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There was a lot of gnashing of teeth on the part of the sales team at the beginning, but invoice accuracy improved in each subsequent month as sales began transmitting accurate pricing and terms to order processing, thereby reducing downstream disputes and payment deductions. it just might help them pay you sooner!
As a result, your accounts receivable reporting software offers a number of specific benefits, including: Better cash flow management. Having the most accurate customer data at your fingertips allow you to identify high-riskaccounts and prioritize your collection efforts to optimize cash flow. Greater A/R efficiency.
Poor Credit Controls: Poor credit control practices can result in providing goods or services to high-riskaccounts that are likely to pay beyond terms or even default on payments. Photo by Elisa Ventur on Unsplash When a company’s AR under-performs, the consequences are substantial. An under performing AR.
This integration encompasses functions such as credit management, invoicing, collections, deductions, and cash application. Prioritization of Collection Efforts: Using analytics to focus on high-riskaccounts and optimize collection strategies. Why is Receivables Automation Important?
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