Patrick Gannon, the Co-Founder, and COO of BlueTape, recently hosted a webinar explaining how to accelerate your accounts receivable. In case you missed it, here are some key takeaways from Patrick’s discussion.

What is AR? Accounts Receivable (AR) is invoicing, payments, and collections, which create value for suppliers and contractors.

For suppliers in the construction industry, being paid quickly is an ongoing challenge. According to PYMNTS.com, in the construction industry, 1 in 5 payments are past due. Late payments are a tax on capital efficiency and reduce what a business could accomplish. More so, manual collections are labor-intensive and time-consuming. Manually pulling work orders, invoices and checks is a full-time job. Not to mention, payments in the construction industry are primarily made by check, specifically, over 74% (PYMNTS.COM). What could you be doing with that money today if it weren’t past due?

The cure for overdue payments is automated accounts receivable.

By instituting an automated payment and financial system, Days Sales Outstanding (DSO) can be described as 23 days shorter than those businesses that manually collect invoices. Automated AR also offers; faster processing speeds (faster payment), improved team efficiency, better customer experience, savings on operational costs, day of sale improvement, and collections improvement.

Are you interested in accelerating your AR? If so, you can get started in as little as 15 minutes. Simply, sign up for a free account at BlueTape.com. After completing your partnership application, your account will be approved within an hour. There are no monthly fees, no installation costs, and no minimum commitments. Best of all, BlueTape is easy and risk-free!

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