Reducing Recessionary Risks

Blog | February 13, 2023

Reading time: 2 min

Leveraging AR technology improves your financial posture through challenging times

Robert Purcell, Billtrust CFO

At the end of 2022, I made the decision to join Billtrust as CFO. My role gives me a unique vantage point – not only am I charged with leading our finance team, but I ultimately personify the company’s target customer. That means, for you as a finance leader, I speak on your behalf within Billtrust.

What I and my fellow finance colleagues are seeing is that we have reached an inflection point in our profession. Economic uncertainty creates urgency to assert greater control over financial outcomes. But even as we worry about interest rates, inflation and the harbingers of a recession, it’s comforting to know that automating your systems reduces cycle times and helps you get paid faster.

Many CFOs and other finance leaders – including those who are our customers – understand that digitally transforming AR and adopting technology that bolsters our financial resilience prepares us to withstand the risks of a potential recession or economic slowdown. But AR software penetration is only around 24% of companies, meaning that over 3 in 4 businesses are still relying on manual processes and working with cumbersome legacy systems that slow cash flow. And, although usage is declining, AFP tells us that thirty-three percent of B2B payments in North America and thirty-one percent globally are still made by paper check.

The good news is that the automated Billtrust order-to-cash platform exists to help you get paid faster, and we’re delivering solutions and best practices to help our customers succeed. I’ll be sharing more of those successes with you over the coming months, but here’s a summary:

  • Manual AR tasks inhibit cash flow, create unnecessary risk and increase operating costs.
  • Automated AR processes reduce costs and improve cash flow.
  • Up-and-coming, tech-savvy Gen Z workers won’t tolerate manual approaches to payments – meaning automation is the key to appealing to the next generation of B2B buyers.

From where I’m now sitting, having seen what Billtrust can do for its customers, I’m optimistic about their ability to confront uncertainty and be better prepared to prosper in the current economic cycle.