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There are three new features — Intelligent Collections, Intelligent Vendor Management and Intelligent Planning — which are intended to remove time-wasting steps and friction and improve cash flow for corporatefinance teams, the release stated.
The competition is heating up between payment technologies in accountspayable, with ACH and virtual cards seeing significant pushes in the B2B payments space to combat the dreaded paper check. Which will come out on top?
From the vantage point of a hiring manager, it’s clear that the accounting profession is safe from being wiped out by automated robots. But analysts warn that accountants and corporatefinance professionals cannot simply go with the status quo. “There will be changes.
Yet, just as SMBs can be too small to be considered corporate, high-net-worth individuals can have financial service needs that are too big to fit into the traditional consumer financial management range of products offered to the Average Joe. “There is a specific need for these families,” she told PYMNTS in a recent interview.
It places a lot of pressure on corporate money managers to keep up with the latest innovations and maintain a competitive edge. Anybill recently announced that data from its accountspayable services integrates into the accounting platform of QuickBooks. “They want it automated. .” It’s healthy.
When it comes to AI in corporatefinance, there are five top use cases for FP&A leaders to consider, said Gartner recently. According to Gartner, its analysts examined 23 uses cases related to AI in corporatefinance that represents the types of processes a future-looking autonomous finance organisation will work on.
Accounts receivable, accountspayable, ERP systems and accounting platforms all exist in the same flow of financial data, and blockages to that flow mean limited visibility and the possibility for error. “Unlike EDI, which is old and stodgy (but standardized), APIs are a complete mess,” he said.
Accountspayable solution Anybill is getting closer to existing partner Intacct in an effort to streamline the flow of financial data between the two platforms. An announcement on Tuesday (March 22) said Anybill has extended its venture with Intacct, which provides ERP software.
In a recent webinar sponsored by Datarails , the FP&A solution for Excel users, three distinguished finance leaders came together to discuss the impact of AI on corporatefinance. They highlighted how AI technology is transforming the way finance and accounting teams work with data and make decisions.
Corporatefinance teams were not simply tasked with finding ways to continue operations in a remote work environment as a result of the coronavirus crisis. The Biggest Pain Points, Revealed. It has to be one platform-integrated experience, combined with an embedded payment solution,” she said.
Financial technology innovation has opened the doors to massive transformation of corporatefinance departments. While flashy corporate FinTech is exciting, innovation efforts have rarely focused on a mainstay of corporatefinance teams: the financial close process, a crucial, but continually outdated function.
This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporatefinance teams. million was stolen from one company via accountspayable (AP) fraud , the Chicago Tribune reported. Barrenechea in a statement.
The enterprise resource planning ( ERP ) system has been a staple of corporatefinance operations for years, acting as a central repository of data and a hub to initiate a range of processes, from accounting to procurement. But the ERP of today doesn’t look like it used to.
Commercial card innovation continues to make big waves in the accountspayable (AP) department, as corporates and card issuers alike explore new ways to drive business spend on cards beyond business trips or ad-hoc purchases. Accrualify Taps Visa For Corporate Card Offering. Privacy.com Sets Sights On Business Cards.
By its very nature, accountspayable (AP) is a cost center: It’s where money leaves the enterprise, after all. At the highest levels, accountspayable has the opportunity to even add money to businesses, too. “It’s about having a strong business case internally.”
Steve Troy, CEO of AeroFund Financial, says that’s a trend permeating many components of corporatefinance today: Businesses don’t just need better tools – they need, in some cases, an entirely new way to manage finances. That could mean new payments rails to automated accountspayable solutions.
Automatically looping information across various financial platforms — including accountspayable (AP), accounts receivable (AR) and expenses — is critical to achieving a real-time view of cash positions and developing more accurate forecasts. Data integration is climbing to the top of chief financial officers' priority lists.
11), Cred revealed the rollout of its developer platform CredX (not to be confused with the new credit card accountspayable solution recently launched by Finexio ). Its set of application program interfaces (APIs) enable businesses to use crypto as collateral to access corporatefinancing products.
Rho recently announced a new funding round to the tune of $15 million , with its Series A reveal including notice about the debut of its accountspayable solution within its Rho Business Banking offering. Marrying AP With Banking. It is very much mean to be living in a centralized location with the rest of your tools.". The New ERP?
A press release revealed that the company will make its automated accountspayable (AP) solution available to U.K. ” The launch comes as AP automation grows increasingly in-demand among corporatefinance professionals. .’s Procure-to-pay software company Yooz plans to expand into the U.K.,
There are a lot of moving parts in B2B payments that are keeping corporatefinance executives busy as they work to modernize and optimize their operations. In 2020, many of the biggest pain points in B2B payments were revealed, particularly when transactions move across border.
What businesses may often miss in their growth trajectories, however, is the importance of focusing on back-office operations, particularly when it comes to finance and payments. “Businesses very much focus on their core competency activity, and focus on making sure they keep production levels where they need to be.
