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It also gives companies the ability to move away from manual tracking in spreadsheets, to a real-time dashboard, which saves time and gives a full and reliable visualization of the current state of collections. So, how can using a collection dashboard help, and why is it so indispensable as a growth tool? First Pass Yield.
Is any cash outlay needed to close the opportunities at various stages of the funnel? This insight will inform your forecast for the months ahead. Estimate Your Sales Bookings Timeline. Now that you’ve studied your pipeline, it’s time to assess when these opportunities will close and generate cash. Maintain Your Forecast.
Sending off invoices, collecting payments, paying vendors and meeting payroll are common examples. Longer DSOs lead to a greater reliance on credit. With the recent hikes in interest rates, reducing credit reliance is even more important. Collections automation has an even better effect. Present: Finance Operations.
Data analytics can also provide the information companies need to adjust their credit offerings. Here are some critical features of cash application automation software: Automated payment reconciliation compares invoices to payments and reconciles discrepancies. Book a demo to get started.
However, if you still have several outstanding invoices or you’re waiting for payments to process through a credit card company, you might have more cash flowing out of the business than you do coming in—in which case, you’re cash flow negative. This insight will inform your forecast for the months ahead.
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