17 04, 2019

Customers Choose the Path of Least Resistance. Is That You?

2019-04-17T13:24:55+00:00April 17th, 2019|Blog|

Today’s customers covet convenience. From having groceries delivered to their door, dry cleaning picked up and delivered to their homes, and even the handling of their finances, the majority of everyday needs are solved without lifting a finger. Online bill pay has become so common that most people don’t have a current checkbook. Credit cards are being replaced by cell phones. And online retailers are outpacing brick and mortar retail establishments due to the ease and convenience of customers not having to leave their home. When given the option, customers will choose the path of least resistance to meet their needs. So why - in this world of digital convergence, technological advancements, and streamline automation - has the business-to-business space remained so reluctant to change? The Disconnect I’ve worked in B2B for years, and what has become overwhelmingly clear is that there is a massive disconnect between what the customer Read More

11 04, 2019

Turn your AR Process into a Competitive Advantage

2019-04-11T13:59:53+00:00April 11th, 2019|Blog|

Let’s face it, few company leaders wake up in the morning and say “Today, we are going to be known for our best-in-class back-end AR process”. It’s not that accounts receivable isn’t important. We all know that capital on hand is working capital, and the sooner you get your hands-on working capital, the sooner it can, well, work for you. The problem is that many companies don’t know there is a best-in-class AR process. Their AR process works, after all. Their teams are busy. They’re dialing, emailing, dialing, emailing, and so on. They are doing the job the best they can, the only way they know how. Isn’t everybody? No, not anymore. Companies like yours are realizing that, not only is there a better way to manage accounts receivable, but it can actually give you a competitive edge. The Cost of Doing Business? Today’s standard AR process is riddled with Read More

27 03, 2019

Why your Growing Business Should Consider Automating its Accounts Receivable

2019-03-29T09:48:47+00:00March 27th, 2019|Blog|

Businesses need to grow to stay alive. But with limited resources and only so many hours in the day, how can you attract, earn, and serve the customers needed to successfully scale your business? More customers mean more collections, more invoices, more disputes, more delinquent accounts, more cash application, more time, more resources, more, more, more. As your business grows, so do your accounts receivables. So how do you keep up? There are 2 options: A. Add more resources B. Make your current resources more effective Option A, although somewhat effective in the short-term, will limit your ability to grow in the long-term. Option B on the other-hand - doing more with what you have - will allow you to scale exponentially. In terms of accounts receivable, if Option A is hiring more people, what does Option B look like? The answer: Automation. By automating the time-consuming, manual AR tasks, Read More

20 03, 2019

IDC Names VersaPay a Leader in Inaugural AR MarketScape

2019-03-20T13:19:26+00:00March 20th, 2019|Blog|

Accounts Receivable is changing. What was standard practice 20 years ago, is obsolete today. New technologies are transforming every aspect of the invoice-to-cash cycle, from how we send invoices and accept payments, to how our customers expect to engage with us. Finance organizations across all industries need to evolve to stay competitive. IDC recognizes this change and in March 2019 released the inaugural MarketScape for Worldwide SaaS and Cloud-Enabled Accounts Receivable Applications. The MarketScape is an in-depth analysis of the AR software companies that have taken great strides to address the challenges faced by today’s AR professionals. IDC has profiled and assessed the capabilities of these software companies and has named VersaPay as a leader - the highest possible designation.     The MarketScape report evaluated 8 accounts receivable software vendors across a number of different criteria, including how they addressed these top AR challenges: Data management Process management Time Read More

15 03, 2019

3 Ways to Turn Credit Card Acceptance into a Strategic Weapon in CRE

2019-03-18T13:50:16+00:00March 15th, 2019|Blog|

Each week, I speak to several accounting, collections and lease administration professionals in the property management and commercial real estate space. In all of those conversations, there is one question that I will always be sure to ask: Do you accept credit card? The answer usually falls on the spectrum of a ‘yes, but…’ to a resounding ‘no’. Many landlords and property managers are weary of accepting credit card for one primary reason: It’s too expensive. Why pay transaction fees on credit cards when tenants pay via check or ACH? Both, in theory, low-cost methods to accept payment. I urge you to think differently. How much does it really cost you to process a check? Lockbox fees, bounced checks, chasing short payments, “checks in the mail” delays and labor intensive cash application are just the start. Many tenants want to pay with credit cards and by not accepting them, you Read More

13 03, 2019

The Winning Method for Pitching Your IT Projects in 2019

2019-03-13T15:30:11+00:00March 13th, 2019|Blog|

I’ve been through more budget planning cycles than I’d like to admit, and regardless of the company, the process is essentially the same. Teams scramble to generate ideas and put together decks outlining why their project should be bumped to the top of the priority list for the upcoming fiscal year, and paint a picture of doom for the poor executive team if they forgo the proposed project. It’s a painful process for all involved, and the jury is still out on how “scientific” the results are when it comes to choosing the right priorities. With those truths in mind, today I’m going to help you power-up your planning process. Maximizing your chances of success when it comes to pitching your project and actually helping your leadership team prioritize IT projects for the new year. Pitching to Win When it comes to pitching IT projects, I like Antonio Nieto-Rodriguez’s hierarchy Read More

7 03, 2019

7 Interesting AR Facts and Figures

2019-03-07T10:14:20+00:00March 7th, 2019|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 Read More

4 03, 2019

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

2019-03-04T14:12:22+00:00March 4th, 2019|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 Read More