As a provider of back-office financial technology, it's vital to speak with chief finance officer (CFO) and finance executive end-users about what they need and which friction points are giving them the most pain. 1, they want to accelerate the transformation of how work gets done," Gupta told PYMNTS in an interview.
percent equity interest in Hangzhou Zeshi Investment Partners, which will enable China Lending to launch its new supply chain financing services in the near future, including financing products design, related corporatefinancing solutions, investments and asset management, and more. trillion in 2017.
Leaders in corporatefinance face a choice right now: be on board with digital payments and commerce to keep business moving, or face the reckoning of being left behind. In order to scale across the supply chain, early payments have to be part of an integrated accountspayable process.
What’s next for enterprise mobility could be anyone’s guess, but some analysts have made their prediction: accountspayable. The firm broke it all down in a recent report: “ 3 Ways Mobile Solutions Address Today’s Top AccountsPayable Challenges.” Streamlining Exceptions Resolution. Moving Forward .
RPA is igniting chatter in the corporatefinance community as professionals explore next-level analytics and automation functionality to enhance processes like accountspayable, accounts receivable, cash flow management and more. Automation Anywhere.
Key areas of corporatefinance continue to lag in digital transformation, the report found. Meanwhile, a third of both accountspayable and accounts receivable continues to be manual, researchers found, with companies identifying these two areas as having the greatest need of digital transformation. “By
While FinTechs are offering a greater variety of solutions to business users than ever before, corporatefinance chiefs and treasurers still turn to their banks first to improve their B2B payments strategies. As businesses continue this shift, it is no longer safe to assume that corporates are not interested in faster payments.
With innovations introducing virtual card technology and data analytics into the fold, the commercial card space is positioning itself to address some of the emerging challenges of business payments in accountspayable and beyond. Payroll company ADP recently estimated that as much as 80 percent of U.S.
Plaid’s bank account authentication and data services are coming in handy to more corporatefinance players. On Thursday (April 21), the company announced a new partnership with Jet Business Loans, an online corporate FinServ player.
In the accounting space, that means integrations with enterprise resource planning (ERP), accounts receivable, accountspayable, procurement, banking and other portals. Data integration between back-office platforms is now an essential component for businesses deciding to adopt a technology.
Some B2B payments players have predicted that, on the accountspayable side of the transaction, higher interest rates will lead companies to extend their payment terms and to seek out AP technologies that offer integrated supplier financing solutions to help with that cash flow crunch on the supplier side.
Accountspayable (AP) and accounts receivable (AR) personnel could no longer be in the office to handle paper, giving rise to the discussion of migrating away from physical invoices and other documents in favor of digital, automated solutions.
Investors diversified their funding to B2B companies this week, hitting several areas of corporatefinance including accountspayable, accounts receivable, payroll and supply chain management. AP Automation. The company announced $4 million in funding this week led by Eileses Capital.
According to Abnormal Security Vice President Ken Liao, attacks targeting accountspayable departments are now more favorable than those targeting C-suite executives. “The AP people are lower in the organization, but they still have the ability to make large payments,” he said, according to Dark Reading reports.
Corporates may not be adopting faster and real-time payments technologies as fast as consumers, but that doesn’t mean the acceleration of payments isn’t impacting corporatefinance.
Corporates that aren’t using an automated solution are often forced to manually pull data from online banking sources into Excel spreadsheets, and manually normalize that data to analyze it and discover their cash positions, he said. “You’re doing your own IT and data normalization,” he noted.
That's particularly true for finance teams like accountspayable , accounting or payroll. Whether that's a lack of security if a piece of paper falls into the wrong hands, or simply the pain of having to manually store a document or capture its data, paper is far from the most efficient way to do business.
The company announced its AI-Based Cash Forecasting Cloud solution in a press release Tuesday (April 30), saying the new solution will provide corporate treasurers with real-time forecasting functionality without the need for manual data integration.
88% of finance professionals anticipate a rise in payments fraud , said TD Bank in its latest analysis. Misconduct involving corporatefinances, however, almost always resulted in termination. Researchers examined instances of questionable — not illegal — behavior from CEOs based on news media reports between 2000 and 2015.
However, more than half acknowledged that disruption will have a significant impact on their finances: 54 percent said it already has and will continue to disrupt finances in the coming three years, while one quarter said those disruptions to finance will occur within the next year.
Research released last month from BlackLine found nearly half (46 percent) of finance professionals are already using AI in the workplace, and most say accounts receivable (AR) and accountspayable (AP) will see the largest disruptions from the technology.
The corporate card and expense management market is now flooded with new platforms for entrepreneurs, SMBs and large enterprises. Technologies are also exploring how to use these solutions not only for employees traveling on business, but also to manage and analyze spend at corporate events, in accountspayable and in procurement.
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