The ABCs of Integrated Receivables

Integrated receivables play a crucial role in streamlining corporate AR department tasks, lowering operational costs and eliminating financial supply chain inefficiencies. How? By replacing outdated invoicing and billing operations with automated electronic solutions.

The Problem With Outdated Receivables Solutions

AR department personnel in large organizations are responsible for an enormous amount of data collection and information – and by using antiquated approach to receivables processing, employees are only increasing the time spent on these tasks, not to mention putting their organization at risk for:

  • Inaccurate data entry, typically the result of human keying errors.
  • High operational costs – paper invoices can run upwards of $30 each, not including mail and postage fees.
  • Data security breaches and unauthorized viewing of sensitive financial information.

The pitfalls of archaic receivables processing can plague organizations for years. But companies that are proactive in implementing an integrated receivables solution into their AR practices experience more effective, optimized processes.

The ABCs of Integrated Receivables

Accounts receivables improvement is a top-of-mind concern for growth-minded organizations that want to improve cash flow and bottom line business results. These results can be achieved through leveraging robust receivables technology.

Here are the ABCs of a strong solution:

  • Accurate Data Entry – Several human-related factors can lead to inaccurate data entry – keying errors, misreading information and more are likely to result in faulty invoices. Automated receivables imports and stores data that users enter, mitigating the risk of invoicing and billing inaccuracies.
  • Bolster Security – Paper invoices are easily lost, misplaced or stolen. Due to the sensitive information typically contained within an invoice, organizations could face legal action from clients if data is compromised. Automated technology, however, deploys state-of-the-art security measures and encryption keys to protect customer data and payment information.
  • Cost-Effective – Average processing and collection costs for paper invoices can top $35 each, and that’s without mailing and postage. Integrated receivables technology uses electronic invoice presentment, lowering invoice costs to about $1 to $2 each. Even more, a strong solution can easily integrate with existing technology. There’s no need for a complete system overhaul and soaring implementation costs.

In addition, an integrated solution can help companies reduce Days Sales Outstanding (DSO) by up to 80 percent and better predict customer payment cycles, resulting in faster payment processing times.

PAYBOX®: Integrated Receivables Made Simple

PAYBOX® is a comprehensive receivables technology that enhances AR processes for corporations, banks and other large organizations. The cloud-based platform makes for easy integration and delivers a measurable return on investment.

Better receivables processing is a just a few steps away. Contact us to learn more and schedule a free demo.

Integrated Receivables