NCRI Inc.’s Post

Is your revenue stream hitting roadblocks? 💸🚧 Managing accounts receivable (AR) is crucial for the financial health of your business. But let's face it – assigning it to an employee handling a bunch of other stuff can lead to slip-ups, and often only gets noticed once the cash flow gets tight. How can we avoid this? ✅ Embrace electronic payments: Simplify payments for clients with online transfers or credit card options. Convenience is key, and you'll see payments rolling in faster. ✅ Boost upfront payments: Set clear payment terms and encourage clients to pay in advance. ✅ Automate payment reminders: Say goodbye to manual follow-ups and hello to software that automates payment reminders. ✅ Utilize data analytics: Gain insights into customer payment patterns, identify issues early on, and make informed decisions to optimize your AR strategy. Need help refining your AR process? Schedule a free call with our experts. Let's optimize your payment systems together. #CashFlowManagement #AccountsReceivable #BusinessTips #FinancialHealth

In the world of business, every dollar counts. Yet, many companies unknowingly hemorrhage money due to inefficient accounts receivable (AR) processes. These hidden costs can significantly impact your bottom line, hindering growth and putting unnecessary strain on your operations. The Unseen Impact of AR Inefficiencies Delayed Payments: Late payments create a domino effect, disrupting cash flow, delaying investments, and increasing borrowing costs. High Days Sales Outstanding (DSO): A high DSO indicates that your company is taking longer to collect payments, tying up valuable capital that could be used elsewhere. Increased Labor Costs: Manual, time-consuming AR tasks like invoice processing, collections, and dispute resolution consume valuable resources and drive up labor costs. Customer Dissatisfaction: Inaccurate invoices, delayed payments, and poor communication can lead to frustrated customers, damaged relationships, and even lost business. Optimizing your AR processes can unlock a wealth of benefits: Improved Cash Flow: Faster collections and reduced DSO mean more readily available capital to fuel growth initiatives. Reduced Costs: Automation and streamlined workflows minimize manual labor and associated expenses. Enhanced Customer Satisfaction: Accurate, timely invoices and clear communication build stronger customer relationships. Data-Driven Insights: Utilize AR data to identify trends, optimize credit policies, and make informed business decisions. Are you struggling with late payments, high DSO, or a lack of visibility into your AR performance? Share your biggest AR challenge in the comments below! #AccountsReceivable #CashFlow #FinancialHealth #BusinessGrowth #AROptimization Equifax Experian Oracle Accenture

Is your cash flow getting choked by slow AR? 2024 brings game-changing trends in accounts receivable! 🌐 This blog unveils the TOP 6 STRATEGIES to: - Boost collections and supercharge your cash flow! - Outsmart common pitfalls and avoid financial headaches. - Unlock new opportunities for growth & efficiency. Don't get left behind! Read the guide now: https://lnkd.in/gXp3-ErE  #accountsreceivable #trends #2024 #cashflow #growth #efficiency

AI-driven cashflow tool helps corporate clients cut manual work by 90%: #cashflowmanagement #cashflowforecasting #aitools #aitools2024 #cashflow #payments #corporatetreasury #treasurer #treasury #finance #treasuries #cfo

Level Up Efficiency and Simplify Payment Reconciliation Reconciling payments can be a tedious and error-prone process, especially for businesses that handle a high volume of transactions. Manually matching invoices and payments requires a lot of time and resources, diverting your team's attention from more strategic tasks. Inconsistencies in data entry, missing information, and high transaction volumes can contribute to delays and inaccuracies. Streamlining Reconciliation with Text Payments Authvia's text payment platform offers a powerful solution to simplify payment reconciliation: ◉ Automated Tracking: Transactions are automatically recorded and categorized, eliminating the need for manual data entry and reducing the risk of human error. ◉ Real-time Data: You have instant access to detailed transaction information, allowing you to quickly identify discrepancies and resolve them quickly. ◉ Reduced Paperwork: Text payments eliminate the need for paper invoices and checks, saving you time and storage space. By automating the reconciliation process, Authvia frees up your team to focus on more important tasks, while improving the accuracy and efficiency of your financial operations. Want to learn More about how we can help your business succeed? Visit us at Authvia.com.

