Did you ever wonder why business-to-business transactions are typically settled in 30 days? Why not when goods or services are delivered? Ironically, the concept of trade terms were invented by the Greeks who needed a system to allow for transportation delays.
After years of lackluster performance, optical character recognition (OCR) for accounting has finally come of age. And it’s happened none too soon for accounts payable professionals, who have long been eager to automate the many time-consuming, labor-intensive tasks associated with their occupation.
Credit departments are awash in paper. Consequently, credit analysts and collectors spend an inordinate amount of time filing documents, searching paper files for documents, distributing documents, copying data from documents, waiting for others to send them documents, reprinting invoices and other documents, and on and on and on.
Did you know that Kellogg’s has more than 60 varieties of cereal? Or that each Starbucks store offers almost 70 different types of beverages? Most people might not know this kind of trivia, but anyone who has walked into a Wal-Mart cereal isle or a Starbucks is aware of the virtually limitless options they have when it comes to cereal or coffee.
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