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Flywire Survey: Finance Professionals Look to ERP Integrations to Streamline B2B Payments
89% of survey respondents think businesses could save money if more of the cross-border receivables process was integrated with their ERP system 87% of
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[{"type":"text","content":"89% of survey respondents think businesses could save money if more of the cross-border receivables process was integrated with their ERP system 87% of respondents would like to offer additional payment methods in an effort to decrease Days Sales Outstanding (DSO) BOSTON, March 21, 2023 (GLOBE NEWSWIRE) -- A recent survey of 250 finance professionals commissioned by Flywire (Nasdaq: FLYW), a global payments enablement and software company, found that as finance professionals increasingly rely on their enterprise resource planning (ERP) systems for financial data, there’s an opportunity to integrate their ERPs with payment software to improve how their businesses gets paid. Specifically, 89% of the respondents think their businesses could save money if the cross-border receivables process was more tightly integrated with their ERP system. In its new report, ERP systems and cross-border B2B payments: Expectation vs. reality, Flywire examined how financial professionals are using their ERP systems to process international transactions and improve payment capabilities from international customers. “In response to what we were hearing in the market, Flywire sought to better understand some of the ways payments processing can help financial professionals augment their ERP strategies,” said Ryan Frere, EVP and GM of B2B, Flywire. “What the data tells us is that there is room for improvement in how businesses are getting paid, especially when it comes to cross-border payments.” Finance leaders rely on their ERP systems as a single source of truth, are champions of integration strategies The majority of finance professionals surveyed are satisfied with the accounts receivable functionality their ERP systems provide. They’re performing as a central database and a one-stop shop for transactional data. Regardless of the size of their company, the financial professionals surveyed expressed high levels of satisfaction with major ERP vendors across the board – Microsoft, Oracle, SAP, NetSuite, Sage Intacct, Infor and others. Yet, finance teams continue to put rigor around improving how their companies get paid in this macro environment, which reveals why tight integration with payment software is crucial. 88% of respondents said with the possibility of a recession, they need to improve their ability to get paid from their international custome...