The world is going digital faster than ever, and finance departments need to keep up. For CFOs, this brings both chances and hurdles. They have to lead their organizations through financial digital changes.
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Vendor fraud happens when someone tricks a company into paying money to fake accounts. They do this by making fake invoices or changing payment details. People who commit vendor fraud can be insiders like company employees, vendor staff, or outsiders who steal account information. The outsiders often swap the vendor’s payment details with their own
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Boosting efficiency remains a key priority for finance departments navigating recent talent challenges and financial constraints. So, how can you improve finance department productivity when resources are tight? Here are quick ways to keep operations running smoothly at all times: 1. Embrace Digitization Digitization is a transformative force that’s reshaping the finance industry. But while the majority of finance
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Accounts payable (AP) is crucial in every business. Finance teams make sure the company pays its bills and creates reports for financial planning. To run your AP smoothly in your finance department, try these best practices: Enter invoice details into your AP system as soon as you get them. Some teams type it in manually,
7 Best Practices for Accounts Payable Read More »
This is Ben. Ben is like the everyday finance professional struggling with managing payments manually. Watch his story and how Collect has transformed his financial operations and made his life easier. If you’d like to make the switch to automation like Ben, sign up here – collectapp.io/register
Be like Ben, Automate with Collect Read More »
The end of the fiscal year is a really important time for finance teams. Every year, finance professionals get busy sorting through their records to finish up their year-end accounts, statements, and financial reports. On average, it takes about 25 days for a typical accounting team to wrap up the year. This time also lines
Year-End Reconciliation: How to close out for the holiday Read More »
Paying invoices is the main job of accounts payable (AP) departments, but the process is often needlessly complex. Paper slows things down, matching invoices to purchase orders is complicated, and invoices can get lost waiting for approvals. This makes the entire process slow, painful, and hard to control, leading to struggles in paying invoices on
FAQs: Your Common Accounts Payable Automation Questions, Answered Read More »
Every organization, big or small, must handle invoice processing. This involves the accounts payable department receiving an invoice, checking its details, getting approvals, and making payments. Though it may seem simple, managing numerous invoices from various vendors can be frustrating. Delays in this process can affect your relationships with vendors and, consequently, your business outcomes.
Quick Guide on Invoice Processing Read More »
If you’ve been stuck with manual payments, with hundreds of spreadsheet tabs filled with payment details and tons of folders carrying old invoices, and you’re ready to make the switch to automation, you’re right on track. Before you make that move, it’s important to be sure you’re choosing a payment software that will make the
5 Reasons to Choose Collect for Your Bill Payments Read More »
Automating payouts is a huge step in supercharging your organization’s financial operations. You’re saving time, improving your staff’s efficiency and productivity, saving money on supplies needed for manual payment, improving relationships with your vendors, suppliers & contractors and becoming more tax-compliant. There are so many benefits that come with payment automation and we want to
Collect: Bill Payment Automation in 3 Steps Read More »
