How Integrated Receivables Increases Cash Flow for Businesses

The payments landscape is always evolving. Today, many organizations struggle to effectively apply and reconcile the various payments received from their customers and are searching for solutions that make the process more efficient.

Recent advances in technology and Artificial Intelligence (AI) mean a solution to this problem is available to any organization struggling with efficiently managing their receivables. The AI adoption explosion has been brought on by thousands of use-cases demonstrating its ability to truly help businesses think faster and more intelligently. AI can now be applied to the problem of receivables management.

Better yet, some of these AI systems bring a host of other capabilities that solve numerous problems related to cash application, collections, dispute handling, credit management and effective reporting for decision making.

What is an Integrated Receivables system?

The Integrated Receivables (IR) system is an AI-powered, modular Accounts Receivable (AR) solution that replaces a company’s antiquated, siloed workflows with an automated platform. The platform not only helps to reduce the amount of time spent managing AR, but also provides ways for teams to better collaborate.

By reducing the amount of time spent manually performing AR tasks, IR can save time and money. It serves as a workflow engine for each of the processes involved in receivables management.

Over a series of articles, we’ll outline the advantages of the IR system and answer questions on key topics, including:

Cash Application (Second in the Series)

• How does IR automate cash application?
• What types of payments can it process?

Collections, Disputes and Deductions (Third in the Series)

• How can IR improve collection results using automation, risk-based AI strategies and business-defined templates?
• How does IR drive efficiency and enhance collaboration across internal teams and external customers?
• How does the platform enable sales and AR associates to efficiently work together to resolve disputes, such as when a customer short pays an invoice?
• How does the system handle discounts, such as those offered if a customer pays within a certain number of days?
• How can IR help efficiently deal with small balance write-offs?
• What kind of tracking and reporting functionality is available to resolve issues?

Credit, Reporting and Portals (Fourth in the Series)

• How can IR help manage risk with the credit review and analysis processes?
• How can IR enhance and enable teams to easily access the data and analytics needed to make better, more informed decisions?
• How can external portals be used to allow clients to pay online?
• How can internal portals be used to allow more efficient and trackable collaboration between teams?

Together, the IR modules can increase cash flow, reduce expenses, reduce Days Sales Outstanding (DSO), increase operational efficiency, improve decision making and enhance the customer experience.

Look for future articles in the series to learn more about the capabilities of the IR system, or contact your Treasury Sales Officer for more information.