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The global pandemic has left no industry unscathed, but the travel business has the unfortunate distinction of being the sector that was slammed first and hardest, Colin Smyth , head of travel at payments platform Flywire , told Karen Webster in a recent conversation. “They took [that] punch in the stomach first, and they’ve had to rebuild, thinking about the ways they can survive until the industry opens back up again,” Smyth said.
The sophisticated technology behind modern EPM solutions is still a mystery to many. In this blog post, we’ll look at the definition of OLAP as well as an overview of the technology. We explain what lies behind OLAP, what cubes have to do with it and what makes the technology so powerful for modern planning, budgeting, and forecasting. Background and Overview.
Easy Approval Net 30 Vendor In today’s post we are going to share with you an easy approval net 30 vendor that reports to Dun and Bradstreet, Equifax Business and Creditsafe. Whether you’re a startup or existing business, this is an easy way to get started building up your company’s credit file. First things first. […]. The post Easy Approval Net 30 Vendor: Reports to Business Credit Agencies appeared first on Business Credit.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. According to emails seen by WSJ, the auditing firm knew of and had questions about the arrangements and was signing off on Wirecard’s financial results for years anyway.
The number of defaults registered in the first five months of 2020 has already exceeded the 2019 full-year number, said Fitch Ratings recently. . At the current rate, the annual volume of corporate defaults could exceed the record set during the global financial crisis in 2009, the credit rating agency noted. In the first five months of 2020, 28 non-financial corporate defaults were recorded in the Fitch-rated portfolio, compared to 25 in all of 2019, the company observed.
The number of defaults registered in the first five months of 2020 has already exceeded the 2019 full-year number, said Fitch Ratings recently. . At the current rate, the annual volume of corporate defaults could exceed the record set during the global financial crisis in 2009, the credit rating agency noted. In the first five months of 2020, 28 non-financial corporate defaults were recorded in the Fitch-rated portfolio, compared to 25 in all of 2019, the company observed.
We like to think we're safe, but disaster can strike at any time. Right now we're facing a monumental disaster that's impacting the entire world. When there is so much uncertainty you need something that will make you feel financially safe.
Using sound management reporting and project by project accounting would make it easier for construction companies to get funding from banks and other financial institutions to grow and scale their businesses, says Simon Parkins, a construction industry accounting specialist. Many construction businesses don’t invest in good management information, says Simon, who has over 20 years […] The post How to Get External Funding for your Construction Business appeared first on The CFO Centre US.
The COVID-19 pandemic is one of the most monumental crises the banking industry has faced, and the sector must stare down the dual challenges of creating safety measures at branch locations while addressing the ongoing economic downturn that has stretched their capacity for processing and deferring loans. Bank branches are either closing outright or slashing their business hours to help customers maintain social distancing guidelines — but fortunately, the growing familiarity of digital banking
On any given day, capital is king. During the financial crisis of 2009, “How does your perspective differ as a businessman versus an economist on the way any organization or firm should try to be proactive in an environment with as many uncertainties as we have today?”. During a Bloomberg-Vanity Fair panel, Legendary GE CEO, Jack Welch , was asked for his perspective on the way any organization or firm should try to be proactive in an environment with many uncertainties (this was during the fina
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
When COVID-19 exploded into a global pandemic that more or less shut down everything worldwide, restaurants began diving for digital cover and rapidly embracing order-ahead, curbside pickup, delivery options, modified menus and rewritten business plans – anything and everything they could think of to survive the shutdown and stay alive long enough for patrons to return for on-site dining. .
After spending years fine-tuning travel reward cards, banks have found that the coronavirus pandemic decimated all the effort by reducing the need or will to travel, The Wall Street Journal reports. The cards contained perks like sign up bonuses, points on airfare, hotel stays and more — but now, with the pandemic necessitating staying at home and out of crowded tourist spaces, customers are wondering if the payments are worth it at all.
Robert Morris , founder and CEO of agricultural-imaging company TerrAvion Inc. , is bringing modern technology to what’s perhaps the world’s oldest business — farming. All with the simple goal of helping farmers more precisely grow the food that consumers want to eat — and grocery stores want to buy. “ Agriculture is the original high-tech industry,” Morris told PYMNTS.
Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.
