Since we've been raving about how helpful cloud accounting is to your employees and organizations, the only true way to prove it's worth is by comparing and contrasting cloud accounting to traditional accounting.
If your organization fails to stay ahead of the trends within its industry on a consistent basis, you will run into frequent problems. In the accounting industry, running into problems leads to thousands or hundreds of thousands of dollars in fees. This makes it crucial that you and your organization understand the common symptoms involved with an outdated accounting software solution.
Collecting what is owed to you has become a science, let's face it, it's difficult to get your clients to pay you. There could be hundreds of reasons why it's taking you so long to collect on your money, and you can likely improve upon it, but the number one reason is your industry. There are a few industries who are infamously slow at collecting their accounts receivable.
We live in an industry where features make or break an accounting software solution for your organization. In fact, during the early decision making and evaluation process, the features each solution offer was likely one of your top priorities. Below we've listed X features that your accounting software should have.
Now that we are almost halfway through the year, it's a good time to take a look at the biggest trends within accounting. As the usefulness of technology increases over the years, new trends continue to pop up within the industry that help make accounting jobs easier. So far in 2017, there have been a few new trends that have popped up as well as a few that were also popular last year.
It's not uncommon for organizations to struggle with their accounts receivable management. Although the account helps you realize your revenue, it's hard to fully grasp its many concepts. The bottom line is that improper accounts receivable management will lead to less income. In fact, according to 43% of small businesses have customers who are more than 90 days past due on payments and that will lead to serious losses in their income.
Accounting to a new poll conducted by Robert Half International, more than 50% of financial and accounting firms are understaffed. Approximately 1,400 U.S. and Canadian industry leaders were polled and they have either plateaued or decreased in staff from 2016. The median staff number was 95, which represents a dramatic drop from 236 reported last year by large firms.
Accounts receivable turnover is a financial problem that many small businesses run into because owners often extend credit to clients, leading to a delay in payment. Accounting Tools defines accounts receivable turnover as the number of times per year that a business collects its average accounts receivable. Increasing your A/R turnover rate can be a huge obstacle but if you can accomplish it your company will operate more efficiently due to a smoother cash flow. Below we've listed 5 ways to increase your accounts receivable turnover (ART) ratio.
It's obvious, if your company doesn't receive money from your clients it will fail. Money and cash flow are what keep a company afloat. Part of that survival is solid accounts receivable management. You'd be surprised if you knew the number of small businesses that die every year because of poor cash flow management, especially startups. The hardest part about managing cash flow for both small and large companies is debt collecting.
Finding out the real reason why a customer isn't paying their invoice or statement on time has become an art. Trying to sift through the endless amount of excuses they give on the phone or via email can be troublesome and hard to analyze. Without an exact reason, you may never be able to find the precise reason why your clients aren't paying you.
As providers for a cloud-based A/R management solution, we've started to notice a pattern. Although no single company we serve is the same and each of them utilizes our solution in different ways, there are a set common obstacles that they will likely run into. Below we've listed the 6 biggest issues in A/R Management.
The days where desktop accounting software applications dominated the industry are over. In fact, according to a study conducted by Viewpost, 80% of organizations use some form of accounting software
As the healthcare marketplace continues to navigate change, providers are being asked to deliver outcome-based results that will be directly associated with payment and reimbursement. Their business partners and providers, in turn, will be asked to provide new solutions and services that move away from the mundane and provide greater opportunity for an increase in revenue cycle results.