PYMNTS

SEPTEMBER 29, 2020

The pain points that accounts receivable (AR) teams most commonly experience can be boiled down to three underlying and related problems: continued reliance on manual AR management practices, and the resulting lack of speed and high operating costs associated with managing receivables. Reliance on manual processes has far-reaching effects.

Accounting 121

Accounting B2B Prioritization Invoicing 121

PYMNTS

APRIL 23, 2019

construction giant Carillion, the case continues to make headlines. The case pointed a spotlight on the construction industry’s struggles with timely vendor payments, and the financial consequences that delayed and late payments can have not only on a supplier base, but also on the corporate customer. Most recently, the U.K.’s

Construction 49

Construction B2B Invoicing Accounting 49

PYMNTS

NOVEMBER 14, 2017

No industry is immune to the problem of late invoice payments, which has become a particular challenge for companies in the U.K. More than a fifth of business “deaths” every year (nearly 58,000 businesses that go under every year) attribute their failure to late invoice payments, the report found. construction.

Construction 40

Construction B2B Invoicing Leadership 40

PYMNTS

DECEMBER 15, 2020

The good news, however, is that two-thirds of firms are cognizant of these issues and are actively moving away from manual processes, planning instead to embrace new technological solutions to upgrade their accounts receivable (AR) processes for more efficiency, speed and lower fees. percent of firms in the construction sector, yet 28.2

Construction 111

Construction Healthcare Invoicing Advertising 111

CFO Share

SEPTEMBER 27, 2022

Unfortunately, accounting processes are more complex than fixing your truck, and while many businesses benefit from hiring in-house accounting and bookkeeping, others do not. Knowing which category your business fits in is critical to deciding whether or not to hire in-house for accounting and bookkeeping. .

Accounting 40

Accounting Accounts Payable Invoicing Manufacturing 40

PYMNTS

SEPTEMBER 21, 2016

To that end, Estep said, real-time payments and Same Day ACH are distinct, but complementary, in this construct. For example, Same Day ACH will move money between all bank accounts in the U.S. Take merchant acquirers who wish to expedite the posting of funds on the same day to a merchant’s bank account.

Construction 76

Construction Invoicing Banking Accounting 76

PYMNTS

JUNE 13, 2018

One could be forgiven for thinking that in construction, timely payments are crumbling, while in music, transactions are slowing in tempo. In the latest Construction Payment Report 2018 , released this past week by loan software company Contract Simply , data shows that late payments are taking a toll.

Construction 40

Construction Invoicing Leverage Securities 40

PYMNTS

FEBRUARY 14, 2019

Cloud-based accounts payable solution provider Esker is teaming up with document services unit Fuji Xerox to deploy accounts payable solutions across the Asia Pacific region, the companies announced on Wednesday (Feb. Moving forward the firms will expand the offering to Australia, Hong Kong and Singapore.

Accounts Payable 43

Accounts Payable Accounting Invoicing Construction 43

PYMNTS

DECEMBER 7, 2020

This week's B2B Digest looks at how corporate finance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. It could really damage the economics of a city," said co-author Eric Holzman, assistant professor of accounting at Ohio State. PYMNTS breaks down the numbers behind the latest cases below.

Invoicing 91

Invoicing Construction Corporate Finance B2B 91

VCFO

JANUARY 18, 2024

Businesses that regularly contend with deferred revenue include subscription- or license-based businesses (like SaaS organizations or content streaming services), construction, professional services, or property management firms issuing rental agreements. As the points suggest, deferred revenue isn’t just an accounting issue.

Auditing 81

Auditing Leadership Construction Invoicing 81

PYMNTS

NOVEMBER 2, 2020

Palette Software has connected its accounts payable (AP) automation cloud technology with Aptean ERP , according to a Monday (Nov. The intuitive dashboard of Palette offers a full summary of vendor invoices as well as their status in the approval workflow in addition to outstanding payables. 2) announcement.

Accounts Payable 56

Accounts Payable B2B Construction Invoicing 56

PYMNTS

JANUARY 5, 2020

s Crown Commercial Service (CCS) announced that Britain’s biggest construction company Balfour Beatty would be hired, even though it was among major construction firms that were recently punished for failing to pay suppliers on time, according to The Construction Index. SMBs account for 86 percent of the workforce in the U.K.

