A lot of companies are dealing with the problem of late payments. Many initiatives have been started to try and encourage businesses to pay on time, but none of these have solved the issue entirely. This month new financial reporting rules will come into effect in the UK, requiring big businesses to post their payment records on a government website.
In today’s world, software is basically an essential part of business. No matter what your company does, you probably use software on a regular basis. Even if it’s just to check emails and write letters. So, how do you know that it’s time to invest in some new tools? Here are some signs to look out for.
There are quick fixes and long-term solutions. Both options have their place and the right choice depends on what you need. Automating with the right tools will transform your SSC from a transactional hub to a place that adds serious value back to the board fast and will keep doing so in the long-term. So you don’t have to make that decision.
The National Association of Credit Management (NACM) warns credit professionals that a record-breaking $2 trillion of U.S. corporate debt will be coming due in the next five years and therefore you should be “on guard and prepare for any contingency”.
One of the problems that face businesses that are looking to put in place change is the way in which they are siloed. This is why a wider stakeholder team need to be engaged with payments – a multi-departmental approach can make the difference between success and failure.
By repositioning accounts receivable as an integral part of the organisation substantial improvements can be made business-wide. Changing the way credit management is perceived and worked with in your organisation isn’t an overnight process.
Input from stakeholders from other parts of the business will help you do your job better. After all, you all have the same goal. But how can you join forces with stakeholders from other areas and make it a normal thing for everyone to work together?
We all know that management is not just looking for a big stack of finished reports sitting on their desks. What they really want is money in the bank to pay suppliers and paychecks. So figure out your priorities and get to work.