Latest news with #invoicing
National Post
22-07-2025
- Business
- National Post
Euna Solutions Introduces AI-Powered Invoice Automation to Streamline Public Sector Workflows
Article content Euna's latest AI-powered innovation, now available in Euna Procurement, transforms how agencies process invoices, saving time, improving accuracy, and unlocking strategic capacity. Article content ATLANTA & TORONTO — Euna Solutions®, a leading provider of purpose-built, cloud-based solutions for the public sector, announces the ability to automatically receive and rekey invoices with the introduction of AI-powered Optical Character Recognition (OCR), a powerful enhancement to Euna Procurement's Invoicing module. This capability transforms traditional invoice workflows by converting scanned and emailed PDFs into structured digital data, reducing friction and driving speed and accuracy across Accounts Payable operations. Article content 'Manual invoice processing is a persistent challenge for procurement and Accounts Payable teams,' said Mykola Konrad, Chief Product Officer at Euna Solutions. 'AI is the natural tool to use to address this challenge – this new capability frees staff to focus on strategic initiatives and accelerate payment cycles, ultimately strengthening supplier relationships through faster, more accurate invoicing.' Article content With invoice volumes rising and staff stretched thin, public sector agencies need smarter tools to keep operations running smoothly. Euna Procurement's AI-powered Invoicing module is designed to meet that need, helping teams move faster, reducing risk, and ensuring supplier payments stay on track. Article content Key Benefits of AI-Powered Invoice Automation: Article content Automated Data Entry: Euna's AI tool (Optical Character Recognition – OCR) automatically reads and transcribes invoices submitted as PDFs within the system or via email, reducing manual input and accelerating workflows. Error Reduction: Key data points like item numbers, descriptions, prices, and quantities are extracted from PDF invoices, allowing buyers to more easily transact with suppliers without cXML capabilities, minimizing manual input errors. Confidence Scoring: AI-powered error detection helps to ensure the accuracy of captured data, mitigating the risk of human error in the process. Faster Workflows: Invoices are processed more quickly from submission to approval accelerating processing timelines, allowing Accounts Payable teams to accomplish more with less. Article content About Euna Solutions Article content Euna Solutions® is a leading provider of purpose-built, cloud-based software that helps public sector and government organizations streamline procurement, budgeting, payments, grants management, and special education administration. Designed to enhance efficiency, collaboration, and compliance, Euna Solutions supports more than 3,400 organizations across North America in building trust, enabling transparency, and driving community impact. Recognized on Government Technology's GovTech 100 list, Euna Solutions is committed to advancing public sector progress through innovative SaaS solutions. To learn more, visit Article content Article content Article content Article content Media:
Entrepreneur
09-07-2025
- Business
- Entrepreneur
How to Deal With Slow-Paying Customers the Right Way
Respectful, consistent pressure can encourage hesitant customers to pay promptly, enabling your business to thrive. Opinions expressed by Entrepreneur contributors are their own. If your business invoices customers, you have likely faced cash flow challenges due to slow (or non) payment. Slow-paying customers are frustrating because they hinder your ability to meet expectations, replenish inventory and pay your team. Over 26 years running a cybersecurity business, my company has invoiced over $100 million in services and products. When I exited in 2022, we had achieved a 98.7% collection rate. The only unpaid invoices belonged to customers who went out of business before we could collect. This success was not due to software, charm or legal threats. It came from consistently following a structured collections process. Whether your invoices are $10 or $10 million, a disciplined approach is essential to ensuring continuous cash flow. Related: Late Payments Are Crippling Small Businesses. Use These Strategies to Collect Your Money Sooner. Payment pressure Effective collections hinge on the consistent and respectful application of pressure. This approach positions your company as financially credible and communicates clearly that non-payment has consequences. Banks and credit card companies employ similar techniques successfully. Demanding payment can be uncomfortable if customer relationships are close. It requires shifting interactions from social to transactional, which can be awkward for customers, especially if they are not directly responsible for payment. Thus, it is critical to keep collections and customer service separate. 