Accounts Receivable is the money owed to a company by its debtors.
Collecting payments on time is as important as making the deal. Inadequate cash flow not only slows down your business’s day-to-day operations but also impacts your business’s overall progress. Here are some best practices and solutions that can help you reduce late payments in your business.
Many business owners look to marketing and increasing sales and incentives as indicators of their business success. On episode 1 of our 3-part B2B Financial MasterClass series, Lali Wiratunga, National Manager at Westpac’s Davidson Institute, shared with us the seven other aspects that will help make your business more successful.
As digital technology continues to break barriers, today’s Chief Financial Officers (CFO) are also going beyond their traditional responsibilities and taking on a multidimensional role. They shape and drive corporate strategy in multiple areas, from technology and organisational design to organisational culture and supply chain resilience.
Learn about 3 areas of focus in your accounts receivable collection process and how you can improve them to eliminate manual steps and get paid faster.
Gain a deeper understanding of the impact of late payments on your business. We list down the true costs of late payments – and ways you can prevent them.
Every business will have some strategic goals that it aims to achieve. A descriptive road map detailing performance indicators and parameters is necessary to make this possible. Re-imagining the budgeting process for the new way businesses are run makes it possible to unlock deeper insights that can help businesses adapt to changes.
Financial reporting is more than a compliance requirement—it’s a vital tool for understanding your company’s performance, making informed decisions, attracting investors and lenders, and building trust with stakeholders. In this article, we explore how accurate, data-driven financial reports can provide real-time insights, improve cash flow management, and set your business on the path to stronger financial health and sustainable growth.
Designing and implementing an effective order-to-cash process can transform your business cashflow and set your organisation up for rapid growth
DSO, or Days Sales Outstanding, is the average number of days it takes for a company to collect cash payment from a credit sale. When a company sells on credit, it allows its customers to pay in cash at a later date. The average time to pay for a given period is the...
COVID-19 has changed trade as we know it, perhaps forever. What hasn’t changed is your need to get paid on time. However, it’s the suppliers who engage in connected and empathetic communication with their customers now who will reap long-term rewards.
In this post, we break down the anatomy of a demand letter so that you can create a compelling piece of communication that expedites cash recovery.
Research from ezyCollect shows that most overdue invoices are paid by the third reminder. The supplier must typically request payment twice before an invoice is paid. In the digital age, outstanding invoice reminders are usually sent by email and SMS. With the right format, tone and timing, your payment reminder message for due and overdue invoices can be very powerful. Done well, your reminders become a great support tool for your customers’ payables team. Suppliers who use ezyCollect report that their customers thank them for sending helpful payment reminders!
The accounts receivable turnover ratio is a quick and easy indicator of how efficiently a business collects revenue from credit sales. It is also called the receivables turnover ratio, the accounts receivable turnover, or the debtors turnover ratio.
Your invoice is a critical business document that represents your business and also communicates your payment terms and conditions to customers. Xero allows you to imprint your brand in the invoice templates it provides. In this post, we step you through how to do edits that make the Xero invoice template your own.