Power of PAYBOX®
Advantages of a Robust Integrated Receivables Management Program for Businesses
Paper-based accounts receivables processes plague modern enterprises and damage cash flow performance. According to a study by Aite Group, nearly 60 percent of companies are dissatisfied with their accounts receivables and accounts payables processes. Approximately three-fourths of businesses cite issues with higher requests for exceptions and returns, as well as problems with data accuracy and completeness. To address these challenges and increase profitability, forward-thinking enterprises are leveraging integrated receivables management technology.
How Integrated Receivables Management Improves Financial Performance
Organizations can dramatically improve profitability and reduce costs associated with presenting invoices and processing payments. There are several key benefits of an integrated receivables management platform for corporations, including:
- Cash flow management improvements, such as Days Sales Outstanding (DSO) increases of up to 80 percent and more predictable payment cycles, reducing processing time from an average of 45 days to less than 10
- Higher rates of straight-through invoice postings that allow AR departments to streamline straight-through invoicing rates by 80 percent or more
- Enhanced security protocols and data accuracy improvements that protect important customer information and lower the amount of exceptions companies must process
- Lowers AR costs for invoice presentment and collections by more than 90 percent, saving organizations millions of dollars per year
- Increases customer satisfaction by enabling clients to automate payments and access comprehensive information about the status and details of invoices
Although paper-based invoicing processes still dominate more than 67 percent of corporations, according to research by the Remittance Coalition, integrated receivables solutions are gaining traction among businesses for their ease of use and cash flow management benefits.
Next Steps for Implementing an Integrated Receivables Management Program
Direct Insite’s PAYBOX solution is the leading integrated receivables management solution, used by Global 3000 corporations and growth-oriented enterprises. A comprehensive solution that helps organizations and their clients, PAYBOX works with existing legacy technologies and ERP systems. We guarantee fast implementation and launch for the solution among internal AR departments as well as clients with our convenient services that simplify and automation customer migration to our e-invoicing platform.
Companies can accept a variety of payments, including ACH, credit card, debit card, wire and check payments. Our e-invoicing presentment capabilities provide organizations and their clients with complete documentation and cloud-based access to bill details, email notifications and delivery updates from a highly secure portal. And with complete reporting tools and historic AR data, financial professionals and C-level executives can access value-ad performance data from one simple portal.
By incorporating several key features and capabilities, such as electronic invoice presentment, adjustments and approvals, and payment completion, the PAYBOX integrated receivables management platform helps organizations address common challenges and pain points throughout the AR process. This includes barriers to customer adoption and the need for manual data entry to re-key invoicing data that is submitted via email.
Are you ready to discover how our integrated receivables platform can drive profitability and productivity gains in your organization? Call us at (610) 212-2487 to learn more about improving the financial supply chain, and to schedule a risk-free demo of our technology.