ACCOUNTS RECEIVABLE AUTOMATION ON YOUR TERMS. Going Beyond a One-Size-Fits-All Solution

Transcription

1 ACCOUNTS RECEIVABLE AUTOMATION ON YOUR TERMS Going Beyond a One-Size-Fits-All Solution

2 BREAKING IT DOWN When evaluating the accounts receivable (AR) process, it s typically broken into three main stages: INVOICE DELIVERY CUSTOMER PAYMENT COLLECTIONS MANAGEMENT Gaps exist within each stage that even an ERP and/or accounting system can t completely fill making AIdriven automation the best option for companies looking to streamline things. Contrary to what some believe, automation is rarely used as a replacement for staff; rather, it enhances their daily activities and performance by reducing mindless, repetitive tasks. A top-notch solution bridges existing gaps to create a simplified, consolidated AR process. Although many vendors offer a single product to automate the entirety of AR, that s not what every business wants or needs. Whether they d prefer to automate it all at once or à la carte, a best-in-class vendor gives companies the freedom and flexibility to do either or both. BASES WE LL COVER: INVOICE DELIVERY...Pg. 3 CUSTOMER PAYMENT...Pg. 5 COLLECTIONS MANAGEMENT...Pg. 7 TOOLS & TECHNOLOGY...Pg. 9 LEARN MORE / ABOUT US...Pg. 10 2

3 STAGE 1 INVOICE DELIVERY INVOICE DELIVERY CUSTOMER PAYMENT COLLECTIONS MANAGEMENT Considering all of the ways customers prefer their invoices to be sent , postal mail, fax, EDI, etc. quick and accurate delivery can be tricky. Toss in the need to remain compliant with certain regulations and standards (e.g., HIPAA and HITECH, the EU-U.S. Privacy Shield, etc.), and it s easy to see how manual methods only add chaos to an already challenging process. There s no need to overcomplicate the first step towards getting paid. Automated invoice and statement delivery allow users to streamline billing and document archiving on their end, all while maintaining compliance and respecting customers delivery preferences. The benefits are sweet, indeed: GREATER ACCURACY Eliminate manual processing and minimize the chance of errors thanks to invoices being created with data from your ERP/billing application. FASTER DELIVERY With no manual bottlenecks and the ability to track and manage customer delivery preferences, invoices are distributed faster, helping you get paid sooner. LOWER COSTS A digital solution diminishes or altogether eliminates the costs of a mailroom, consumables and production; plus, even more is saved with improved staff productivity, boosting the bottom line. BETTER VISIBILITY Invoice delivery is tracked in real time to ensure the right customer receives the right document, making the I didn t get it excuse a thing of the past. 3

4 Arkadin reduced invoice processing time from 6 2 to DAYS and is compliant with 40 e-invoicing regulations in over COUNTRIES

5 STAGE 2 CUSTOMER PAYMENT INVOICE DELIVERY CUSTOMER PAYMENT COLLECTIONS MANAGEMENT This is where the rubber meets the road. It s go time and you are due payment. Unfortunately, you ve got credits to apply and payment plans to handle manually further extending the amount of time payment is due. Even worse? Traditional methods can t offer a payment portal, something today s customers overwhelmingly want a drawback that could ultimately lead to lost business. Simplifying this area of AR with automation and a customer portal directly translates to quicker payment the best benefit of them all while also opening the door for: LOWER DSO With no manual prep, invoices and payment reminders are being sent out faster and payments are being collected more efficiently all helping to reduce Days Sales Outstanding (DSO). TIME SAVINGS Staff have more time to focus on value-added activities like customer support without having to worry about the plethora of manual tasks previously involved with applying credits, processing payment and more. $ SUPERIOR CUSTOMER EXPERIENCE Support a positive collections experience and strengthen customer relationships with a convenient, self-service portal where customers can manage payment preferences, apply credits and more. LOWER BILLING COSTS With the built-in efficiencies of an online customer payment portal, businesses spend less on traditional billing expenses and increase organizational cash flow. 5

6 Temperature Equipment Corp. lowered average DSO by 5 DAYS and decreased dispute resolution time by 88%

7 STAGE 3 COLLECTIONS MANAGEMENT INVOICE DELIVERY CUSTOMER PAYMENT COLLECTIONS MANAGEMENT Organizing to-do lists, monitoring late payments and DSO, managing invoice disputes collections management has a lot going on. As hard as it already is, relying on traditional collections methods only makes things more difficult, often causing important details (like contacting an overdue account) to slip through the cracks unnoticed. The best way to ensure your collections management goes according to plan? You guessed it: Automating this stage of AR. Much like a sales team uses a CRM solution to manage workflow, a collections solution automates what should be automated, producing a myriad of benefits: HIGHER STAFF PRODUCTIVITY A suite of modernized tools replace sticky notes and spreadsheets, helping staff better organize collection activities, maximize productivity, and focus on more customer-centric, value-added tasks. INCREASED VISIBILITY Customizable dashboards with live analytics allow users to oversee daily activities with account-based to-do lists and monitor Key Performance Indicators (KPIs) with the click of a button. EFFICIENT CASH COLLECTION From automated collection call lists and payment reminders to a central location for all account information, automation creates a more efficient, effective collections process that ultimately boosts the bottom line. GREATER COLLABORATION Team members and customers interact on a shared platform rather than remaining siloed, strengthening the overall customer experience. 7

8 and cut the number of past-due AR by Lubrication Technologies, Inc. reduced average DSO by 7 DAYS 50%

9 TECHNOLOGY PULLING BACK THE CURTAIN When marrying AR with AI, you should have the ability to automate as much or as little as needed always with the option to expand. The following features are synonymous to success in every stage of AR, so before opening your own wallet, make sure your potential provider has them on hand. TAILORED DASHBOARDS Users can customize their dashboard to focus on what s most important to them whether it s a specific set of KPIs or a to-do list. PAYMENT PORTAL An online customer portal featuring your brand logo and colors is set up to make payment easy for all parties involved. CENTRALIZED INFORMATION All post-sales information (e.g., accounts information, PDF invoices, delivery preferences, collection notes and actions, etc.) is stored and accessible from one platform. CUSTOM COLLECTION TOOLS Automated payment reminders, account statements, alerts to call and more are coordinated based on your collection rules. SUPPORT TOOLS Online support tools simplify communication with customers, dispute management instead, payment and other important aspects of AR. 9

10 RELATED CONTENT WHITE PAPER: WINNING THE BILLING & COLLECTIONS BATTLE How to Empower Your Company & Customers with AR Automation INSTANT DOWNLOAD CASE STUDY: LUBE-TECH Achieving a Smart, Scalable Digital Transformation with Automated Collections Management INSTANT DOWNLOAD ebook: USING AR AUTOMATION TO EMPOWER YOUR COLLECTIONS TEAM (Not Replace It) INSTANT DOWNLOAD ABOUT US, ESKER After reading this ebook, you can probably tell that we re pretty passionate when it comes to improving every aspect of AR. That s because we re a global provider of document process automation software. In short: We transform manual, not-soefficient business processes into well-organized, uber-effective operations. We ve been doing it for the past 30+ years and have helped over 11,000 customers. After all this time, we get the intricacies of AR and what it takes to make it as efficient, profitable and proactive as possible. Check out our website, esker.com, to get to know us better. If blogs are more your thing, we ve got something just for you: blog.esker.com. Oh, and if you found this ebook worthwhile, it d be great if you shared it thanks, you re the best. 10

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