This is another use case that we are proposing to a financial services client. Use Case: Finance Reconciliation for Financial Services #Background Financial services organizations, such as banks, insurance companies, and investment firms, handle a large volume of transactions daily. Accurate reconciliation is crucial for these organizations to ensure compliance, and maintain financial integrity. #Pain Points 1. High Transaction Volumes 2. Complexity 3. Regulatory Compliance 4. Operational Efficiency 5. Data Integration: Difficulty in integrating data from various sources, including bank statements, internal records, and third-party systems. #Solution: Reconciliation Automation Tool 1. Data Aggregation 2. Automated Matching 3. Exception Management 4. Reporting and Analytics #Benefits 1. Improved Accuracy: Reduces errors through automation, ensuring accurate financial records. 2. Time Efficiency: Speeds up the reconciliation process, freeing up staff for higher-value tasks. 3. Regulatory Compliance: Ensures timely and accurate compliance reporting. 4. Error Detection: Quickly identifies and addresses discrepancies 5. Scalability: Handles increasing transaction volumes as the business grows. By implementing a finance reconciliation automation tool, financial services organizations can streamline their processes, ensure regulatory compliance, and improve overall operational efficiency.

The #AR function is critical in uncertain economic times like these. Join me and Deluxe for this Institute of Finance and Management (IOFM) webinar and learn the opportunities and challenges that #accountsreceivable pros face, and strategies for getting the most out of your receivables function.

You see high revenue in your P&L at the end of the month. But then you check your cash balance and… bam, nightmare. Your monthly cash flow is negative. How is that fucking possible? Where’s the money if the business is profitable? Heard this a hundred times. So, let’s play detective and figure this out. 🟩 Step one: compare your revenue to your cash inflows from customers. Spoiler: they're not the same thing (check this: https://lnkd.in/dFFZPGQT). You can have 3 scenarios: - Revenue > Cash Inflows: Customers owe you money and will pay later. - Revenue < Cash Inflows: You got advance payments. - Revenue = Cash Inflows: Rare and doesn’t mean you’re okay. Someone might’ve paid upfront for the year, while others haven’t paid at all. If you’re dealing with advance payments, post-payments, or manually sending invoices, I’ve got bad news. Your cash inflow control needs to scale with your revenue. (It's not the same to check hundreds of payments now vs dozens before). If not, you'll end up with bad debts that never get paid. Or you just leave money on the table because no one’s tracking payments. So, we made this cheat sheet to help you organize cash inflow control. There are 3 parts: 1️⃣ Analytics: What to track and example graphs. 2️⃣ Processes and Software: How to automate payments. 3️⃣ Responsibilities: Who's responsible for what in this process? 👇🏼Find HD version in the comments. And May The Profit (& Cash Flow) Be With You 💚 Alyona

𝙁𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙍𝙚𝙥𝙤𝙧𝙩𝙨: 𝘼/𝙍 𝘼𝙜𝙞𝙣𝙜 𝙍𝙚𝙥𝙤𝙧𝙩 It's a new week, and we have a new report to discuss! This week's report revolves around Accounts Receivable (casually referred to as A/R). The A/R Aging Report is quite simple to read and holds some major value. 💲 💡 𝗜𝗻𝘀𝗶𝗴𝗵𝘁 𝗶𝗻𝘁𝗼 𝗢𝘂𝘁𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗕𝗮𝗹𝗮𝗻𝗰𝗲𝘀: The report categorizes outstanding invoices by their age, typically into buckets like current, 1-30 days (meaning 1-30 days past due), 30-60 days, etc. This provides a clear picture of which invoices are overdue and by how long. ☝ 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗶𝗻𝗴 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗘𝗳𝗳𝗼𝗿𝘁𝘀: With the report's insights, businesses can prioritize collections efforts on overdue accounts, focusing resources where they are most needed to accelerate cash inflows. 📈 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆𝗶𝗻𝗴 𝗧𝗿𝗲𝗻𝗱𝘀 𝗮𝗻𝗱 𝗣𝗮𝘁𝘁𝗲𝗿𝗻𝘀: Analyzing A/R Aging reports over time can reveal trends and patterns in customer payment behavior. This insight enables businesses to adjust their credit policies, pricing strategies, or terms to minimize late payments. 🤝 𝗜𝗺𝗽𝗿𝗼𝘃𝗶𝗻𝗴 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗥𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽𝘀: Timely follow-up on overdue invoices can demonstrate to customers that the business values prompt payment. Conversely, neglecting overdue accounts can strain relationships and erode trust. #smallbusinessaccounting #financialreports #knowyournumbers #cannabisaccounting #cannabisbusinessadvisory