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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. Automating cashapplications also boosts cash flow by reducing errors, allowing customers to receive payment confirmations faster.
Some companies want to simply reduce the effort they spend on manual tasks to focus on high-impact tasks, while others may envision it as a way to help them achieve their specific cashapplication or credit needs. Offer a range of payment methods and, if available, a link to your customer paymentportal from the invoice itself.
Automate the payment reconciliation process by matching incoming payments with the corresponding invoices in real-time, giving you up-to-date visibility into your cash position. Cashapplication. Want to learn more about how Gaviti can help you achieve the most efficient invoicing process?
Its modules include: Cashapplication. Associate each payment with its corresponding invoice for precise application and reconciliation of payments with remittance information such as invoice numbers or payment references. Self-Service Payer Portal. Credit monitoring and management.
A/R solutions in particular streamline each aspect of accounts receivable, from collections to credit management, cashapplication and disputes and deductions. For example, finance teams might apply it towards cash flow forecasting, creditrisk assessment and identifying the best investment opportunities.
Gaviti’s autonomous invoice-to-cash A/R management platform helps you streamline the entire process, improving DSO on average by 30% and reducing the number of outstanding invoices by 60%. Match over 95% of payments with cashapplication through Gaviti’s Self-PaymentPortal that includes AI-powered remittance auto-matching.
You should also provide the option to pay in installments, a discount for payment paid upfront and in full, and a promise-to-pay to assist in avoiding delayed payment. Streamline the credit process. CashApplication. Self-Service Payment Gateway. Dispute Management and Deductions.
You should also provide the option to pay in installments, a discount for payment paid upfront and in full, and a promise-to-pay to assist in avoiding delayed payment. Streamline the credit process. CashApplication. Self-Service Payment Gateway. Dispute Management and Deductions.
Make paying as easy as possible by giving customers many payment options, including credit or debit cards, digital payments, check, bank transfers, etc. Self service customer paymentportals also offer another convenient payment channel that minimizes errors, encourages timely payments and improves overall customer satisfaction.
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