Power of PAYBOX®
3 Steps to Successful Accounts Receivables Management
Successful accounts receivables management can play a big role in a company’s long-term success against competitors. Failing to keep a steady grip on AR processes and collections can result in poor cash flow and financial supply chain performance.
3 Strategies for Better Accounts Receivables Management
A comprehensive strategy for managing collectables is the cornerstone of a successful AR department. Failing to effectively manage invoices, billing cycles and more can result late customer payments, invoicing inaccuracies and a storm of other AR nightmares.
Consider these strategies to improve and maintain solid accounts receivables processes:
- Leverage Electronic Invoicing – Organizations that want to expedite the invoicing and payment process can benefit from an electronic invoicing system. Regular mail is subject to delays, sorting mistakes and high costs, but e-invoices are delivered on-time through a secure portal – not to mention they’re much cheaper. Customers are able to access the invoice at any time, and complete payments faster.
- Facilitate Easy Dispute Resolution – Contested invoices are a reality for any company that bills for goods or service, but how those companies handle the disputes is key. If customers have to jump through hoops and spend hours on the phone to talk with a representative, the payment process slows to a crawl and produces unhappy customers. Develop a strategy to efficiently solve invoice disputes. It’s not only easier for customers, but AR department personnel, too. A more efficient process can also help organizations maintain strong customer relationships.
- Offer Online Payment Options – With traditional invoicing, customers typically have to mail in a check or call AR departments to settle their invoices, which could hurt DSO cycles and slow the order-to-cash process. Online payments, however, allow customers to log-in immediately to pay an invoice. To make the process even simpler, use a payments portal that accepts major credit cards, Automated Clearing House (ACH) payments and Electronic Funds Transfers (EFT). The variety of payment options and easy nature of settling statement encourages customers to pay invoices on or ahead of the due date.
Looking for a solution that has all of these elements in one convenient platform? Direct Insite has you covered.
Enhanced Accounts Receivables Management with PAYBOX®
PAYBOX® is a full-feature, cloud-based platform from Direct Insite, an industry-leading provider in working capital management technology. Our solutions improve cash flow, reduce DSO and enhance AR management by providing:
- Electronic invoicing
- Online payment acceptance via a PCI- compliant gateway that keeps customer data secure
- Invoice tracking, reporting and auditing
Ready to learn more? Contact us today to schedule a free demo, and see just how attainable better accounts receivables management is for your organization.