B2B late payments can be a potential major pain point for your company, leading to late fees, missed opportunities for early payment discounts, duplicate payments when a vendor sends a second invoice for the same bill and other problems. Research shows a notable number of A/P pros are struggling with B2B late payments. A recent […]
A recent poll of your Finance pro peers had 36% preparing their organization for a recession, 25% still deciding whether they should take steps to get ready and 39% not actively preparing for economic downturn. The poll was conducted during a webinar presented by financial planning and analysis platform DataRails. Opinions are so mixed because […]
Small- to medium-sized companies are still skittish about moving Finance data and functions such as Accounts Receivable (A/R) to the cloud, for the most part. That’s bound to change soon as larger companies change the landscape and continue to embrace the cloud for Finance in order to save time and money. Approximately 54% of large […]
If you’re still using paper checks for making vendor payments, be aware: Check theft crime is making a comeback. According to a cybersecurity research group at Georgia State University that monitors dark web activity, crooks can easily steal a business’s bank checks by: targeting unattended bills left outside the building for USPS carriers to pick […]
Your A/P security best practices probably include a confirmation phone call whenever a vendor emails you that their bank info’s changed. But because fraudsters are becoming more skilled at fooling businesses like yours, it’s important to take the time to verify that whoever is requesting the change is, in fact, your vendor and not a […]
All-in-one payment solutions can revolutionize A/P and A/R departments. But many of your peers are still wary of these time-saving solutions, especially smaller B2B firms you may work with on a regular basis. The benefits outweigh the drawbacks in many ways, as recent research shows. Over 70% of executives say that their small and mid-sized […]
More and more employers are getting on board with using Nacha’s Same Day ACH ever since the agency increased the dollar limit to $1 million in March 2022. During Q2 of 2022, the ACH network processed a whopping 7.5 billion payments – 4.3 billion debits and 3.2 billion credits – largely spurred by growth in […]
If any of your A/P staffers work a hybrid schedule, email is a crucial important tool for invoice processing. Your payables department may also be relying a lot more on e-mail to onboard vendors and approve supplier payments. But relying on email for invoice processing and receiving may present some challenges with: Invoice receipt and […]
Many of the vendors you work with may be among the more than 2,300 U.S. businesses that accept the cryptocurrency bitcoin, according to a report from Deloitte. There may be even more businesses exploring cryptocurrency right now because, unlike cash, it’s not subject to devaluation from inflation. For A/P transactions, virtual currencies and blockchain technology […]
