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Invoice collection can truly make or break a business because customers making late payments slows down every part of your workflow.Smooth invoicing and payment collection allows cash flow to stay in the positive and your business to keep innovating and providing to your customers.
Not every business offers payment plans to their customers, but those that do end up experiencing significant benefits. Payment plans are a crucial and effective business tactic. They offer flexibility for your customers and help your business build loyalty and stronger customer relationships.
Reconciliation is an essential accounting process that ensures two different financial records are correctly matched up. This is especially important to ensure that your accounts are all in order.
When it comes to the financial aspects of your business, knowing invoicing and estimation terms and understanding the differences between them is crucial to stay organized and on top of things.
Statistics show that small business owners spend around 10 hours per week doing just that. Imagine if you could have an extra 10 hours in your week to work on expanding or improving your business?
Every business runs on cash and the ability to collect your account receivables (AR) as soon as possible will increase your company’s efficiency and profitability. Failing to evaluate your DSO can lead a stellar performer to a nickel-and-dime operation. So let's look at why it’s so important.
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