Finding No. 1
Current A/R processes are holding back profitability
Here's an eye opening stat:
92% of those surveyed agree that if they had a better solution for A/R, they could increase their earnings per share – with 61% strongly agreeing. The cash conversion cycle is one of the most widely deployed measures of CFO effectiveness. It seems the vast majority of those surveyed are very focused on holding onto cash for the optimal amount of time before paying bills, and not paying enough mind to how efficiently they bring it in – maybe not by choice. Some 93% agree that the company’s focus is on A/P when it should be on A/R, and 97% that the finance department itself is payments focused when it should be strategy-focused.
Believe they could increase earnings per share for their company if they had a better A/R solution
Finance professionals know they’re losing time and money on A/R processes
Say their company has lost money due to time spent dealing with A/R
Lose 4-5% of revenue each month to operational inefficiency
Lose 6-10% of revenue each month to payments processing inefficiencies
Global and non-global companies lose money due to operational inefficiencies with payments processing
Global companies are twice as likely to lose 6-10% in revenue on payment processing
Global companies lose 6-10% in revenue on payment processing
Non-global companies lose 6-10% in revenue on payment processing
Managing inbound payments takes time away from strategy
Spend 6-10 hours a month on payments that could be spent on strategy
Spend 11 hours or more a month on payments that could be spent on strategy
I want a payment process that is easy to operate and goes across borders.
Role level influences how finance leaders view payments inefficiencies
VPs and higher are twice as likely to think their teams spent more than 20 hours per week on payments that could be spent elsewhere
VPs and higher think payments take 20 hours a week that could be spent on strategic endeavors
Directors and below think payments take 20 hours a week that could be spent on strategic endeavors