PYMNTS

FEBRUARY 2, 2021

Although the concept is designed to support greater control over cash flow — especially for buyers — in the construction industry, “net terms” doesn’t necessarily mean what it implies. There are several other key pain points in construction B2B payments that harm both buyers and suppliers. Dual-Sided Pain Points.

Construction 65

Construction B2B Invoicing Finance 65

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

The Charity CFO

APRIL 5, 2022

If you’re like many people, you probably think that there is a single set of accounting rules that every company must follow. . But that’s not quite true—nonprofits face a decision between 2 different accounting methods for tracking their financial activity: cash accounting vs. accrual accounting.

Nonprofit 98

Nonprofit Accounting GAAP Auditing 98

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

NOVEMBER 5, 2020

Construction companies need to ensure they can swiftly purchase materials and other supplies to complete their projects and maintain steady cashflows. Many corporate buyers are finding that using paper checks increases their accounts payable (AP) expenses unnecessarily as well, and vendors often want to get paid faster than checks allow.

Invoicing 64

Invoicing B2B Construction Accounts Payable 64

PYMNTS

SEPTEMBER 17, 2019

A series of payment innovations are promising to put an end to some common B2B payment frictions, including online portals, same-day ACH and automated accounts receivables (AR). Many B2B payments rely on invoices to communicate the payment amount expected and to reconcile the transaction. Keeping Construction Payments Fraud-Free.

Construction 52

Construction B2B Accounts Payable Invoicing 52

PYMNTS

JANUARY 7, 2021

Payment processing technology developer PayJunction has rolled out a digital invoice function for companies that harness its virtual terminal offering, according to a Thursday (Jan. These workers can make an invoice, input particulars, connect it with a client’s work order or file and electronically send a request for approval and payment.

Invoicing 61

Invoicing Construction Securities Technology 61

PYMNTS

APRIL 23, 2019

Business management technology provider Sage is rolling out a new solution designed to help construction firms track the health of company finances and compare performance against industry peers. “This offering is our latest commitment to helping construction firms improve their financial health.” In the U.S.,

Benchmarking 46

Benchmarking Construction Finance Accounts Payable 46

PYMNTS

NOVEMBER 15, 2017

The latest research in B2B payment practices within the construction sector isn’t good: Two-thirds of small- and medium-sized businesses (SMBs) surveyed by the U.K. Federation of Master Builders (FMB) said they aren’t paid within the typical 30-day invoice payment period, and it’s complicating cash flow management for industry players.

Construction 43

Construction Accounts Payable Invoicing B2B 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

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.

Accounts Payable 107

Accounts Payable Construction B2B Pharmaceutical 107

PYMNTS

FEBRUARY 9, 2017

A construction worker’s tool belt can carry a host of important instruments necessary to get the job done. For all the tools available across the construction trade, faster payments solutions are not among the most utilized by employers. Construction’s “chicken-or-an-egg problem”.

Construction 48

Construction Invoicing Leverage Accounting 48

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

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

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

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.

B2B 130

B2B Healthcare Reconciliations Accounts Payable 130

PYMNTS

FEBRUARY 17, 2020

Recent Bloomberg reports , for instance, highlighted the ongoing impact of the Sears bankruptcy on the retailer’s supplier base, which continues to await payment on outstanding invoices. That’s why it’s crucial to set out your payment terms, invoicing dates, and due dates in contracts from day one to eliminate ambiguity.”.

Construction 79

Construction Invoicing B2B Finance 79

Global Finance

OCTOBER 31, 2024

SMEs account for 16% of the bank’s business, or approximately $1.5 These were given to SMEs working in multiple sectors: tourism, construction, commerce, education, healthcare, social services, industry, agriculture, and livestock, among others. SME business now accounts for 12% of BTG Pactual’s total portfolio.

Banking 52

Banking Finance Construction Foreign Exchange 52

Global Finance

JUNE 6, 2024

Innovation: AI-Based Fund Monitoring Company: Eurasian Bank In Kazakhstan, would-be homeowners often engage in shared-equity construction, a process in which future owners buy shares in a house under construction. One shortcoming is that the actual use of funds isn’t always straightforward.

Construction 109

Construction Compliance Cash Management Treasury 109

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

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

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

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

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 Invoicing Construction 56

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 Accounting 68

CFO Simplified

NOVEMBER 12, 2024

Business – HVAC construction company Location – St. They needed an interim Controller to put their accounting team back on track. The accounting manager left three months ago to work for a company with younger people. Their AR and AP accounting staff had been replaced twice in the past year.

Invoicing 52

Invoicing Construction CFO Education 52

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

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 Invoicing SAP Construction 60

The CFO College

JUNE 3, 2021

Increase Your Value and Boost Your Services with Two CFO-Level Accounting Tools. Yes, automations can crunch numbers, but there is so much more to providing accounting services than calculations. Don’t worry, no construction skills are necessary! It’s all doable with a few clicks of the mouse.

Accounting 52

Accounting CFO Auditing General Ledger 52

PYMNTS

JUNE 9, 2017

That’s especially true in corporate accounting, says Beanworks CEO Catherine Dahl. It’s an interesting time in accounting, and there’s a huge change coming,” she recently told PYMNTS, adding that digitization will become the norm, empowering humans to take on more strategic tasks while technology handles the repetitive stuff.

Accounting 43

Accounting Technology Accounts Payable Invoicing 43

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

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

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

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 Reconciliations 40

PYMNTS

DECEMBER 5, 2016

. $62 billion in unpaid invoices are written off as losses by U.K. The company’s findings highlight the ongoing pressures SMEs in the nation face when dealing with late payments; according to the report, on average, small businesses write off $14,600 every year because their invoices go unpaid. SME lender Wirefund.

Invoicing 75

Invoicing Construction Finance Economics 75

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 79

Auditing Leadership Construction Invoicing 79