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I think when the pandemic hit in early March, it really put a gun to the head of many companies by taking what have been Byzantine processes around accountspayable or accounts receivable and moving to much more digital means,” Jay Dearborn , president, corporate payments of WEX Inc. told PYMNTS.
Corporate budgets are getting smaller, consumers are limiting their spending and offices are more digital than ever. This is highlighting companies’ needs to reduce accountspayable (AP) and accounts receivable (AR) processes’ costs as well as to support daily expenditures for remote workforces.
However, when it comes to corporateaccounting departments, automation is still the exception. Most companies — especially those prone to payments innovation — believe automating their B2B operations can provide a host of benefits. Will they be able to capitalize on it by investing in accountspayable automation going forward?
New analysis from corporate payments firm Bill.com suggests ACH payments are dominating the accountspayable department. Only 6 percent of respondents said they aren’t using digital payments to pay their corporate clients’ bills. In an announcement on Thursday (Dec.
The solution is integrated into Gappify’s cloud accounting software and can complete various tasks related to accountspayable, accounts receivable, payroll and other cash management functions, the company said. Gappify isn’t the only company to design a bot for corporateaccounting purposes.
Accountspayable solution Anybill is getting closer to existing partner Intacct in an effort to streamline the flow of financial data between the two platforms. An announcement on Tuesday (March 22) said Anybill has extended its venture with Intacct, which provides ERP software.
Legacy payment options like paper are getting nudged out by faster better methods like credit cards, which are more cost-effective for buyers’ accountspayable (AP) teams to send and quicker for suppliers’ accounts receivable (AR) professionals to receive. merchant services at American Express, told PYMNTS.
Accounting departments, for example, suddenly had employees accessing highly sensitive data remotely via home Wi-Fi, without the data security extant in office-based accounting as we’ve long known it. And operations still using manual accountspayable (AP) methods are really rethinking things. “A And it won’t.
The timeliness of B2B payments raises the stakes for all parties involved, as a missed or delayed payment can ripple across the network. A series of payment innovations are promising to put an end to some common B2B payment frictions, including online portals, same-day ACH and automated accounts receivables (AR).
In a separate announcement, Coupa revealed the launch of InvoiceSmash , an application to streamline and accelerate invoice processing using technology to digitize invoices received into a format compatible with corporateaccountspayable departments.
As much as 80 percent of firms still rely on paper checks when it comes to making business-to-business (B2B) payments. Why B2B Lags. Beyond that, to digitize a B2B payments model, on the face of it, may not pique much executive interest. How about a bigger number, though equally disquieting? The Larger Picture.
The big B2B venture capital news of the week was Augmentum Fintech’s trio of investments, signaling the company’s focus on the B2B FinTech market — but it wasn’t the only firm targeting this startup space. Augmentum Fintech announced its investment in Tide at the same time it revealed two other B2B FinTech targets.
More sophisticated tools can empower teams to more accurately predict cash flows and guide their organizations’ growth strategies, with opportunities to collaborate across procurement, accountspayable, accounts receivable, treasury and beyond.
Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1
That’s especially true in corporateaccounting, says Beanworks CEO Catherine Dahl. It’s an interesting time in accounting, and there’s a huge change coming,” she recently told PYMNTS, adding that digitization will become the norm, empowering humans to take on more strategic tasks while technology handles the repetitive stuff.
Corcentric announced a new acquisition to help the company expand its reach into the corporateaccountspayable space. 27) that it reached a deal to acquire eInvoicing provider InfoAccess.net, a move that pulls InfoAccess.net’s list of corporate clients under the Corcentric umbrella. The firm said Thursday (Oct.
Reactive instead of proactive planning, late payments, a lack of visibility: Accountspayable professionals in the U.K. Accountspayable automation firm Invu released its latest survey, “ Changing trends in the purchasing processes of U.K. In its survey of 200 financial decisions at U.K.
In the accounting space, that means integrations with enterprise resource planning (ERP), accounts receivable, accountspayable, procurement, banking and other portals. Data integration between back-office platforms is now an essential component for businesses deciding to adopt a technology.
In an interview with PYMNTS earlier this year, Coupa VP of Strategy and Product Marketing Donna Wilczek elaborated on the path that corporateaccounting technology has taken. “At no time in history has disruption been so prevalent,” the executive stated. ” . ”
Research released last year by BlackLine found that of 150 Australian chief financial officers and other financial executives surveyed, most expect artificial intelligence (AI) to have a profound impact on their corporateaccounting strategies.
Corporateaccounting software is now a continually evolving space, but progress doesn’t occur in a vacuum: External forces and trends, from changing regulations to increased adoption of FinTech by the enterprise, force businesses to adjust how they record and report financial data. Open Banking initiatives in the EU, U.K.,
The International Accounting Standards Board introduced a significant overhaul to lease accounting standards , and while the changes went into effect at the start of 2019, corporates continue to face challenges to adhere to the standards and remain compliant.
That finance provider makes money when the B2B customer pays off the full amount of the invoice, while suppliers are able to accelerate their cash flows amid longer payment terms in the global trading environment. Fitch Ratings recently reignited that debate when it issued a warning about a corporateaccounting loophole in the U.S.
Bots are marching steadily into the corporateaccounting department as professionals feel more comfortable handing tasks to a machine. Arming the bot with the ability to answer CPA questions means it would be able to support more technical aspects of corporateaccounting and finance, so as to support human accountants.
Corporate bill pay solution Bill.com announced new integrations into corporateaccounting platforms on Wednesday (July 27), while it also rolled out support for automated and mobile features. These integrations also expand to expense reporting software Tallie, the firm said.
Research released last month from BlackLine found nearly half (46 percent) of finance professionals are already using AI in the workplace, and most say accounts receivable (AR) and accountspayable (AP) will see the largest disruptions from the technology.
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