1. Isolate collections responsibilities The first step in building a formal collections process is to assign a bookkeeper, controller, accountant or similar back-office staff to manage all collections tasks — issuing invoices, communicating payment details, and sending collection notices. Avoid having customer-facing employees perform these tasks, ensuring their focus remains on nurturing positive relationships. If customers express invoicing frustrations to customer-facing staff, direct these complaints to your dedicated collections person. Your team will appreciate this clear separation. Owners or founders should also distance themselves from collections, only intervening if legal action becomes necessary. Separating these duties presents your business as organized and robust. In contrast, having salespeople or founders begging for payments signals weakness, reducing customers' urgency to pay. 2. Clearly define payment terms Payment terms should be explicit in all customer agreements, including invoices, contracts, purchase orders and quotes. Simple, clear language is essential. Consult with a lawyer or finance professional to get this language correct. However, some key elements include: Payment terms: Specify the timeframe clearly, such as NET30, meaning payment due within 30 days. Businesses with tight margins might require immediate payment or prepayment. Consequences for non-payment: Clearly state potential penalties for late payments. For example: "Client shall pay all invoices within 30 days of receipt. Failure to pay, regardless of reason, may result in (a) late payment fees amounting to 2% of the outstanding balance, (b) cessation of ongoing work and (c) withholding of all outstanding services and deliverables until invoices are fully settled." Payment instructions: Detail precisely how and where payments should be made, including check recipient names. Related: 5 Surefire Ways to Get Clients to Pay on Time 3. Document your invoicing process The next step is to document and formalize your internal invoicing procedures. Some items to include: Roles: Clearly designate responsibilities for invoice generation, sending and collections. Initially, one person might handle these tasks, but duties can be separated as your business grows. Invoice day: Set a regular weekly or monthly invoice issuance date. Consistency helps avoid confusion. Pre-invoice deadlines: Define deadlines for internal data (like consultant hours or inventory usage) needed for invoicing. Clearly state the consequences for employees who fail to meet these deadlines. Invoice methods: Send invoices through multiple channels (email, physical mail, text), ensuring customers cannot easily claim they never received an invoice. Collections report: Regularly maintain a collections report detailing outstanding invoices and their aging status. As the owner, review this report weekly with your finance team. 4. Implement an escalating pressure process The final step is to define and consistently follow a collections pressure process. This lays out how you will escalate the urgency and formality of communications with slow-paying customers. Here is a sample, five-step escalation process with associated communication tasks: Past due (1-15 days late): On day 15, send an email to politely inquire about payment status. Resend invoice with email. Late (16-30 days late) Weekly, send an email asking for payment details, including all outstanding invoices as well as an account statement showing the outstanding balance. On day 28, call the customer to inquire about payment. Delinquent (31-90 days) Twice per week, email the customer stating the account is delinquent. Send all outstanding invoices as well as an account statement with the phrase "ACCOUNT PAST DUE" prominently displayed on the statement. Each week, call the customer and demand payment. Require the customer to provide a check number, amount and the date the check will be sent. Account hold (90-120 days) Weekly email stating the customer's account is on hold, no further business is possible, and all services and licenses are suspended until payment in full on all outstanding balances is made. Resend all invoices and account statements. Display "ACCOUNT ON HOLD" on all statements and invoices. Weekly call to demand payment. Require payment details to release any work or licenses. On day 100, contact the service delivery manager. Inform the manager that the customer's account is on hold and no further work can be performed. Also, instruct the manager to suspend the customer's licenses in five days unless payment is received. Begin charging monthly late fees to the account. Litigation (beyond 120 days): Send final email warning. Set a final deadline 5-10 days out. Call and ask for payment, threaten legal action. After the deadline, transfer the account information to legal counsel for litigation. Contact the service delivery team to cancel the customer's accounts and licenses. Naturally, you will want to customize this escalation to reflect your internal operations and the communications methods used. Related: How to Talk to Customers in Default the Right Way Considerations on litigation While litigation is sometimes inevitable, it is best to avoid suing non-paying customers. Legal action often consumes more resources than it recovers. Instead, it might be better to dismiss the debt and discontinue service to chronic offenders. Litigation should be reserved only for severe cases. However, maintaining a structured collections process typically reduces the need for lawsuits and significantly improves your cash flow. Effective cash flow management is critical for business survival. Implementing a disciplined, formal collections process ensures prompt payments and financial stability, letting you focus on growth rather than chasing invoices.
