Embrace the Fundamentals

Billtrust President Steve Pinado weighs in on how to ensure a modern, highly functioning finance team in the new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”

With all the distractions, uncertainty and upheaval that continues to define 2022, it’s important to embrace — and master — the fundamentals.

At Billtrust, our team knows that the best way for companies to handle unpredictability is to make things as predictable as possible, starting with cash flow. While we focus on helping companies transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments, we also guide them as they either embark on or continue their digital transformation journey.  

My best advice for the remainder of 2022 is to lean into the fundamentals of a modern, highly functioning finance team. They are:

Embrace Innovation and Automation

There are four things that indicate an AR team is operating at a high level:

1. They provide their buyers with full-service capabilities to view invoices, credit limits and make payments, as well as access to historical account activity.
2. They have fully automated integrations, leveraging a service provider, with customer AP procure-to-pay platforms for submitting invoices and retrieving payment remittance.
3. Real-time integrations exist between their AR and ERP systems.
4. The majority of invoices they send and payments they accept are digital.

An added benefit is that AR teams that have moved entirely to digital invoices and payments are around three times more likely to be viewed as a strategic business partner by their C-suite, according to recent Billtrust research. Eliminating repetitive, manual tasks allows AR teams to concentrate on strategy and higher-level customer issues while producing better results and buyer experiences, maximizing cash flow and positioning themselves as finance leaders and innovators within their organizations.

Keep the Customer Experience in Mind

In tough times, we are always looking for an edge. The customer experience may not always be on the finance team’s radar, but it should be viewed as a powerful differentiator. Today’s B2B buyer expects a fast and convenient payment experience, and a supplier’s ability to offer this to their customer can have a positive impact on customer satisfaction and customer retention. Finance teams have the power to dramatically influence customer relationships through the order-to-cash processes they put in place at their organization, from their eCommerce experience all the way through to the collections process. The bottom line is to always go the extra mile for your customers, making it as easy as possible to do business with you.