As the last year has shown, financial forecasting can be subject to unforeseen changes in circumstances that require a different strategy with little notice. This is where agility in financial forecasting is vital to ensure that businesses have the necessary resilience to prepare for the unexpected, and data is a crucial piece of the planning puzzle. With this in mind, how best can organisations plan ahead with their finances?
In finance departments, intelligent software tools and robots are already partially or fully running repetitive actions. This does not however imply that the finance professional is surplus to business requirements. In fact, the finance professional will continue to remain indispensable and their role could even become more important than ever, with robotic process automation (RPA) freeing up their time to be spent on additional, value-adding tasks. This will become ever more crucial, with their workloads increasing due to the current uncertain landscape caused as a result of the Covid-19 pandemic.
Andy Bass takes you through the day in the life of a Collections agent. He provides insight into Onguard’s CreditManager and how it helps users minimise their BAD – Big Aged Debt.
The more insight a company has about its customers, the better it can assess their needs – and the more informed its actions will be. Onguard interviewed over 1,000 UK finance professionals to investigate how data-driven organisations are.
How can companies mitigate vast levels of unknown risk? Finance departments play an important role here: using facts, figures and in-depth analysis to determine which risks are worth taking, which investments should be made and which should be avoided. Data is an essential part of the process.
An ineffective credit management strategy can impede a business’ growth. Therefore, it is crucial to ensure the smooth implementation of a credit management strategy. This blog lays out 5 key factors to make sure your business makes this happen.
As a credit manager, right now your biggest priority will be ensuring that your invoices are still paid so you can maintain cash flow and ensure your organisation can continue to operate. In this blog, Martin de Heus shares three tips to ensure you rise to the top of your customers’ payment lists.
Data and the insights that are derived from it offer organisations many benefits. Here are 4 important considerations for data-driven credit management.
Winning the heart of customers – that is what it is increasingly about in these days of growing competition. The arrival of entirely new players on the market is making it tougher to stand out as regards products, services or pricing, for example. Companies are expected to make the difference in another way, that is, through the customer experience.
Within the finance and accounting departments of many businesses and organisations throughout the world, reconciliation is one of the most time-consuming tasks of the day. It is viewed as an arduous task met with sighs and resistance. It is the never ending and ever-expanding work load which entails matching invoices with payments.
It is essential to pay attention to a customer after they have placed an order and before payment is made. Often this is seen as a negative action, however it is really an opportunity to convey a sense of warmth to customers. Show what you stand for as an organisation and transform this experience into a positive one.
For truly successful credit management, you must implement the right technology, processes and policies. So, how do you ensure you get the most from credit management software and processes? We’ve highlighted some key areas to get you started.
How can companies avoid payment pitfalls and lower their DSO in times of economic uncertainty? Read our blog to find out 4 of our top tips!
In the current era of increased virtual and remote working, hosted or cloud software is becoming more attractive. When deciding whether to opt for an on-premise or hosted software, there are many things to consider, from cost and (remote) accessibility to management and scalability. Let’s look at each of these considerations in turn and how the two options compare.
Invoicing is a crucial phase within the order-to-cash process. The process of manually creating and sending invoices has many drawbacks and can have significant repercussions. For instance, research has found that 61% of late payments are due to incorrect invoices. Meanwhile, 11% of customers never receive their invoice in the first place. Optimise your e-invoicing and save time and money.
While most businesses have the best of intentions to pay faster, economically uncertain times can get in the way, and this can have a significant impact on the receiving company’s cash flow. How do organisations ensure they get paid?
Effective risk management reduces the likelihood of non-payment. For the automotive sector, where high-value payments are often due every month, being able to assure those payments will be made is essential. Read this blog to find out some of the ways you can reduce risk in your automotive order-to-cash process.
How far have CFOs got in their digital transformation journey? Onguard conducted research to discover how UK CFOs’ view digital transformation and made an infographic about it.
Collaboration across departments is important to get the most from credit management. But who should credit management teams collaborate with and how?
Digitalisation and the emergence of new technologies are set to change the financial job market. However, how at risk are finance professionals?
How to ensure financial stability in the dynamic, ever-changing automotive sector.
What will become of finance professionals in 2020 and what technologies and trends should credit managers look out for?
How to ensure customer retention and satisfaction and optimum cash flow within the automotive sector
How can data be used effectively in the order-to-cash process. A personalised approach to communication results in optimum cash flow and high customer satisfaction. But how do you set it up?
As 2020 approaches, digital transformation is an incredibly important step for your business. Read this blog to find out just how important it is within finance.
Digital transformation is key to organisations. Collect, analyse and share data. How do you keep an overview, what connections are necessary to keep up with the continuous change in customer needs? How do you ensure a streamlined and well-organised order-to-cash process and what role does the CFO play in this?