FinanceOps: Autonomous Back Office Finance Function

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The Gig Economy Conundrum and Its Impact on SMEs in the US

The Gig Economy Conundrum and Its Impact on SMEs in the US

The gig economy has experienced a meteoric rise in the United States, with an estimated 58 million Americans—roughly 36% of the workforce—engaged in freelance or contract work as of 2022. This shift is transforming the business landscape, particularly for small and medium-sized enterprises (SMEs), which now find themselves

60+ Strategies to Improve Your Debt Collection Process

60+ Strategies to Improve Your Debt Collection Process

Maintaining a healthy cash flow is critical for growth and sustainability for businesses. Yet, for many companies, slow-paying clients and delinquent accounts disrupt the financial cycle. According to a report by Atradius, 55% of B2B invoices in the US are paid late, with 9% of all sales remaining uncollectible. This

Eliminating Delinquencies and Reducing Operational Costs by 80% with FinanceOps

Eliminating Delinquencies and Reducing Operational Costs by 80% with FinanceOps

A leading healthcare provider in the United States was facing high delinquency rates and increased collection costs, which adversely affected their bottom line. The organization became highly dependent on their collection agents taking on the brunt of manual work, reducing their overall productivity and increasing operational costs. As a result,

Maximizing Revenue: Effective Strategies for Small Bill Collection Follow-ups

Maximizing Revenue: Effective Strategies for Small Bill Collection Follow-ups

Surveys show that 40% of businesses make no attempt at all to follow up on unpaid invoices, and even those that do spend just two weeks every year doing so. It's even more surprising that 10% of all invoices are never paid for and written off as bad

What Is Accounts Receivable Turnover Ratio and How to Calculate It?

What Is Accounts Receivable Turnover Ratio and How to Calculate It?

Understanding the financial health of a business is crucial for its success, and one key metric that provides insight into a company's efficiency is the Accounts Receivable Turnover Ratio. It measures how effectively a company collects revenue from its credit sales, shedding light on its credit policies and

Days Sales Outstanding (DSO): Definition, Importance, Formula, and How to Calculate It

Days Sales Outstanding (DSO): Definition, Importance, Formula, and How to Calculate It

Most businesses operate on credit and often struggle to decide whether to tighten their credit policies to improve cash flow or extend more credit to increase business opportunities. However, there is a metric that can help businesses arrive at this decision sooner—DSO. In a time when the economy is

Accounts Receivable Days: Definition, Formula, and How to Calculate It?

Accounts Receivable Days: Definition, Formula, and How to Calculate It?

From the time a business makes a sale on credit, till they receive payment from the customer, the bill amount is held under Accounts Receivable on the balance sheet. The average number of days it takes for a business to collect this payment and convert their accounts receivable into cash

What are 5 Cs of Credit and How to Use them in 2024?

What are 5 Cs of Credit and How to Use them in 2024?

Offering credits is a critical strategy for many businesses aiming to drive growth and foster strong customer relationships. In the B2C sector, credit options can significantly increase sales by enabling consumers to make larger purchases or buy more frequently. This financial flexibility not only enhances customer satisfaction but also fosters

Is accounts receivable an asset or a liability?

Is accounts receivable an asset or a liability?

Accounts receivable is a crucial component of the balance sheet for any company that extends credit to its customers. From the moment a sale is made until the payment is received, the outstanding amount is recorded under accounts receivable on the balance sheet. This entry highlights the company's

Small Bills, Big Misses—Still Leaving Money on the Table?

Small Bills, Big Misses—Still Leaving Money on the Table?

39% of invoices are paid late in the US. When businesses witness such substantial payment delays, they switch their attention from trying to recover every outstanding receivable to larger accounts. As a result, the smaller ones, which are a significant portion of a business’s AR, get overlooked.