AR Automation/
Collections Management
Accounts Receivable management is the backbone of any company’s financial health and overall business success. Directly impacting revenue and your bottom line, effective collections allow for steady cash flow and reinvestment opportunities. It is therefore critical to streamline the tasks involved in managing invoices, collecting payments, and reconciling accounts. By automating the Accounts Receivable workflow, businesses can reduce manual errors, save time and resources, improve cash flow, and enhance customer satisfaction…all while improving profitability!
Reduce Processing and Administrative Costs with faster invoice delivery and payment processing: Automation can eliminate the need for printing, mailing, and scanning invoices, as well as manually entering data into accounting systems. Instead, invoices can be generated, sent, and tracked electronically, and payments can be received and applied automatically via online payment methods or bank transfers.
Reduce costs and errors: Automation can also reduce the risk of human errors, fraud, or non-compliance that can result in penalties, fines, or lost revenue. Additionally, automation can provide real-time visibility into the status of invoices and payments, and alert users of any issues or exceptions that need attention.
Improved cash flow and working capital: Automation can shorten the invoice-to-cash cycle by accelerating the delivery and payment of invoices, reducing the number of overdue or unpaid invoices, and lowering the cost of collections. Improve cash flow forecasting and planning by providing accurate and timely data on receivables and payables. Free up working capital by reducing the need for financing or borrowing to cover cash flow gaps. Businesses can monitor their cash flow, track their key performance indicators (KPIs), and make informed decisions.
Enhanced customer satisfaction and retention: Improve the customer experience by offering convenient and flexible payment options personalized and timely reminders, self-service portals, and instant feedback through an on-line portal. This can increase customer loyalty, retention, and referrals. Reduce the frequency and severity of billing disputes, errors, or late fees, and enable faster resolution of any issues. Foster customer loyalty and trust by providing consistent and transparent communication, personalized service, and timely delivery of invoices and receipts. Collect and apply cash intelligently.
Manage Customer Credit Risk with strengthened internal credit process for credit applications using external credit data from external credit agencies, approval workflows and periodic updates and alerts. Rely on AI based payment behavior monitoring to manage risks. Assessment of customer risk level based on past and current payment behaviors, providing prediction insights for formulating collection strategies.