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Are you offering enough or too much credit to customers? Are you able to collectinvoices on all of the revenue your business generates? How quickly are customers paying their invoices? Are we offering the right amount of credit to customers based on their creditworthiness? Are there invoice processing delays?
Automating manual tasks eliminates human error while allowing staff to focus on higher-value tasks. For example, autonomous A/R software automates the generation of recurring invoices and remittance, allowing finance teams to focus on collectinginvoices from customers that can best optimize and accelerate their company’s cash flow.
Sending off invoices, collecting payments, paying vendors and meeting payroll are common examples. Choosing not to chase invoice payments could cause them not to be paid at all. Longer DSOs lead to a greater reliance on credit. With the recent hikes in interest rates, reducing credit reliance is even more important.
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