Last week we headed over to the CPA National Conference, “The One”. This was the first conference of its kind after the merger of the CA, CMA, and CGA bodies. It was anticipated to be a big show with a lot of great content and interest… and was it ever!
Over 1200 attendees were present and session topics ranged from leadership, financial reporting and accounting, management accounting and finance and tax. During breaks, attendees piled into the exhibit hall that was buzzing with lots of energy! Those who attended the conference might remember a couple of us running around handing out stickers during lunch and coffee breaks for our sticker contest – “Happier Customers are Stickier”. Those who wore a sticker and were spotted by us, won a prize including phone wallets, Bluetooth speakers, phone chargers and yes, even an Apple Watch! Here’s some of our sticker spottings:
During the sticker frenzy, we had visitors at our booth asking a lot of great questions. Some key conversations surrounded typical pain points faced in a traditional accounts receivable process including resending invoices, manual tasks and security of online payments.
Our AR experts addressed these pain points at our booth; so if you didn’t attend the show or have a chance to visit us, take a look at how you can reduce these common AR pains:
- Resending Invoices: Having to repeat a task is one of the most frustrating things for your accounts receivable staff, especially with numerous demands piling up. Many CPAs we talked to, listed resending invoices as one of their top AR pains. Invoices can get lost in the mail, stuck in spam filters and misplaced by customers in their inbox or on their desks. With VersaPay ARC, customers will never lose an invoice again and in turn the need to resend invoices is eliminated. With a user-friendly ARC online portal, customers can view their invoices, supporting documents and outstanding balances at their convenience 24/7.
- Reduction of Manual Tasks: Time is money and the traditional accounts receivable process are riddled with manual tasks. The manual matching of payments to invoices is time consuming and challenging; especially when large payments received by cheque do not specify the invoices to apply them to. With VersaPay ARC’s online portal, customers can view/select invoices they want to pay, each marked by unique invoice number, and pay them in bulk with EFT, ACH or credit card. The system automatically matches the invoices to payments and reconciles it to your ERP. Manual tasks reduced equals money and valuable time saved for your AR team.
- Security of Online Payments: With more systems moving online in “the cloud”, security was a concern for some attendees. VersaPay’s ARC portal is built on cloud-based software that is PCI Level 1 Compliant so users can be assured that their data is safe and protected from malware threats and hackers. Talking with individuals at the show, some said accepting online payments for their invoices has helped prevent risks: intercepted cheques across borders, lost payments in the mail, etc. It also has helped them speed cash application vs. waiting for payment in snail mail or over the phone. Online payments are secure and simplify the payment process for your customers, making them happy and getting you paid faster.
It’s evident that these key pain points highlighted at CPA The One, underline the benefits of using AR automation to help move beyond the traditional AR process to save time, money and increase cash flow to your bottom line.