No matter how efficient your A/R and A/P teams are, payment disputes will likely come up from time to time.
Credit and Collections
Business-to-consumer creditors, you’ll have to change up your process to collect money from customers, thanks to new debt collection rules. The final rules amending Regulation F, 12 CFR part 1006, passed late last year. And they’ve been touted as the most significant changes in the 40 years since the Fair Debt Collections Practices Act was […]
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.
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 […]
People who have to make collection calls don’t always know how to approach the call. They may not have their responses ready for the questions or excuses that the customers put forth. There are methods of requesting payment on the phone that can work very well. However, some methods will not achieve the response your […]
Many companies utilize an early payment discount when requested by suppliers. However, the tool has the potential to do far more for your company. It can help to improve the status of the accounts receivable department. The discount tool is a popular and viable strategy that can help to get payments on time, lower the […]
Sometimes, customers don’t pay on time. Often, the fault lies with the customers. However, there’s a chance that the invoices you’re creating and sending could have a hand in this problem. Over the years, we’ve seen that companies are taking longer to pay their receivables. Instead of 30 days, it ballooned to between 45 and […]
Though online portals are intended to simplify invoice and payment processes, they may actually be spurring problems that impact your A/R and A/P teams.
Finance teams can expect the slew of local sales tax rate increases that have occurred recently to keep pace for the rest of 2020.