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Automatingcashapplications also boosts cash flow by reducing errors, allowing customers to receive payment confirmations faster. Reach out to customers as soon as an invoice is late, send reminders well in advance, and automatecashapplication and ERP integration for seamless A/R management.
How much cash is the company gaining or losing? How much baddebt does the company have, and how has this changed over time? Consider these additional KPIs: Baddebt ratio: This measures the monetary value of receivables you believe you cannot collect. Disputes and deductions.
By utilizing real-time data and analytics, companies can make informed decisions about extending credit, thereby minimizing the risk of baddebts. Collections Management AutomationAutomated collections management streamlines the process of identifying overdue accounts and initiating follow-ups.
If your business could proactively identify the risk of potential customers before taking them on as new customers and avoid baddebt, wouldn’t you want to do that? These include: Automatecashapplication and remittance. Personalized dunning emails.
CashApplication. When using the Self-Service Payment Portal, automatedcashapplication ensures real-time reconciliation, expediting the cashapplication process and reducing processing delays. In addition, multi-bank connectivity enables cash management from a variety of sources.
All of which can be accessed in real-time for an up-to-date and accurate overview of your company’s cash position. Read more our FS² Collections software for collections, deductions, and disputes is the most comprehensive available, allowing you to centralize and standardize to improve customer engagement and reduce time to pay.
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