PwC says that “consumer banking and payments, already on the disruption radar, will be the most exposed in the near future, followed by insurance and asset management.” The Read More

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|

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|

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, “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|

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|

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|

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|

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

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