Navigating the economic downturn has been hard on CFOs. However, the toughest challenge for CFOs lies ahead: positioning the business for growth and success without being able to predict the future.
The modern-day CFO is expected to play a central role in devising strategies to drive revenue growth, higher profits, and greater market share. It doesn’t end there. Adding to the list of responsibilities, CFOs feel high pressure to analyze cash flow, mitigate risk, manage liquidity and reduce costs all while managing the impacts of economic shifts:
- Average days late has grown
- Aging balancing are higher
- Customer disputes are increasing
- Bad debt is ballooning
- Suppliers are rejecting more credit applications
With twenty-four percent of AR leaders reporting that their business’ Day’s Sales Outstanding (DSO), a measure of the average amount of time it takes a business to collect its receivables, has increased by more than 10 days since the start of the recession – it’s time to take control. Streamlining accounts receivable, accelerating access to cash, and reducing per-payment processing costs are all within reach for your business.
Download our executive guide to find:
- How you can create value for your CFOs with automated cash application
- The importance of receivables management in tough economic times
- Common cash application challenges that businesses face
Already convinced that an automated cash application process is right for you and ready to learn how others have done it? Our article on AR’s Evolution: How CompaniesAcross Industries Are Harnessing the Power of Automation can help you understand what life looks like after implementation.