Lockstep’s Mission
Connect the world’s accounting departments to help them work better together.
Late Payments Due to Cash Flow Problems?
Late payment due to cash flow problems caused by COVID-19 have increased. The economy is recovering, but it will take time to return to pre-pandemic levels. You will have to find ways to resolve customer
Offer More Payment Options to Reduce Delays Caused by Checks
Payments are delayed unnecessarily if you only accept payment by check. Checks can delay payments for weeks, increase costs and reduce cash flow. Checks cause delays throughout the payment transaction: Issuing checks – Many
Self-Service Can Keep Disputes from Delaying Payments
Disputes are frequently the reason for delayed payments. They are the hidden problem that you don’t know about until AP pays late and takes an unauthorized deduction or chargeback, or won’t pay until a dispute
Combatting Delayed Payments Due to Mundane AP Approval Issues
AP departments want to pay on time to avoid problems with auditing, relationships and cash forecasting, but simple approval issues can slow payments. Here are three examples of mundane AP approval issues which can slow
On-Time Payments Issues Increased with Covid-19
A year has passed since COVID-19 was identified in the U.S. Since then it caused the largest contraction in economic activity since the 1940’s, and ushered in a new way of doing business for
Late Payments May Be Due to Email Problems
Customer AP departments are not always the reason why your payments are late. AP departments usually want to make payments on time to avoid problems with auditing, relationships and cash budgeting and forecasting. The
$10 million of funding for you
Exciting news: we have raised $10 million in our Series A round, led by Point72 Ventures with participation from Clocktower Ventures and Revel Partners. This brings our total funding to $14 million since we started
Getting Paid Late Isn’t Always AP’s Fault
If your team is not meeting cash flow goals, don’t assume that customer AP departments are always at fault. It is a common myth in AR that AP departments don’t want to pay on
AP Needs to Make On-Time Payments to Avoid Audit Issues
A myth in AR departments is that AP departments don’t want to pay on-time. There are several reasons why this is not true. One of the most compelling reasons is audit requirements. Here is
AP Departments Want to Pay You On-Time – Here’s Why
The general belief in accounts receivable is that AP departments don’t want to pay you on-time. There are cases where some customers have cash flow problems and their AP departments try to stretch suppliers.
Providing Self-Service Eliminates Reasons for Customers to Delay Payments
There are a number problems that can keep customers from paying on time. Identifying and eliminating these deterrents to payment is essential. When you have eliminated the reasons for not paying, it will be
Increase Satisfaction With Your AR and AP Teams
Satisfied customers and vendors are essential to your business. In order to satisfy your customers and vendors you have to understand their needs. Their needs have changed with the new business environment. Customers and
How to Streamline the AR Process with Self-Service
AR teams with manual systems struggle to keep up with calls and emails to take payment details, answer application questions, request document copies, report disputes, or handle a host of other matters. These manual
Free Up Time During Month End Close in AR
The month-end close can be a major additional burden for your team, especially during the pandemic when you may be understaffed or have staff working remotely. It can keep them from collection activities and