Construction 52

Construction Invoicing Numbers Accounting 52

PYMNTS

OCTOBER 25, 2017

Countingup , a FinTech that aims to combine and streamline corporate banking and accounting for small- and medium-sized businesses (SMBs), secured fresh funding this week, according to news from TechCrunch. Fouracre told the publication that it will also provide VAT returns, invoice generation, reporting and other features. “If

Accounting 44

Accounting Banking Invoicing Construction 44

PYMNTS

SEPTEMBER 24, 2020

Accounts payable (AP) teams are now taking a fresh look at the potential of tools such as virtual cards to ease their transaction frictions. The digital methods suit remote purchasing environments and offer security features that can make it difficult for fraudsters to use stolen card details. Find the full story in the Report.

Construction 107

Construction Accounts Payable B2B Pharmaceutical 107

PYMNTS

JANUARY 13, 2020

PYMNTS’ examination of recent cases finds employees falsifying invoices, doctoring checks and faking out companies to steal money from employers. The risk can also lead to fraudsters spoofing the email addresses of C-Suite executives to initiate payments to a fraudster’s account.

B2B 89

B2B Invoicing Currencies Construction 89

PYMNTS

FEBRUARY 24, 2020

“While the tax-themed email attacks hit businesses in all sectors, we also saw financial firms and construction industries targeted disproportionately,” wrote Sherrod DeGrippo, who published the research on ProofPoint’s website last week. The construction industry targeting, in particular, is a reminder that no one sector is immune.”.

Construction 65

Construction B2B Accounts Payable Invoicing 65

PYMNTS

JULY 30, 2020

In an effort to help companies reduce their accounts payable (AP) expenses, Zycus has rolled out artificial intelligence (AI)-powered bots for the last part of the procurement process, according to an announcement. Those who work in finance or accounting roles can use the RegalPay technology directly from their workstations.

Accounts Payable 60

Accounts Payable SAP Invoicing Construction 60

PYMNTS

JULY 1, 2019

In Scotland, analysis turns the spotlight on the construction industry, while new research from accounting company Xero points to the struggle that small businesses face when getting paid late. The latest analysis from cloud accounting firm Xero found that $80.86 In the U.S., In the U.S.,

Construction 44

Construction Invoicing B2B Accounting Firms 44

PYMNTS

SEPTEMBER 18, 2019

construction market is on a roll, and recent data suggests it is unlikely to slow. Construction firms looking to succeed in this growing market and turn a profit must complete their projects on time, which means access to steady cash flows is crucial. It’s for a particular vendor for a particular invoice,” Phoenix said.

Construction 46

Construction Invoicing Accounts Payable Accounting 46

PYMNTS

DECEMBER 11, 2019

Yet, as innovators have chip away at friction points, they have recognized the value of incorporating a supplier’s accounts receivable (AR) experience into their solutions. That’s because AR and accounts payable (AP) processes are intrinsically connected. “The person receiving it is just happy to get paid.”

B2B 53

B2B Accounts Payable Invoicing Currencies 53

PYMNTS

MARCH 30, 2020

While the move was welcomed, Construction Products Association Economics Director Noble Francis told the publication that it is unclear how the government would enforce this, and raised concerns that the construction sector is particularly vulnerable to the consequences of late payments.

B2B 89

B2B Marketing Construction Invoicing 89

PYMNTS

SEPTEMBER 3, 2019

“Construction of this portal is underway and on track for launch in September 2019.” ” Starling has introduced other new features to its suite of small business banking services, including the launch of its multi-owner account access function in July.

Invoicing 68

Invoicing Construction Banking Finance 68

PYMNTS

JULY 17, 2019

National Football League franchise the Oakland Raiders has been named in a lawsuit amid allegations of non-payment for construction on the team’s new stadium in Las Vegas. ” The case accuses Merrill of breach of contract by failing to make timely payments on its invoices. million for its work. .”

Construction 41

Construction Accounts Payable Invoicing Accounting 41

PYMNTS

OCTOBER 5, 2020

“The shift I have seen there,” she told PYMNTS of healthcare firms, “that was most effective is providers [the vendors] had their way of going through the process either from an [accounts payable] or [accounts receivable] perspective.”. Comdata, she said, has mimicked the flow from claims to invoice to payment to reconciliation.

Healthcare 130

Healthcare B2B Reconciliations Accounts Payable 130

PYMNTS

SEPTEMBER 20, 2019

construction market is on track to reach $1.8 In order for construction firms, contractors and subcontractors to succeed in this market, projects must be completed on time and within a fixed budget. Keeping track of cash flow and spending will be essential for construction firms that are active in the growing market.

