As more and more information shows the growth of B2B ecommerce and as it proves itself as a viable option for B2B companies, it is important to understand how to build a B2B ecommerce practice that current customers will want to migrate to, and an online site that prospects will be drawn to and encouraged by. Even Forrester research sees that this is become increasingly important as more companies adopt B2B ecommerce into their strategies. Forrester recently published a “playbook” that examines the B2B ecommerce landscape and how companies can see success in the future. Some of the topics touched on in the playbook include: Continue reading
In an earlier blog, we touched on how account and invoice volume can help you decide how large (or small) your accounts receivable management team needs to be for optimized collections. Another factor that will affect your staffing considerations is related to the products and services you provide and the complexity of the invoice and the payment process. Continue reading
As publishers of credit and collections management software, we work with companies in many different industries, from small companies all the way to large enterprises. Over the years, we have found that because SMB’s are more focused on generating revenue though product development, sales, services, human resources, and other aspects of the business, and are much less efficient or proficient in managing their accounts receivable. Due to their focus on other critical tasks, credit and collections is not a priority until it starts to affect cash flow and the company’s ability to pay its employees or to secure working capital for investments in equipment, personnel, expansions, or other initiatives. Continue reading
Balancing supply and demand is a very hard job and can make life pretty tough for MRP/DRP for Distributors and Manufactures . Often times, despite their best efforts, many supply chain professionals make mistakes. Some of those mistakes can’t be avoided but some can be avoided by implementing MRP/DRP best practices and technology. These tools can help make the best decisions to minimize costs while meeting or exceeding customer expectations. What are some of these common and avoidable mistakes? Continue reading
While credit and collections phone calls can be the most direct way to get in touch with your customers about outstanding accounts receivable, sometimes written communications are necessary to back up a phone call or they are the preferred way in which your customer would liked to be contacted. It is important that your written receivables management communication is clear, concise, and does not leave room for interpretation by your customer. If they are confused after reading your letter/email/fax, that can delay payment. Here are a few ways to make sure poorly written communications does not hinder your receivables management efforts and the pros and cons of each type of written communication.
The first communication you have with your customer after an invoice becomes past due can be crucial to your overall collection success. How do you get your point across without creating uncomfortable tension and creating a wall between you and your customer? Your first contact with a customer after the invoice becomes past due is not about demanding payment, it’s about figuring out why you have not received it. Here are 5 ways you can make your early accounts receivable collection communications more successful.
According to a recent survey by IBM and the Economist Intelligence Unit, 67% of companies with revenues less than U.S. $1 billion have adopted cloud at some level. Why? While cost savings is the most talked about benefit of cloud computing and cloud business applications, the power of the cloud goes far beyond that of saving money. Continue reading
Improving supply chain visibility has always been, and probably will always be, on the top of the to-do list for supply chain leaders, and for good reason. Improved visibility can provide benefits such as optimized inventory, improved forecasting, increased collaboration, and others to help supply chain professionals make strategic decisions. Like so many other important things though, improving supply chain visibility is tough. This is largely due to fact that many companies either do not have access to the data they need or they have trouble analyzing that data to turn it into actionable information on which they can identify, solve, and avoid issues. What are some of the biggest threats to visibility and how can you eliminate them in your business? Continue reading
Do you think the online purchasing is something that should be invested in only for those companies who sell to the young B2C market? Guess again!
B2B buyers from all generations are jumping on board with B2B ecommerce for their corporate purchasing needs. A recent infographic based off the Acquity Group’s, “the 2013 state of B2B procurement Study,” proves that while the Gen-Y is most likely to buy online, the Baby Boomers and Gen X are not too far behind. The report also supports the notion that B2B ecommerce needs to be similar to B2C from a user experience standpoint and B2B buyers are ready to spend a pretty penny online when given the right tools. Some of the key findings from this study include: Continue reading
According to a recent article from CFO.com which outlines the eight top issues for CFO’s as we enter 2014, cost management, increased operational efficiencies, investment in new technologies, and of course, increased profitability, are all on their “to do” list as we enter the new year.
What many CFO’s may not realize is that improved accounts receivable management has the ability to help them reach those goals. Because one of the goals they listed is to embrace new technologies, AR management software may be just what they’re looking for.
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