Disconnects in Invoice-to-Cash Cycles Harm Companies’ Financial Health and Customer Experience According to Versapay Report

Versapay’s “The Point out of Digitization in B2B Finance” reveals that digitization efforts in the AR section are not fixing core accounts receivable difficulties in the transaction encounter.

National HARBOR, Md., June 7, 2022 /PRNewswire/ – Versapay, the leader in Collaborative Accounts Receivable (AR), released a new report right now from the 2022 Gartner® CFO and Finance Govt Meeting. “The Condition of Digitization in B2B Finance” report reveals that when client encounter problems are not factored into AR digitization tasks, it hurts the base line.

The report surveyed 1,000 C-level executives at firms with a bare minimum yearly profits of $100m on their accounts receivable electronic transformation attempts. The conclusions confirmed that 82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives say their firm dropped profits owing to miscommunication in the invoice-to-income cycle, leaving income on the desk and harming consumer associations.

“The State of Digitization in B2B Finance” found that 92{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives surveyed agreed that to access peak performance, each and every office in the organization requires to be digitized. On the other hand, 60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives also concur that AR departments have not been prioritized for digitization as a lot as other departments. Though there is important AR digitization work left to do, this also provides an opportunity as executives can do away with high-priced miscommunications and greatly enhance their shopper expertise by generating guaranteed to include digital collaboration in their AR transformation jobs.

“Without the need of the buyer at the forefront of each and every digitization job, which include accounts receivable automation, quite a few companies are leaving funds on the table,” reported Craig O’Neill CEO at Versapay. “It’s vital to go digitization initiatives past just improving upon performance. Performance is crucial to be sure, but there demands also to be a aim on transparency and collaboration in the transaction encounter, which will direct to faster payments and extra content shoppers as well.”

Other highlights:

  • 78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives say payment conflicts could have been averted with improved conversation
  • 73{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives say the invoice-to-hard cash procedure can negatively impact a customer’s experience
  • 65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives say transparency and collaboration among AR and shoppers would cut down bill disputes
  • 64{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of executives say that invoice disputes resulted in the threat of a lawsuit (38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), or escalated to complete-blown litigation (32{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996})

For additional details and insights with regards to the study outcomes down load the entire “The Condition of Digitization in B2B Finance” report in this article

About Versapay

Versapay is the leader in Collaborative Accounts Receivable. The Versapay Collaborative AR Network is the initial option that empowers the genius of groups by bridging the gap among suppliers and customers as a result of a shared, digital practical experience. Owned by Great Hill Associates, Versapay is dependent in Toronto with workplaces in Atlanta, London, Amsterdam, Sydney, and Miami. With 8,000+ purchasers and 800,000+ potential buyers engaged, Versapay handles 40+ million new invoices and drives $60+ billion in world wide payment quantity every year. Be a part of the discussion at twitter.com/Versapay and linkedin.com/firm/versapay.

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