Cash is king for businesses. Unfortunately, nearly two-thirds of businesses are dissatisfied with their processes for collecting cash.
The biggest challenges businesses have with their receivables processes has to do with speed. Twenty-three percent of businesses identify the timeliness of payments as their biggest receivables challenge, while 17 percent of businesses cite internal processing delays as their biggest challenge.
Every business wants to get paid faster. And shrinking margins are putting even more pressure on businesses to accelerate their receivables cash flow. In fact, 54 percent of CFOs surveyed by the Association for Financial Professionals cited reducing Days Sales Outstanding (DSO) among their priorities.
But reducing DSO and accelerating receivables cycle times is unlikely without automating the paper-based billing processes on which most businesses rely.
Businesses deliver an average of 53 percent of their invoices as paper, compared to 15 percent via electronic invoicing portals or networks, a 2015 survey by IOFM found.
The AR & O2C Network's latest white paper details the inefficiencies of paper-based billing processes, shows five ways that electronic invoicing accelerates the receivables cycle, and, in turn, greatly reduces DSO, and explains why delivering invoices via e-mail won’t necessarily accelerate DSO.
If accelerating cash flow is on your organization’s agenda, download this white paper today!
Continuing education credits available:
Receive 1 CEU toward IOFM AR and O2C certification renewal! The Accounts Receivable Certification Program is designed to establish standards for the profession and recognize accounts receivable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts receivable body of knowledge.
This white paper is provided free of charge and underwritten by a sponsor. Following your download, you may be contacted by the sponsor with information about their products and services.
Continuing Education Credits available:
Receive 1 CEU towards IOFM programs:
Receive 1 CEU towards maintaining any AR and O2C related program through IOFM! These programs are designed to establish standards for the profession and recognize accounts payable and procure-to-pay professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the financial operations body of knowledge.