Disconnects in bill-to-collect cycles harm companies’ financial health and customer experience, says Versapay report
Versapay’s “State of Digitization in B2B Finance” reveals that digitization efforts in the AR department are not addressing key customer account issues in the transaction experience.
NATIONAL PORT, Maryland., June 7, 2022 /CNW/ — Versapay, the leader in collaborative accounts receivable (AR), today released a new report from the 2022 Gartner® CFO and Finance Executive Conference. B2B” reveals that when customer experience issues are not considered in AR digitization projects, it hurts the bottom line.
The report surveyed 1,000 C-level executives at companies with minimum annual revenue of $100 million on their customer account digital transformation efforts. Results showed that 82% of executives say their company lost revenue due to miscommunication in the bill-to-cash cycle, leaving money on the table and damaging customer relationships.
“The State of Digitization in B2B Finance” found that 92% of executives surveyed agreed that to achieve peak performance, every department in the organization must be digitized. However, 60% of executives also agree that AR departments have not been prioritized for digitization as much as other departments. While there is still significant AR digitization work to be done, it also presents an opportunity as leaders can eliminate costly miscommunications and improve their customer experience by ensuring they include digital collaboration in their business transformation plans. AR.
“Without the customer at the forefront of every digitization project, including accounts receivable automation, many companies are leaving money on the table,” said Craig O’Neill, CEO of Versapay. “It is imperative to evolve digitization efforts beyond simply improving efficiency. Efficiency is certainly important, but there must also be an emphasis on transparency and collaboration in the transaction experience, which will lead to faster payments and happier customers as well.
- 78% of executives say payment disputes could have been avoided with better communication
- 73% of executives say the bill-to-collect process can negatively impact the customer experience
- 65% of executives say transparency and collaboration between AR and customers would reduce billing disputes
- 64% of executives say invoice disputes led to the threat of a lawsuit (38%) or escalated into full-blown litigation (32%)
For more details and information on the survey results, download the full report “The State of Digitization in B2B Finance” here.
Versapay is the leader in collaborative customer accounts. The Versapay Collaborative AR Network is the first solution that empowers team genius by bridging the gap between suppliers and buyers through a shared digital experience. Owned by Great Hill Partners, Versapay is based in Toronto with offices at Atlanta, London, amsterdam, sydneyand miami. With over 8,000 customers and over 800,000 engaged buyers, Versapay handles over 40 million new invoices and generates over $60 billion in global payment volume each year. Join the conversation at twitter.com/Versapay and linkedin.com/company/versapay.
For further information: Danielle Ferris, [email protected]; Wear Novelli, [email protected]