The average consumer has
an easier time of paying their bills than businesses. Never mind publicly traded corporations or
highly regulated entities such as insurance companies and financial
institutions.
While it’s true that sound
stewardship of corporate accounting is far more complex than managing household
finances, receiving money and paying bills is extraordinarily expensive with
fewer choices for corporate America.
Instant payment of bills
for the consumer can be accomplished over the internet by use of credit cards,
bank debit cards and electronic checks.
Fewer Americans write checks, lick envelopes and stamps and mail their
payments. Our twenty something generation
never reconciles their bank accounts as part of the ritual of paying their
bills. Electronic transfer options pay
the utilities, insurance, the mortgage and the car payments and in just hours,
these transactions are recorded with their bank and available through the
bank’s web portal.
Most businesses largely
pay accounts payables with checks. The
process of writing checks, printing, mailing and reconciliation is expensive
and less efficient than breakthrough alternatives.
In this forum we are
dedicated to creating awareness of trends, developing technology and
conventions for CFO, Treasurers and those with oversight of the bottom.
Financial professionals today,
are able to create significant revenue streams in their finance department by
simply paying their bills. Just as
importantly, significant hard and soft costs are reduced, and performance
metrics such as daily payable outstanding are improved.
Our goal is first to
inform and if we can assist that works too.
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