Smart practices to help you optimise your credit control and strengthen cash flow
Smart practices to help you optimise your credit control and strengthen cash flow
Adrian Floate 11 May - 5 min read
When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk. Over the last two years, 60 per cent of businesses experienced increased debt management costs, and 54 per cent of companies say that B2B credit sales result in late payments.
Introducing the improved Spenda Accounts Payable (AP) solution which comes equipped with a new self-guided set up, enabling users to easily onboard themselves and quickly streamline their payables.
Digital transactions and evolving financial technologies have dominated digital transformation in recent years. And while these developments are helping businesses to work smarter, cash flow management remains critical. The fundamental principles of monitoring cash inflows and outflows help businesses ensure that their finances are strong so they can meet their ongoing operating expenses and plan investments in growth.