5 Step Formula: A Work From Home Game-Changer?

EdwinaEspi

With so many processes nonetheless based on paper, accounts receivable (AR) departments within organizations that are less superior in their digitization journeys are facing added friction as employees are sent residence. The pattern presents a unique conundrum for organizations’ order-to-cash operations, especially when businesses’ own purchasers continue to pay through paper test: The test could also be in the mail, but how can a enterprise apply that money if there's nobody on the office to open it? In a recent conversation with PYMNTS, Bectran Business Development & Implementation Manager Dominic Biegel mentioned it's definitely a risk that the continued impact of the coronavirus pandemic may add stress on businesses to migrate away from paper invoices, or shift their very own customers toward digital funds. While COVID-19 could jumpstart some conversations about organizations’ abilities to undertake electronic payments and cloud-based mostly monetary processes, digitization will not be the silver bullet to process inefficiencies, whether it’s throughout a pandemic or not. As Biegel defined, a scarcity of information standardization throughout cost tools stays a challenge to the reconciliation and cash application course of, even when that data is electronic.

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