![]() One of the most important documents for international shipping is the commercial invoice. ![]() Let’s take a look at a few dashboards below.When businesses import and export goods internationally, they face requirements and must provide more important documents than they would when shipping goods domestically. This helps them understand the real trends in their international business so they can make better decisions about future expansion and existing international revenue flows. This includes making more informed decisions on extending credit, advancing efforts to decrease DSO, and better predicting timing and amounts of cash flow.ī2B clients get a built-in, real-time view into payments received, initiated, aging, refunds and more by customer, country, and region. Because payments and invoicing data is in one place, and you’re focusing only on the outliers, it’s easier to spot areas of high growth, learn about customers and dig into their payment patterns to do a range of things. One of the major benefits of automating more of the international accounts receivable process is having access to data for analysis. In this case – how do our invoicing patterns tell our international expansion story, and can they inform its next chapter?įlywire provides out-of-the-box dashboarding capabilities to visualize invoicing and payments data in several different ways. ![]() And more, you need information that lends itself well to storytelling. To plan and adjust cross-border investment, you need information. The lack of timely visibility into international cash flow hampers a business’s ability to understand actual performance, and inform future international expansion efforts. When you’re issuing invoices and collecting payments from multiple countries, in different payment types and often in different currencies, it can be difficult enough to run an AR aging report, let alone try to visualize data to find patterns and trends and see outliers. Even the most advanced and powerful ERP systems on the planet often require manual work when it comes to actually issuing a customer an invoice when there are unique regulatory, statutory or customer requirements for formats, local language and more.Īs anyone who works in accounts receivable knows, this combination of systems that don’t talk to one another and manual processes make it challenging to get an accurate view of incoming cross-border payments, especially in one place, for the purposes of reconciliation. ![]() We can all agree that it can be complex, especially issuing invoices to customers in certain countries. Let’s take one small, but important, slice of internal processes for international business – international business invoicing. As one guiding consideration in managing new opportunities, EY recommends businesses “reconfigure internal processes to strengthen operational resilience and the talent agenda.” While CEOs are adjusting investment plans, ⅔ report actually increasing cross-border investments. Increasing geopolitical tensions, trade pressures and sanctions present a real risk to future growth strategies, and have CEOs rethinking cross-border operations to that end, according to recent research from EY. International expansion is top of mind for many CEOs in 2022, for different reasons.
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