The Automated Clearing House network (ACH) provides an extremely reliable and effective system to transfer funds electronically from one financial institution to another. This includes recurring billing, pre-authorized debits, internet / telephone payments and checks converted into ACH payments. It is estimated that the number of items paid through the ACH network will continue to double [...]
We all heard the stories, computers would eliminate paper. There would be no need to print pages and pages of hard copy, all your important documents would be available at your fingertips. Unfortunately with the evolution of the computer and increasingly cheaper plug and play printers, paper usage has increased tremendously.
With a simple mouse click [...]
Measuring your efforts
In an earlier post I talked about calculating your DSO. The most well know way to benchmark your A/R is by using the Days Sales Outstanding (DSO) calculation. It’s a common, well understood indicator that is widely used. The fact that it is so common makes it easy to find DSO numbers for [...]
DSO stands for Days Sales Outstanding
It is a commonly used measure for the invoicing collection process. Investopedia defines DSO as “A measure of the average number of days that a company takes to collect revenue after a sale has been made”. If you are strictly a cash business your DSO will be 0. If you [...]
With all the current focus on the world economy and the challenges we all face each day there has been a marked decrease in the “Green” campaigns which were so very prevalent just a year or two ago. This was brought to my attention not only in print and other forms of media but right [...]
We have received a number of questions on why you might need Greenbill if you are already using Quickbooks and emailing invoices. What does it offer? Why should you bother. I traded a few emails with a friend David Mammano who suggested a simple top 10. Thanks for the idea Dave.
10. Seamless 2-way integration with [...]
Now that your customer has been invoiced for your services or products the next step is to have them provide payment. That is the name of the game and this is the hard part. Although your customers are honest and trustworthy, getting them to pay sometimes can be a chore, and the easier it is, [...]
Business today is frantic. It’s easy to get distracted by the latest emergency that hits your inbox.
It’s important to remember that someone else’s lack of planning is not always your emergency. Even if their situation really is dire, and even if it directly impact’s you, your best course of action may be to put that [...]
What is a lockbox?
A service offered by banks to companies in which the company receives payments by mail to a post office box and the bank picks up the payments several times a day, deposits them into the company’s account, and notifies the company of the deposit. Data entry clerks at the bank manually [...]
When it comes to business invoices can be your best friend, but also your worst enemy. In an ideal world, invoices would get generated for services or products your company has provided and the customers would pay them. Sounds simple, right? The reality is there is a large amount of time, effort and ultimately money, [...]
