In an effort to bring you continued industry insights in an easy to digest manner, we started a series called Lunch Bites – short industry specific conversations served up in the time it takes you to make a sandwich. This edition of Lunch Bites features Matt Shanahan, Chief Strategy Officer at Lockstep discussing the changing world of accounts receivable and digital transformation in the marketplace.
“Digital Transformation” is a bit of a buzzword lately. The pandemic has exposed cash traps in accounts receivable, particularly for companies doing business via traditional methods involving paper invoices and mailed checks. Digital transformation is all about eradicating the paper, and moving things to the web and email to collaborate with customers digitally. The goal of digital transformation in AR is to lower days sales outstanding (DSO).
APS Payments and Lockstep Collect developed an AR payments automation integration last year to enable organizations to save time and money, benefit from Level 3 discounted rates for B2B transactions, and provides an omni-channel processing environment.
In the video, Matt and I cover topics like:
- Why speeding up payments and ensuring businesses have a secure way for customers to pay right now is so important.
- Steps to overcome the challenges of taking your AR digital – like collecting emails, focusing on accounting system integrations, and replacing personal inboxes with accounting inboxes designed for teams.
- How Lockstep Collect (previously Anytime Collect) and APS Payments integrate together, and with other leading ERP Systems like Sage 500 and Acumatica to help you get paid faster and achieve Level 3 rate savings.
Together, our integrated solutions aim to optimize the systems you already use, with integrations to multiple ERP systems including Sage, Microsoft Dynamics, Oracle NetSuite, EPICOR, SAP, Infor, and more. You can learn more about the AR payments integration by downloading our datasheet:
Ready to take the next step and ditch the paper? Check out the full video and resources mentioned like our on-demand webinar Digital Transformation: How Innovation is Changing AR to learn more!