Many A/R teams behind the curve on modernization
With automation being a top priority for companies, you may want to do a pulse check on your A/R team’s modernization progress.
With automation being a top priority for companies, you may want to do a pulse check on your A/R team’s modernization progress.
Finance pros know there’s more than one way to motivate staffers to improve their performance. Chances are you’ve tried incentive programs and training tactics to get your teams to collect. There’s a variety of carrots to dangle based on what staffers care about and your budget will allow. And by the same token, there are […]
Companies are declaring bankruptcy at a rate not seen since the 2010 recession. And it’s bad news for credit and accounts receivables departments attempting to collect debts. Compared to a year ago, total commercial bankruptcy filings increased 12% year-over-year in January. Subchapter V filings are up 49% and commercial Chapter 11 filings increased a whopping […]
If your Accounts Receivable process remains mired in some manual tasks, you’re far from alone. New A/R benchmarks reveal they’re plaguing your peers … with costly consequences. The yardsticks come from MSTS’s recent report, “Automation and Manual A/R Processes: Capital Considerations to Grow B2B Businesses in 2020 and Beyond.” Take a look at what MSTS […]
Finance departments need to know what’s going on across the organization. Yet all too often communication channels clog up, with one important team being the last to know important info. And that’s A/R. Picture this: Your A/R point person calls up a new customer whose payment is coming due. He discovers the customer’s order arrived […]
Finance teams can expect the slew of local sales tax rate increases that have occurred recently to keep pace for the rest of 2020.
Sales and use tax shouldn’t just be the responsibility of your A/P and A/R departments. Although they’re the ones who are experts in sales and use tax liability, your sales and purchasing teams can support Finance by double-checking that the following terms are spelled out in all your contracts: Freight On Board (FOB), which determines […]
Finance pros see every day how complicated sales tax management is getting. It can feel like a whole separate job sometimes.
Your company may be entitled to some sales tax relief. Many states are cutting companies a break on this critical compliance front due to the coronavirus. That’s in addition to the relief you’re getting on the federal tax compliance level from IRS in the form of both tax credits and pushed-back deadlines. So far, 19 […]
Time really flies when your finance department is busy charging, collecting and paying more sales tax, thanks to legislative changes.
Though it’s been three years since states gained the ability to tax online sales, some are still toying with their economic nexus thresholds.
Your finance department probably has some trading partners that are fairly hands-off … and others that require more attention from A/P and A/R.
How many times has your Finance team seen the word “processing” on their laptop screens this week? Instant payments, both via The Clearing House’s RTP (Real-Time Payment) Network and the Federal Reserve’s 24/7/365 FedNow Service, are poised to change that. Imagine that a key piece of your business’s equipment has broken down. You need to […]
The current climate has called for a change in the way people do business – and that’s largely impacted sales tax practices and regs for 2021.
Your A/R team can masterfully issue invoices and process payments, but have they fully developed more interpersonal, soft skills?
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are higher than normal and it’s creating a challenge for Accounts Receivable and credit departments everywhere. Thirty-nine percent of credit managers say the No. 1 reason customers are stretching payments further […]
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