Construction 46

Construction Treasury Invoicing Budgeting 46

Bramasol

OCTOBER 31, 2023

Or if the construction of your dream home encounters issues with soil stability in an earthquake prone area, your general contractor can be expected to bring in a trained geological specialist to deal with the situation. However it's important to keep in mind that not all of these elements need to be deployed for every implementation.

SAP 66

SAP IFRS Compliance Construction 66

PYMNTS

AUGUST 6, 2018

As reported last week, Fitch said a loophole tied to corporate accounting exists, one which opens the door to longer payment terms. That financing option allows firms to tap into selling unpaid invoices to other corporate buyers. And Construction) Yet Again.

Finance 40

Finance Construction Invoicing Accounting 40

Bramasol

OCTOBER 31, 2023

Or if the construction of your dream home encounters issues with soil stability in an earthquake prone area, your general contractor can be expected to bring in a trained geological specialist to deal with the situation. However it's important to keep in mind that not all of these elements need to be deployed for every implementation.

SAP 52

SAP IFRS Compliance Construction 52

PYMNTS

AUGUST 5, 2019

The manufacturing and construction segments have seen the relatively highest percentage of BEC attempts at 25 percent. Using fraudulent vendor or client invoices grew, from 30 percent of sampled 2017 incidents, to 39 percent in 2018,” according to FinCEN. Legitimate requests to update bank account information are routine.

Construction 43

Construction Invoicing Treasury Manufacturing 43

PYMNTS

NOVEMBER 9, 2020

Reports in The Construction Index revealed that Travis Perkins notified its suppliers it would be extending payment terms, citing work-from-home requirements of its accounts payable staff related to COVID-19. billion) in unpaid invoices is due to U.K. billion (about $30.8

B2B 70

B2B Accounts Payable Restructuring Invoicing 70

PYMNTS

JANUARY 16, 2018

15) to news that construction conglomerate Carillion, based in the U.K., Carillion is the nation’s second-largest construction company involved in projects for schools, hospitals and prisons. It was a management company; it wasn’t a construction company or an infrastructure company.”. The global market woke up Monday (Jan.

Construction 40

Construction B2B Invoicing Leadership 40

PYMNTS

FEBRUARY 3, 2017

AP automation firm AvidXchange is tackling some of the construction industry’s biggest supplier payments challenges, but it isn’t doing it alone. 2) that it is teaming up with GCPay, an online platform for construction companies to automate their subcontract management needs. The company said Thursday (Feb.

Construction 40

Construction B2B Invoicing Technology 40

PYMNTS

OCTOBER 16, 2020

Drill down a bit, and average DSO have been notably on the rise in verticals such as construction (up 10 days to an average 53 days) and healthcare (up seven days to 49 days). I have to key a hundred invoices into a portal.’ But through the past several months, the churn has increased. Oh my goodness.

B2B 64

B2B Accounts Payable Invoicing Accounting 64

PYMNTS

JANUARY 2, 2020

Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances. Reverse Factoring, Auditing Scrutinized.

Auditing 52

Auditing Corporate Finance Finance Invoicing 52

PYMNTS

NOVEMBER 5, 2019

where a collective $3 trillion is tied up in businesses’ outstanding accounts receivable (AR), according to PYMNTS’ The Trade Credit Dilemma Report , While outdated AR practices are tangentially related to the dispute, this week, Instacart shoppers are planning to protest the delivery company over the way they get paid. Analog Barriers.

Advertising 40

Advertising Invoicing Reconciliations Construction 40

PYMNTS

APRIL 8, 2019

Small businesses (SMBs) account for 86 percent of the workforce in the U.K. In another example reported by the FT , the aforementioned Kier, a construction and support services outsourcer, alerted 14,000 subcontractors that they would be charged 1.5 The firms must also work toward payment terms of 30 days, said the government.

Construction 49

Construction Invoicing Transportation Economics 49

PYMNTS

AUGUST 10, 2020

For small- and medium-sized businesses in B2B industries like construction and manufacturing, the need for alternative funding products like asset-based loans and factoring could see an increase amid supply chain disruptions and B2B payment delays. Traditional bank loans aren’t always easy to access, either.

B2B 52

B2B Finance Construction Transportation 52