Stay-at-home mandates have consumers spending more on subscriptions, ranging from streaming services to buying retail products for day-to-day use. It is perhaps not surprising that merchants that are offering subscription services are flourishing. Yet, these services are still not immune to experiencing churn. Both consumers and businesses are tightening their belts in the face of the economic downturn caused by the pandemic, and many are actively considering plans to cancel their subscriptions.
San Francisco’s planned next phase reopening scheduled for Monday (June 29) for outdoor bars, hair salons, museums and more has been put on hold. Mayor London Breed tweeted Friday (June 26) that the city will wait as the number of COVID-19 cases rise across California, CNBC reported. “Yesterday we saw 103 cases,” Breed wrote. “On June 15, when we first reopened outdoor dining and in-store retail, we had 20.
Consumers’ commerce patterns have been very much upended in the past few months and shifted heavily to digital. On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks. But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation.
Deutsche Bank, the Frankfurt-based multinational financial services company, is in talks with regulators to rescue Wirecard Bank, the deposit-taking division of the German payment company that is facing one of the country’s biggest accounting frauds, the Financial Times reported. Wirecard Bank is separate from Wirecard AG, its parent company that filed for insolvency protection last week.
Finance teams are balancing more than ever, but manual processes shouldn’t slow you down. In this ebook from BILL, discover how AI is transforming finance—automating AP, expense tracking, and document management to reduce errors, increase efficiency, and improve financial control. Learn how real companies are using AI-powered automation to streamline workflows, detect anomalies, and gain deeper insights.
On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. Then, cases in the U.S. had hit 1267 and there were 38 deaths, most of them concentrated north of Seattle, Washington. Worldwide, there were a reported 120,000 cases and 4,300 deaths. The WHO’s statements laid bare what everyone all over the world had feared: The coronavirus would hit every single country in the world and put every single citizen living on Planet Earth in its path.
A Chinese startup is landing hundreds of millions in additional financing as a group of investors – which includes Tencent – eyes the country’s fast-growing grocery delivery sector. Tencent and private equity heavyweight Primavera are spearheading the $300 million investment in Xingsheng Youxuan, Bloomberg reported , citing sources familiar with the deal, which values the company at a healthy $3 billion.
Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? It’s true, but not for long. “Migrating to cloud- and AI-based solutions could help FIs handle growing calls for faster banking tools during the COVID-19 pandemic, and recent trends show they are beginning to do so,” according to PYMNTS’ June 2020 Dig
The pandemic may be here for a while. But bit by bit, economies are reopening and taking tentative steps toward normalcy. The “new normal,” however, for firms across any industry — but especially across the payments and commerce spheres — must include a “digital-first” mindset. We queried 35 payments executives about their individual efforts to fast-track the leap to digital and recount what has happened in the past 12 weeks — and what will need to happen moving forward to keep that digital shif
Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
Retail CEOs faced a parade of problems in 2020’s first six months, but some executives look ready to set off plenty of fireworks in the year’s back half. . Who will come up with revolutionary solutions to the COVID-19 slowdown and other challenges? Here’s a July 4 th look at some top executives in retail who seem ready to declare their independence from business as usual in 2020’s final six months. .
Amazon is moving its annual mid-summer Prime Day shopping bonanza until at least October, according to numerous published reports. No exact date has been given, but Business Insider reported that Amazon told one retailer to expect the event to be held around Oct. 5. . The news outlet quoted what it said was a leaked Amazon email to a supplier as stating: “Every year, Prime Day is a huge hit with customers, who enjoy some of the best deals of the year.
When Bolun Li was in high school, a local bank came in and offered a heavily branded PowerPoint presentation about financial services and money management to students who reacted pretty much the way one would expect. Since it was an ungraded class with no immediate connection to their lives, students mostly looked at their phones, texted each other and waited for the presentation to be over.
Financial institutions (FIs) are on the cusp of change, as the great digital shift is forcing them to bring new products and services to market with speed and agility. That means updating legacy systems and bringing banking processes and infrastructure to the cloud. In an interview with Karen Webster, Ariff Kassam , CTO at NuoDB , delved into the roadmaps FIs should develop as they move to the cloud over a timeframe that best aligns with end users’ evolving (and sometimes rapidly changing) needs
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
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