Payment technology has emerged as a pivotal force driving substantial change in accounting systems and processes. The pace of this change is prompting businesses to complete a comprehensive reevaluation of their financial transaction practices. From streamlining invoicing procedures to strengthening cash flow management, innovation in payment technology is not only revolutionising financial processes but also significantly reshaping the professional landscape for accounting professionals. This article delves into the influence of tech-driven payment solutions on the accounts receivable and accounts payable functions, and its impact on employee productivity and engagement. Keep reading to learn more.

Late payments continue to impact businesses of all sizes, disrupting cash flow, straining relationships, and impeding growth.

Online payment platforms and mobile apps have made it possible to make quick, secure, and convenient transactions that once required time-consuming paperwork and in-person interactions.

Your franchise network likely has strong systems and processes to ensure that your franchisees have everything they need to succeed. But if you’ve had these systems in place for a number of years, particularly if they are manual or disjointed, it could be hampering growth across the network.

The ability to digitise and automate business systems and processes has driven the transformation of B2B payments in recent years. From being able to process card-not-present transactions to integrations that make payments and the associated accounting and administration processes seamless, innovation is catching up to B2C channels. Worryingly, however, adoption lags.

As cash flow pressures persist, businesses need to look for smart ways to effectively manage their finances without causing inconveniences for their trading partners

The rise of digitisation in recent years has helped businesses transform the way they work. Whether a company has used automation to make account reconciliation and reporting easier or found ways to optimise other processes, using technology that integrates across a business is what drives truly powerful transformation. 

Accounts Payable (AP) and Accounts Receivable (AR) functions are distinct but interconnected components of the financial process.

Optimising and digitising payment processes and improving customer experiences are vital for businesses wanting to stay ahead of the curve.

Efficient management of accounts receivable is crucial for businesses of all sizes. It serves as the lifeblood of healthy cash flow, enabling businesses to better allocate resources, invest in strategic initiatives, and grow faster.  

The order-to-cash (O2C) and procure-to-pay (P2P) processes are two essential frameworks that help businesses effectively manage their sales, procurement, and payment activities.

Business efficiency is a critical aspect of achieving success in today’s competitive landscape. Investing in technologies that promote business efficiency allows companies to operate smarter, make more informed decisions, and better adapt to changing market demands.