Power of PAYBOX®
Tips for Better Accounts Receivables Management
Successful accounts receivables management is an integral part of maximizing your business’s cash flow. Inefficient AR management can cause organizations to miss out on profits and go stale. Unfortunately, many businesses are still not implementing strategies and solutions to better manage their accounts receivables.
Common Mistakes in Accounts Receivables Management
Ineffective AR management and processes can negatively affect financial supply chain performance and hurt your business in the long run. In managing accounts receivables, some of the most common mistakes organizations make include:
- Paper invoice presentment and distribution
- Lack of different payment options for customers settling invoices
- Absence of generated reports to indicate when payments are past due
Fortunately, there are simple steps organizations can take in implementing solutions that will help them avoid these receivables processing missteps.
3 Tips for Better Accounts Receivables Management
Better managing your accounts receivables can streamline corporate AR processes and drive profits. To achieve maximum results for your business, consider implementing:
- Electronic Billing – Manual invoicing processes burn through company resources, including employee time and monetary spending. In addition, manual invoices generally reach customers in a slower manner – which requires organizations to wait longer to receive payments. An automated billing system allows you to present invoices in consistent, timely intervals.
- Automated Collections – Collections play an integral part in managing receivables. An automated system allows corporate AR departments to stay on top of pending and outstanding account balances. Even more, a system that generates detailed reports provides granular insights to information like collection dates, giving you unhindered account visibility.
- Online Payment Portals – With nearly everyone having access to computers, there’s no reason customers shouldn’t be making payments electronically. Enabling payments through credit and debit cards, Automated Clearing House (ACH) and Electronic Funds Transfer (EFT) is simpler for customers – and it accelerates the receivables process. In addition to streamlining accounts receivables management, electronic payments are more secure than traditional, paper-based methods. This makes them less susceptible to payment fraud.
Implementing these solutions can help you achieve positive, measurable business results and incorporate better accounts receivables management into your overall AR strategy.
Streamlined Accounts Receivables Management with Direct Insite
Direct Insite is an industry-leading provider in technology that streamlines accounts receivables processing and management. Our PAYBOX® platform is a full-feature, cloud-based e-invoicing and payments solution that supports corporate AR departments by accelerating the collections process through:
- Electronic invoice presentment
- Online payment processing
- Full invoice tracking and auditing
- A PCI-compliant gateway that safeguards customer data
Companies that leverage Direct Insite’s PAYBOX® platform can benefit from an optimized workflow and enhanced financial supply chain performance.
Ready to take the next step in better accounts receivables management? To learn more about Direct Insite’s solutions, or to schedule a private demonstration, contact us today.