Commercial payments platform Zil Money has integrated with cloud-based financial management software firm Sage Intacct.
The collaboration, announced in a news release Tuesday (Sept. 19), “simplifies the financial operations of Sage Intacct users, allowing them to import invoices and payee lists effortlessly.”
According to the release, the integration simplifies users’ workflow by automating tasks such as invoice imports to save time and reduce manual data entry.
“This improves accuracy and guarantees error-free financial records,” Zil Money said. “The business can focus more time on strategic decisions by automating routine tasks, increasing productivity.”
The two companies’ partnership is happening at a moment when companies that are automating their finance offices to streamline things like accounts receivable (AR) are performing better than those that continue to hang on to obsolete, labor-intensive processes.
According to a recent survey of 250 finance chiefs from the retail and manufacturing sectors, companies want to modernize operations specifically to update the payment process. On average, 54% of retailers say this is the most important reason for investing in digital AR systems, as do 48% of manufacturers.
Meanwhile, PYMNTS intelligence finds that 68% of CFOs pointed to payment delays as a problem for their firms in the previous six months, while 41% said it was the biggest disruption in AR. And 45% of the CFOs surveyed said invoicing errors and discrepancies had also led to disruptions in the payment process.
At the same time, automation is credited with lowering AR days of delay, providing tracking, preventing mistakes and providing better customer service. Close to three-quarters of CFOs surveyed witnessed a direct impact on cash conversion by automating AR customer service.
Zil Money’s partnership with Sage Intacct follows last month’s introduction of the company’s Payroll By Credit Card feature, created to help small businesses manage payroll cash flow while still paying their workers on time.
When paying with a credit card, the funds are transferred straight to the company’s bank account or employer, and the employer can use the fund to pay the payroll, while earning credit card rewards.
Smaller businesses in the U.S. “face tightened cash flow as interest rates rise and overall liquidity decreases,” Zil Money said in a news release. This puts those businesses “in a tight spot, with many struggling to tide over payroll day’s cash flow issues without hurting employee morale. Payroll By Credit Card helps businesses overcome these challenges and manage their finances seamlessly.”