Blog
Articles straight from ezyCollect HQ
Explore our tags
[cool_tag_cloud]
What Is Net 30 and What Are Net 30 Payment Terms?
In the world of finance and accounting, Net 30 is a term you’ll hear often. It’s a popular payment term used in business transactions, requiring buyers to pay the net amount in full within 30 days of the invoice date. In this article, we’ll explore what Net 30 means, its pros and cons, and provide practical tips to ensure timely payments from your customers who are on net days payment terms.
Latest blogs
The payment trends and tech to help you eliminate late payments this 2023
As economic headwinds continue to slow the global economy this year, businesses are looking to strengthen their cash flow to weather the storms. On our recent fireside chat, we discussed the latest trends that will change how businesses like yours are getting paid and how upcoming technologies will help you overcome the hurdle of late payments effectively. Here are the key takeaways from the session.
What is accounts receivable? The ultimate guide to AR
Accounts receivable is a critical part of any business’s financial management, representing the money that a business is owed by its customers for products or services that have been provided but have yet to be paid for. In this article, we’ll explore accounts receivable, how it is managed, and why it is important for businesses of all sizes.
How digital payments can eliminate late payments for construction businesses
Payments can be complex for construction businesses, especially when contractors, suppliers, and subcontractors are involved. These parties often have different payment terms and schedules, which can cause confusion and delays in payment processing. This is why the industry needs to prioritise digital payment solutions to eliminate payment friction.
How to check free business credit scores online
In the world of business-to-business (B2B), it can be a challenge to manage late payments from customers. However, one proactive solution to minimise such occurrences is to assess the business creditworthiness of your customers based on their business credit score. In this article, we’ll explore a free option for checking business credit scores to help you get started.
How Accounts Receivable Software helps retail SMEs improve cashflow
In a 2023 survey, results show that retail SMEs are keen to explore tech that improves accounts receivable, particularly its capability to integrate with accounting platforms that help their team do more with less profitably. Let’s look at how accounts receivable software can benefit your retail business and what features to look for when shopping for the right solution.
Managing AR: Free Accounts Receivable template vs. AR Automation software
Learn how to effectively manage your accounts receivables using an accounts receivable spreadsheet template and why adopting an AR automation software can further improve your collections process.
How to measure and optimise your cashflow performance
Understanding how cash flows in and out of your business is crucial in running and growing your business. On episode 2 of our 3-part B2B Financial MasterClass series, Lali Wiratunga, National Manager at Westpac’s Davidson Institute, shared with us the fundamentals of understanding cashflow, where cash hides in your business and tips on how you can improve cashflow in your business.
What’s the difference between a proforma invoice, invoice, and receipt?
The pro forma invoice, invoice, and receipt have unique purposes and functions in the buying and selling process. Accounts receivable teams need to understand the difference between these documents and use them correctly to keep accurate records and maintain smooth transactions.
Five reasons why B2B customers pay late
Understanding why customers are paying late is key to successfully managing delayed B2B payments. Here are top five common reasons why your customers might be paying late and the solutions that can help you address them.
Top 10 CFO’s resolutions for the new year
Predictions point to another challenging year this 2023, and more than ever, the CFO will play a critical role in helping their organisations weather the storms and maximise profitability. Here are the top 10 resolutions for CFOs in the new year.
How to manage working capital and improve cashflow in your business
Understanding how cash flows in and out of your business is crucial in running and growing your business. On episode 2 of our 3-part B2B Financial MasterClass series, Lali Wiratunga, National Manager at Westpac’s Davidson Institute, shared with us the fundamentals of understanding cashflow, where cash hides in your business and tips on how you can improve cashflow in your business.
Five ways to reduce late B2B payments
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.
Is your payment solution optimised for B2B?
Globally B2B payments is on the rise with major providers seeing growth in digital payments. Banks have long been players in the payment space, but we’re also seeing the rise of all-in-one payment solutions providing more variety and innovation. Learn why an all-in-one solution can benefit your business when it comes to payments.
The seven steps to managing a successful 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.
New payment gateway: ezyCollect Payments x WooCommerce integration
Introducing ezyCollect Payments Woocommerce extension: a small extension that bridges a big gap in the O2C process. Install the plugin to start taking credit card payments in your online store and manage them in one centralised platform together with your other payments.
