Survey reveals 92% of respondents consider they might improve their Earnings Per Share with a greater Accounts Receivables (A/R) answer
BOSTON, May 05, 2022 (GLOBE NEWSWIRE) — As firms proceed to adapt to the digital world, these with antiquated cost processes are dealing with main disadvantages affecting each income and attain, in accordance to a brand new survey of finance professionals commissioned by Flywire (Nasdaq: FLYW), a worldwide funds and enablement software program firm. There’s an imminent want for B2B firms to overhaul their A/R processes, as an amazing majority of finance professionals surveyed (92%) consider they might improve their Earnings Per Share (EPS) if their firm had a greater answer for A/R.
In its second annual report, Pulse on Payments: 2022 B2B Payments Outlook, over 300 finance professionals, together with VPs of Finance, Controllers, and different executive-level finance professionals, have been surveyed to higher perceive the challenges and alternatives when it comes to receiving enterprise funds. The respondents work at middle-market organizations (typically $100M – $1B in income) with a global footprint throughout the manufacturing, expertise, wholesale distribution, {and professional} companies industries.
“Across the board, these surveyed perceive that the blockers in A/R and funds processes absorb time and sap vitality that could possibly be used to execute the corporate’s technique,” mentioned Ryan Frere, government vp and common supervisor of B2B at Flywire. “But they haven’t but discovered an ideal answer to the numerous guide and disconnected elements of receiving funds. This is although they’ve elevated their spending on expertise and other people yr over yr. Overall, our survey revealed the untapped worth that enhancing the A/R course of can have in accelerating an organization’s backside line.”
Companies need to broaden globally, however wrestle with FX charges and assortment
Global enlargement is a precedence for companies, but 88% of surveyed finance professionals say the complexities of amassing cross-border funds impacts their means to develop internationally. Specifically, 95% say if they might cope with change charges in a neater means, they might speed up their world enlargement efforts.
The complexities surrounding cross-border funds aren’t the one hurdle companies want to overcome when occupied with increasing internationally. Other challenges associated to world enlargement cited by finance professionals embrace compliance (75%), language and tradition (71%), and banking points (67%).
“One of the issues we hear repeatedly is that companies need to broaden globally, however don’t know the place to begin when it comes to establishing the suitable cost infrastructure to assist this,” continued Frere. “Flywire shoppers resolve these issues by working with us. Our world cost community, which spans 240 nations and territories, underpins our B2B invoicing and cost options that remove most of the operational challenges associated to worldwide invoicing and funds.”
Job titles additionally affect how finance professionals understand challenges to increasing into one other nation. However, no matter degree, worldwide cost points current actual challenges that demand consideration all through your entire division. VPs and better are extra seemingly to suppose that receiving funds is a problem when increasing internationally (81%) in comparison to managers and administrators (70%). Likewise, VPs and better are extra seemingly to suppose that banking points are a problem when increasing internationally (75%) in comparison to managers and administrators (64%).
Finance professionals admit to spending time on the flawed issues, which might come on the expense of bottom-line progress. As a bunch, there was overwhelming alignment (93%) that finance professionals ought to improve their deal with making A/R enhancements. And 97% of these surveyed consider that the function of the monetary skilled wants to change from funds centered to being strategically centered.
A/R Processes are Holding Back Profitability
92% of these surveyed agree that if their firm had a greater answer for A/R, they might improve their earnings per share – with 61% strongly agreeing.
Additionally, 76% of finance professionals surveyed say their firm has misplaced cash due to time spent coping with A/R. Specifically, 70% of respondents say they lose between 4-10% of income in a mean month due to time wasted due to operational inefficiencies with cost processing. Interestingly, in accordance to the surveyed monetary professionals, world firms are twice as seemingly to lose 6-10% in income processing funds than these from firms not but world.
“The survey information reveals that many B2B finance professionals are nonetheless slowed down by guide processes, complicated cost reconciliation, and different ancillary points which are consuming an excessive amount of of their sources,” continued Frere. “These are precisely the problems that Flywire is right here to resolve. Clients who use our options automate all of the stubbornly guide elements of the worldwide receivables course of. As a end result, they save money and time, present their prospects streamlined experiences for funds, and may dedicate extra sources into value-added duties.”
To expertise the interactive report, go to: Pulse on Payments: 2022 B2B Payments Outlook
Survey Methodology
Flywire commissioned Regina Corso Consulting to conduct a survey of finance professionals who work in manufacturing, expertise, wholesale distribution, telecommunications or consulting/skilled companies to perceive how they really feel in regards to the funds processes at their firms.
This survey, performed on-line between February 22 and February 28, 2022, is amongst over 300 finance professionals who’re a minimum of a supervisor, work in AR, AP, Finance, the Controller’s workplace or the CFO and work in an organization that has between $100 million and $1 billion in income. All respondents say their firm has workplaces or subsidiaries in different nations or they’re going to in a number of years.
About Flywire
Flywire (Nasdaq: FLYW) is a worldwide funds enablement and software program firm. Flywire combines its proprietary world funds community, next-gen funds platform and vertical-specific software program to ship crucial and complicated funds for shoppers and their prospects.
Flywire leverages its vertical-specific software program and funds expertise to deeply embed throughout the present A/R workflows for its shoppers throughout the schooling, healthcare and journey vertical markets, in addition to in key B2B industries. Flywire additionally integrates with main ERP programs, so organizations can optimize the cost expertise for his or her prospects whereas eliminating operational challenges.
Flywire helps greater than 2,500 shoppers with various cost strategies in additional than 140 currencies throughout greater than 240 nations and territories around the globe. The firm is headquartered in Boston, MA, USA with world workplaces. For extra info, go to www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
Safe Harbor Statement
This launch incorporates forward-looking statements throughout the that means of the Private Securities Litigation Reform Act of 1995, together with, however not restricted to, statements relating to Flywire’s future working outcomes and monetary place, Flywire’s enterprise technique and plans, market progress and traits, and Flywire’s aims for future operations. Flywire intends such forward-looking statements to be lined by the protected harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some circumstances, you’ll be able to establish forward-looking statements by phrases resembling, however not restricted to, “consider,” “could,” “will,” “probably,” “estimate,” “proceed,” “anticipate,” “intend,” “might,” “would,” “challenge,” “goal,” “plan,” “count on,” or the destructive of those phrases, and comparable expressions meant to establish forward-looking statements. Such forward-looking statements are based mostly upon present expectations that contain dangers, modifications in circumstances, assumptions, and uncertainties. Important elements that might trigger precise outcomes to differ materially from these mirrored in Flywire’s forward-looking statements. New dangers emerge from time to time. It will not be attainable for Flywire to predict all dangers, nor can Flywire assess the impression of all elements on Flywire’s enterprise or the extent to which any issue, or mixture of things, could trigger precise outcomes to differ materially from these contained in any forward-looking statements Flywire could make. Further info on these and extra dangers are described within the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-Okay for the yr ended December 31, 2021, which is on file with the Securities and Exchange Commission (SEC) and accessible on the SEC’s web site at https://www.sec.gov/. Additional elements could also be described in these sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, anticipated to be filed with the SEC within the second quarter of 2022. Any forward-looking assertion made by Flywire on this information launch are based mostly on info accessible to Flywire on the date hereof. Flywire assumes no obligation to, and doesn’t at present intend to, replace any such forward-looking statements after the date of this launch.
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