19 11, 2017

The Deloitte Working Capital Series

2018-04-09T15:43:50+00:00November 19th, 2017|Blog, Save Time and Money|

Deloitte has published its Working Capital Series, that includes Strategies for Optimizing Your Accounts Receivable; Strategies for Optimizing your Accounts Payable; Cash Management; and Strategies for Optimizing Your Inventory (read report here). I enjoyed the Strategies for Optimizing Your Accounts Receivable. It is a short and worthwhile read. The series argues that given the cost of new capital, no business can afford to let its existing capital go to waste. However, often a business doesn’t realize how much cash is trapped on its own balance sheet. Freeing up that cash – by optimizing its working capital – delivers more than improved operational efficiency. It also gives a company the added liquidity it needs to fund growth, reduce debt levels, lower costs, maximize shareholder returns and even outperform its competitors. The article notes that most businesses have AR policies that dictate when to bill, how much to bill and when to Read More

31 07, 2017

Need a competitive advantage? Try a digital transformation

2018-04-09T15:45:12+00:00July 31st, 2017|Blog, Gain Insight Into AR, Save Time and Money|

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 Read More

8 03, 2017

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

2018-04-09T15:46:15+00:00March 8th, 2017|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 Read More

30 09, 2016

Transportation: How to realize certainty, in uncertain times

2018-04-09T15:46:40+00:00September 30th, 2016|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 Read More

23 08, 2016

Its Do or Die: Get with the Digital Program

2016-08-23T09:25:07+00:00August 23rd, 2016|Collect Smarter, Save Time and Money|

Unless you’ve been living under a rock for the past month and a half, you’ve likely been subject to the digital phenomenon that is Pokemon Go. If you’ve managed to escape the bombardment of media coverage on the mobile game, I’ll quickly catch you up on the overnight sensation. Read More

13 07, 2016

The True Cost of Not Automating your Accounts Receivable.

2018-04-09T15:47:40+00:00July 13th, 2016|Blog, Collect Smarter, Save Time and Money|

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

3 05, 2016

Why you need to digitize your accounts receivable…even if you don’t want to.

2018-04-09T15:49:29+00:00May 3rd, 2016|Blog, Collect Smarter, Get Paid Faster, Make Customers Happy, Save Time and Money|

Is your account receivables (AR) stuck in the dark ages? If so, you’re not alone but in a couple of years you may be. While exhibiting at the Industrial Supply Association (ISA) Convention (largest yearly meeting of distributors, manufacturers and suppliers), it was eye opening to see how many companies are still managing their AR manually and how risky this is with customer appetite shifting to the online world. Read More

15 03, 2016

Does the value of credit card acceptance outweigh the cost? For some B2B businesses, it does.

2018-04-09T15:49:42+00:00March 15th, 2016|Blog, Get Paid Faster, Make Customers Happy, Save Time and Money|

It’s no secret that there is a cost to credit card acceptance. Actually, it is one of the main reasons cited by B2B companies for not accepting credit cards. According to a survey by First Annapolis Consulting, 67% of suppliers noted that high credit card acceptance fees are the main reason they resist credit cards.  This is a fair reason as fees are a cost to their business, but what many suppliers do not understand is the benefits of credit card acceptance. The value it creates can significantly outweigh the cost.  Read More