Yahoo
01-07-2025
- Business
- Yahoo
Advisors urge Spanish SMEs to prepare for invoicing reform
The majority of advisors have urged small and midsize enterprises (SMEs) in Spain to prepare for invoicing reform, according to the latest edition of Wolters Kluwer Tax & Accounting Spain's Advisory Barometer report. The 2025 study delves into digital advancements and regulatory shifts in the field. It remains a vital guide for Spain's tax, accounting, and labour specialists. The research shows 63% of advisors pressing SMEs to gear up for invoicing changes. Yet, 55% note that SMEs lack readiness for these legal updates. The report covers new mandates on Computerised and Electronic Invoicing Systems. Economic confidence prevails, with 63.8% of firms seeing revenue growth last year. Almost 59% anticipate sustained income increases in 2025. Half of the firms report yearly earnings between €150,000 ($177,000) and €500,000 ($590,000). Digital transformation is key, with 40% of advisors viewing it as a growth catalyst. Cloud technology and automation are gaining traction in professional practices, according to the latest report. Invoicing systems (41.2%) and AI productivity tools (25.5%) top planned tech spending. Regulatory shifts are boosting workloads, as reported by 80.2% of firms. More than 71% are turning to software to handle these new requirements. Time-tracking systems are essential for 90% to meet new labour regulations. Knowledge of invoicing rules is strong, with 82.8% of advisors well-informed. Nearly 63% suggest invoicing software to their SME clients. The industry is evolving, with 57.4% of advisors prioritising consultancy roles. Technological change poses the biggest hurdle for 62.4% of firms. Shifting demands from younger clients worry 50.6% of advisors. The study highlights the sector's strategic shift amid regulatory challenges. Wolters Kluwer Tax & Accounting Europe South Region vice president & general manager Tomàs Font said: 'The Advisory Barometer 2025 once again puts on the table the most immediate challenges for professional firms, starting with the regulatory changes in the area of invoicing, which will have a profound impact on companies and will require them to accelerate their digitalization. 'Almost two thirds of advisors are already actively advising their clients to anticipate these changes, which is evidence that the sector is accompanying companies in adapting to this important transformation of invoicing processes.. "Our hope is that the findings of this fourth edition of the Advisory Barometer will serve as a guide and enable professional firms to make informed decisions to successfully meet the challenges that lie ahead for this industry.' "Advisors urge Spanish SMEs to prepare for invoicing reform" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
11-06-2025
- Business
- Finextra
TreviPay welcomes Matt Dewell as chief information security officer
TreviPay, the most-trusted B2B payments and invoicing network, is pleased to announce the appointment of Matt Dewell as its new Chief Information Security Officer (CISO). 0 As a key member of TreviPay's leadership team, Dewell will collaborate closely with internal stakeholders, aligning security requirements with the organization's business needs. 'Trust and protection remain at the foundation of everything we do at TreviPay,' said Dan Zimmerman, Chief Product and Technology Officer at TreviPay. 'Matt will work alongside our talented team to establish security as a true competitive advantage, especially as we grow and adapt to serve the next generation of B2B commerce.' Dewell brings nearly two decades of compliance, audit and information security experience following roles at KPMG, TouchNet Information Systems and Global Payments Inc. His background in delivering innovative and compliant software and services to customers globally will be instrumental in driving TreviPay's continued growth in the evolving B2B payments landscape. 'I'm excited to join TreviPay and contribute to a company at the forefront of B2B payments and invoicing innovation,' said Matt Dewall, Chief Information Security Officer at TreviPay. 'TreviPay's commitment to making B2B payments faster, easier and smarter aligns with the vision I bring to integrate robust security measures to support and enhance the solutions trusted by our clients. By embedding security into every layer of our technology, we protect our clients and empower them to grow confidently in this digital-first world.' Outside of work, Dewell also holds several certifications including Certified Data Privacy Solutions Engineer (CDPSE), Certified Information Security Manager (CISM), Certified Information Systems Auditor (CISA) and an MBA from Kansas State University.
Entrepreneur
07-06-2025
- Business
- Entrepreneur
Enjoy a Lifetime of Intuit QuickBooks Desktop Pro Plus for Just $250
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