How to Accelerate Cash Flow

Across today’s competitive business landscape, companies and enterprises are taking action to accelerate cash flow, which remains high on the list of priorities to improve financial supply chain performance. Why? Because the ability to better understand and predict cash flow can improve working capital and increase short-term investment opportunities for your business.

5 Steps to Accelerate Cash Flow:

  1. Electronic Invoice Presentment – Manual invoicing routines are costly and take longer to process. In addition, the likelihood of inaccuracies and errors increases with paper invoices. Using electronic presentment mitigates these risks while making invoices available to customers in a timely and convenient matter.
  2. Online Payment Processing – Online processing reduces your AR department’s billing costs by 50 percent and can reduce the invoicing process by several days. The result is that your company can collect on accounts receivables faster. Partnered with electronic access to invoices, customers can conveniently review and pay their invoices.
  3. Simplified Payment Options – Customers don’t want to be subject to a short list of payment choices. Limited payment options can result in slower processing times, which in turn can affect cash flow and Days Sales Outstanding (DSO). A sure way to accelerate cash flow is by offering flexibility in payment options. Allowing for electronic payments via credit card or the Automated Clearing House (ACH) Network makes it easier for customers to manage and submit their payments.
  4. Streamlined Dispute Resolution – While invoice disputes are an inevitable reality for AR departments, the fact is that they slow down payments and have a negative impact on your company’s ability to accelerate cash flow. Developing and implementing a plan to efficiently handle and resolve disputes is important. Streamlined dispute resolution is not only simpler and more convenient for the customer, but also for the AR department and the people responsible for resolving disputes. In addition, a streamlined dispute resolution process increases customer satisfaction, which can ultimately translate into increased customer loyalty.
  5. Better Payments Security – Security is one of customers’ biggest concerns about transitioning to an electronic payments system. Hesitation to access e-invoices and payments often causes customers to stick with traditional, paper-based payments. A PCI-certified payment system that protects your customers’ data can encourage them to make the leap to e-payment technology and ultimately help your organization accelerate cash flow.

Time for Your Company to Accelerate Cash Flow?

Direct Insite has the technology and expertise to accelerate cash flow in your company. In addition to cash flow improvement, Direct Insite can also help your company reduce DSO, minimize receivables processing time and successfully transition to an e-invoicing and payment system platform—streamlining the payment process for your AR department and your customers.

Ready for your company or enterprise to increase and accelerate cash flow? Call Direct Insite at (610)-212-2487, or email us at sales@directinsite.com for a private demo of our technology.

 

Accounts Receivable Solutions