Tag Archives: Receivable Solutions

Accounts Receivable Automation – How to automate your payment allocations.

Accounts Receivable Automation.

How to automate your accounts receivable.

A fully automated accounts receivable solution for accurately allocating customer payments quickly and efficiently to the relevant customer accounts will save time and reduce manual intervention.

Automating your cash allocation to your customer accounts minimises manual intervention and saves time.

How is this achieved?

Capture

Most capture tools operate on a template basis which require structure and will not work with thousands of differently laid out remittances. By employing an intelligent capture tool which can extract the data automatically, learning and storing as it goes this in turn automates the collection of data and updates the accounts system seamlessly without the need for any manual intervention.

Managing the Accounts Receivable process enables quick allocation of incoming payments.

Manage

Holds all documents enabling quick retrieval for processing and audit which in turn negates the need for paper storage whilst fulfilling compliance requirements.

Allocate

Allocate incoming payments quickly right down to invoice level. The system remembers this information so that subsequent payments can be matched instantly. This can lead to an 80% reduction in manual allocation.

What are the benefits of automating your Accounts Receivable function?

  • Real time view of sales ledger values
  • Clean sales ledger with no unallocated balances
  • Accurate management information and clear cash flow forecasting
  • Efficient credit control as no time is wasted chasing up invoices that have already been paid.
  • Efficient credit management with accurate debtor days information available at all times
  • Reconciliation is done on a day to day basis resulting in quicker and smoother month end process.
  • All banking and remittance documents are electronically stored simplifying the audit process and reducing the amount of storage needed for archiving old invoices and remittances.

Next steps

Digital Print Management are a channel partner for ProcessFlows; world leaders in the capture, process, manage and delivery of documents, voice and data solutions.

For an overview of our Accounts Receivable and Accounts Payable solutions and how our solutions can help your company, please call us on 01234-271156 or email us your details below and one of our expert advisors will be in touch.

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5 Reasons to outsource your e billing.

An e-billing solution can be quick and effective if managed and implemented correctly.

e-billing is not sending a PDF bill as an attachment to an email.

The importance of optimising both a paperless and an e-billing process shouldn’t be underestimated! Both processes can co-exist in harmony.

E-billing provides a number of great features such as the option to retrieve documents in PDF, Excel, EDI, XML or CSV formats allowing you to view and interact with your online invoice/statement, query invoices and download copy invoices if required.

5 reasons why e-billing should be implemented alongside your current print and mailing process:

1. Get payments faster

Emailing your bills for payment can reduce your DSO (Days Sales Outstanding) cycle by as much as 70% by reducing the physical time taken to send out invoices to your customers.

Many companies emphasis the importance of sales, sales, sales yet are inefficient managing debtors often complying with payment terms that are in excess of their own terms.

Why supply a company that takes that long to pay after you’ve supplied the goods or services?

Here’s the real conundrum what is the point of telling your sales force to be proactive in generating sales if the company is not managing the payment terms with your customers?

Accounts payable solutions are designed to speed up the process and distribution of statements and invoices. By reducing the turnaround for example from 4 to 1 day for posting/emailing out your invoices, but enforcing company payment terms are ineffective then the benefit for e-billing is largely negated!

2. Current financial climate

The current climate requires effective payment strategies and reducing the time taken for a customer to pay has a positive effect on your bottom-line. Helping the company to grow and remain competitive.

Having a robust credit management system designed solely to get the cash in for the business supports the billing effort!

Has e-billing replaced paper based billing?

Choosing an end to end invoice processing and scanning solution will speed up the accounts payable process and e-billing is a part of that process.

3. The easier you make the process the easier it is for your customer to pay

An effective e-billing solutions allows bills to be delivered as secure electronic documents directly into the customers inboxes without any link to a site to register and collect invoices.

Incorporated in to the body of the bill should be a payment option using a form within the invoice or a link to the company’s payment website, this in turn facilitates quicker payment because if the customer has opened the email, viewed the invoice, the psychology is simply “I’m there now so I may as well pay it!”

4. Transpromo marketing

An effective eBilling solution provides the opportunity to cross sell or up sell services and products by utilising messages displayed in the bill?

Marketing messages can be added to each bill both within the email and on the e-bill attachment. By taking advantage of the process you are driving qualified traffic to your website to potentially re-order or view more of your goods and services.

5. Keeping up with technology

There is an assumption that moving to e-billing will be costly and difficult to implement internally which is a valid argument. But by outsourcing the process, there is no need for big spending on software as the e-billing provider takes care of that keeping the cost of implementation to a minimum improving efficiency, reducing costs from the generation of the e-bill to the pay process.

After all is said and done the take up of e-billing is slow in the UK particularly when compared to the rest of Europe. According to Deutsche Bank research only 10% of companies in the UK undertook a strategic move to e-invoicing in 2010! Many companies have adopted an e-billing process but are quick to point out that the take up has been slow and almost two-s third of their customers prefer a paper bill.

What do you think?

Have you implemented an e-bill solution? Is it working effectively? Do you use paper and e-bills as well? What strategy have you employed to encourage your customers to take up e-billing?

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