Cash is king for businesses. Unfortunately, nearly two-thirds of businesses are dissatisfied with their processes for collecting cash.
The biggest challenges businesses have with their receivables processes has to do with speed. Twenty-three percent of businesses identify the timeliness of payments as their biggest receivables challenge, while 17 percent of businesses cite internal processing delays as their biggest challenge.
Every business wants to get paid faster. And shrinking margins are putting even more pressure on businesses to accelerate their receivables cash flow. In fact, 54 percent of CFOs surveyed by the Association for Financial Professionals cited reducing Days Sales Outstanding (DSO) among their priorities.