One of the best ways you can gauge the performance of your accounts receivable management strategies is by calculating your accounts receivable turnover (ART) ratio. ART helps measure and describe the efficiency of a company in collecting their credit sales. This ratio is a good indicator of whether or not your credit and collections processes and terms are benefiting for your company. Generally a high value is an indication that your accounts receivable management strategies are working, a low value may indicate inefficiencies in your collections. Different industries have different average ratios, so be sure you are comparing yours against other companies in your industry to see how you measure up. There are a few things you can do to improve your ART including the following: Continue reading
B2B customers want to compare and purchase products quickly, easily, and on their own time. This mentality was evident in a recent study in which 85% of respondents reported that they enjoyed B2B ecommerce because it saves them time. eCommerce for QuickBooks allows them to do just that so it is time to get moving on your ecommerce platform selection and implementation today. Why?
Because 71% of B2B buyers would leave their current supplier if they found a new supplier with the option to buy online! According to this study
So don’t wait, here are a few steps to get you started: Continue reading
It’s not easy to know when it is time to hire new employees or create new positions as your company grows, especially when it comes to your credit department. It’s relatively easy to identify when to hire new salesmen and easy to justify that hire because with them, you will be able to close more deals and make more money, right? Accounts receivable management is a little bit more difficult, but just as important a position. With the right number of credit and collections employees, you will be able to more effectively collect the money your sales team is bringing in, get money to the bank faster, improve cash flow, improve communications with your customers, thus improving customer satisfaction.
There is no real formula for figuring out when you should turn your part-time position into a full-time one, or how many people you should have dedicated to you accounts receivables management, but over the years, we have come up with a few general rules to help you make this decision for yourself. Continue reading
Supply chain visibility is, most simply, the ability to see all of the pieces, parts, and components that go into your end product from the beginning of the manufacturing process, all the way to the end consumer. But supply chain visibility is so much more than that. If you can access it, the information gleaned from your supply chain processes can be used throughout your organization to speed up production, increase quality, and cut down on costs. Unfortunately, gaining that insight is tough and without the proper tools it’s downright impossible. Supply chain software allows you not only deep insight into your supply chain, but it also gives you and your stakeholders access to real-time, actionable data on which you can support customers and make strategic decisions to strengthen the supply chain and drive business forward. Continue reading
As with any other piece of business software, success with your b2b ecommerce platform comes from doing more than simply buying it. Success is dependent on many things from selecting the proper solution, all the way through project planning, implementation, training, and how you manage your b2b ecommerce strategy in the future. Here are some of the common mistakes companies make that keep them from seeing success in their ecommerce investment. Continue reading
Epicor ERP is a comprehensive system and a strong ERP solution, but it cannot solve your accounts receivable problems. AR management in Epicor ERP as it comes out of the box is decent, but AR is one of your most important assets, you need a full featured AR management solution like Epicor Cash Collect to help streamline and automate your collections processes. Does Epicor Cash Collect work? well… Continue reading
Our customers are engaged in a wide variety of industries including small business to large enterprises who represent industries including wholesale distribution, manufacturing, construction, medical services, legal services, professional and consulting services, and others; no matter which industry they work in, the question has always been the same. “How Many Employees Do I Need for Effect Accounts Receivable Management?”
The answer to this question depends on several factors, one of which being the volume of accounts and invoices your company handles.
In the past few years, cloud computing has been one of the most talked about topics in the world of business technology. Cloud business applications offer a significant advantage to any company; especially SMB’s who want to work smarter, faster, and more efficiently. With all of these benefits and the buzz around the topic, many Americans, according to a survey from Wakefield Research, do not truly understand what cloud computing is, let alone how it can be used to grow their businesses. Continue reading
Many companies who are using QuickBooks struggle to successfully manage their accounts receivable. Why do they struggle? Generally speaking, it is because they have a small staff and do not have a full-time employee dedicated to the time consuming task of AR management. Anytime Collect credit and collections management is a Silver Certified collections module for Intuit QuickBooks that allows companies of all sizes to unlock the potential of their AR and improve cash flow without having to hire on additional employees or make large investment in IT resources and equipment.
For manufacturers, success is defined (mostly) by how efficient you are. MRP software has seemingly been around forever, but like anything, it changes with the times and is now a part of the cloud computing movement. Cloud MRP software can not only help you boost productivity, it keeps software costs to a minimum and gives you the visibility you need to know exactly what is happening, when it happens, and how you need to respond so you can manage your operations proactively. Continue reading
What does the world’s largest privately held manufacturer of inboard marine engines have in common with an industry leading distributor of funeral products and a manufacturer of water purification equipment?
They are all using B2B ecommerce to sell their products and services online and each one has their own unique business requirements that could not be met with out of the box ecommerce solutions designed for consumer sales. Continue reading
Here is the scenario: You’re a successful company with a growing business and an expanding client list- that is great! But you are having trouble with your Accounts Receivable Management; your accounts receivable turnover is low, you are understaffed and are not ready to commit to hiring new employees, your DSO is nothing to be proud of, and you are having cash flow trouble because you just cannot get customers to pay you on time…this is not so great. You are not alone. Many companies find themselves in the exact same position.
The problem always is time. Continue reading
If you have begun to consider implementing B2B ecommerce software into your strategy, you are headed in the right direction. Why? Because b2b buyers are really starting to dig online purchasing. A recent study reported 57% of b2b buyers have made purchases online and plan to do so even more in the coming year.
But you’re not alone, 40% of marketing and sales professionals will adopt b2b ecommerce software into their repertoire. What does that mean for you? Competition. Especially since 71% of B2B customers admit they would leave their current supplier for another company with the same products, similar pricing, and an option to shop online. So it’s a good thing you are weighing your ecommerce options.
But before you go running out to buy your ecommerce solution, there are a few things you need to know, one of the most important things is the difference between B2B ecommerce software and an online shopping cart. Continue reading
Balancing supply and demand is much easier said than done. On the surface it seems like a simple concept, but when you get down to it, supply chain management is no easy task and even experienced supply chain managers make mistakes. Unfortunately those mistakes can be extremely costly to an operation when the main goal of any manufacturing company is to fufill customer needs while minimizing the expense. Some mistakes you simply cannot avoid as a member of a supply chain, but other mistakes, the most common mistakes, are easy to avoid when you break them down, apply best practices, and have a solid MRP software solution. Continue reading
Many companies struggle to manage their credit and collections activities effectively which is why Credit collections management software is one of the best investments you can make for your company. The inability to juggle the many tasks associated with credit and collections can lead to severe cash flow problems that could create serious issues and possibly leave you unable to keep up with your company’s financial obligations to suppliers or your employees. Credit and collections management software helps companies of all sizes and across many different industries get a handle on their accounts receivable and allows credit professionals to get back their most critical tasks. Continue reading