Key policies for SMEs in the 2022 Federal Budget
The latest budget encompasses a range of initiatives to revitalise the country’s industry and fortify its economic resilience. Most importantly, the 2022-23 Budget extends cost-of-living relief and lays out a pathway for the Government of Australia to invest in the future of the country’s businesses. It becomes a crucial step during challenging times when inflationary and economic pressures and the resultant global uncertainty are on the rise.
Five cashflow hacks for managing seasonality in B2B
Small to medium businesses know that seasonal fluctuations can seriously impact them and must build resilience into their business model. In our recent webinar, Beth James, Customer Operations Head at Hampers with Bite, shared with Laura Athena Walker, ezyCollect, how their team successfully manages the cashflow despite the challenges of a highly seasonal business.
Five tips to prepare your cashflow for a recession
Recessions are a normal part of a business cycle, and despite what the news tells you, it doesn’t mean it’s the end of the world, either. However, there’s no downplaying the importance of being prepared for tough times. A crucial part of ‘recession-proofing’ is ensuring you have a strong cashflow.
While the consensus is that a global recession is likely sometime in 2023, it’s important to be proactive and take steps to ensure your company is ready for the coming months ahead. A crucial part of navigating changes is ensuring you have a strong cashflow.
B2B payments in ezyCollect: Pay Now in SMS, Collect Now in Bulk, and more
B2B firms have different needs when it comes to payment automation: taking into consideration accounting, invoicing and compliance. Here at ezyCollect, we understand how the payment experience is integral to accounts receivable collections. Our online payment platform is built out of this need, and we’re just getting started. Learn about our latest updates to make payments easier for your customers and for you to be able to collect them efficiently and sync them to your accounting systems seamlessly.
Five tips to minimise bad debts in B2B firms
B2B businesses are especially vulnerable to bad debts as transactions often involve extending credit to customers. Here are a few tips that can help you minimise and manage the risks associated with them.
Three steps to end late B2B payments using the Big Tech approach
Big Tech companies are known to be purveyors and, often, pioneers in simplifying processes. They understand how streamlining creates business efficiency and excellent customer experiences. They create win-win situations, and we can see this with how they approach payments.
Benefits of all-in-one AR automation in B2B payments
Integrated Direct Debit works by collecting payments directly from customers’ accounts that have granted you Direct Debit Authority. When direct debit transactions integrate into your AR automation platform, the whole direct debit process is streamlined from collection to reconciliation, minimising friction. You also gain more control over direct debit payments, allowing you to extend that flexibility to your customers easily.
Five reasons why you should use Integrated Direct Debit
Integrated Direct Debit works by collecting payments directly from customers’ accounts that have granted you Direct Debit Authority. When direct debit transactions integrate into your AR automation platform, the whole direct debit process is streamlined from collection to reconciliation, minimising friction. You also gain more control over direct debit payments, allowing you to extend that flexibility to your customers easily.
How digitisation impacts the evolving role of the CFO
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.
Three ways to speed up your accounts receivable collection process
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.
The cost of late payments for SMEs
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.
Four steps to identify zombie businesses with credit reports
When businesses proactively manage their accounts receivables (AR), they shorten their cash conversion cycles. Improved cash flow means businesses can meet regular expenses and ensure continuous and consistent growth. In this article we’ll discuss the 4 steps on how you can accelerate cash flow with your accounts receivables by leveraging technology and best practices.
Four steps to boost cash conversion with your accounts receivables
When businesses proactively manage their accounts receivables (AR), they shorten their cash conversion cycles. Improved cash flow means businesses can meet regular expenses and ensure continuous and consistent growth. In this article we’ll discuss the 4 steps on how you can accelerate cash flow with your accounts receivables by leveraging technology and best practices.
Five steps to redesigning the 2022 budgeting process
The volatility of the current world markets has seen the need to shift to agile budgeting processes. Reimagining budgeting for the new way businesses are run makes it possible to unlock deeper insights that can help businesses adapt to changes along the way.
EOFY best practices checklist for SMEs
Getting your financials in order is going to be a focus for you during EOFY. But it’s also a great time to reflect and do a postmortem of all your financial decisions to know what worked and what did not. In this article, we’ll share a few tips that SMEs should consider to make the most of EOFY and ensure that they are prepared at the start of the next financial year.
