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A proactive A/R approach includes linking financial data with other enterprise resource planning (ERP) data, so businesses can avoid manual tracking and gather the necessary data to accelerate payments. Automatingcashapplications also boosts cash flow by reducing errors, allowing customers to receive payment confirmations faster.
Consistency in credit processes reduces baddebt and fosters healthier customer relationships. Streamline CashApplication Across All Payment Sources Managing payments from multiple sourcessuch as bank transfers, checks, ACH , and credit cardscan be time-consuming.
Are you offering discounts for early payment? 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.
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.
Intelligent routing may also include payment redirection for alternative options in the event of operational disruption or downtime. Help automate the A/R process. For example, it can automatepayment reconciliation, payment workflows, A/R collections, reminders and confirmation. CashApplication.
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