Power of PAYBOX®
Why Automation is the Key to Better O2C Cycles
Ever wonder why you’re not seeing measurable improvement in your accounts receivables department’s O2C cycle? It all comes down to your accounts receivables strategy. Manual processing, paper invoice distribution and a lack of electronic payments all cause a major slowdown in O2C cycles.
Manual AR processing can also seriously hurt your organization’s ability to forecast cash flow and improve working capital management.
3 Ways Automation Improves Your Company’s O2C Cycles
Improving your company’s O2C cycles really comes down to one thing: automation. One of the most widely implemented solutions in corporate AR departments today, the right automated invoicing technology takes slow, antiquated processes and transforms them for better business results.
- Electronic invoicing is a faster, cheaper alternative to manual invoice processing. Paper invoices can take anywhere from 30-45 days to settle, and are prone to information errors and inaccuracies. Plus, the cost of presenting and distributing paper invoices can get out of hand quickly. An e-invoicing portal enables customers to log on to a secure, password-protected web form to view and pay invoices in a quick, convenient fashion.
- Automated early payment discounts incentivize customers to settle invoices faster. The easiest way to incentivize customers to pay invoices before the due date is by offering dynamic discounts and financing. An automated accounts receivables platform allows you to manage and automatically apply discounts for customers who submit payments early. Reduced invoices for customers and faster payment for you is a win-win scenario.
- Online payments make it easier for customers to pay invoices. One of the biggest culprits of slow O2C cycles is manual payment processing. Waiting for customers to send in a check can take weeks. Automated technology with online payment capabilities allows customers to submit payment through a variety of methods including credit card, the Automated Clearing House (ACH) network and Electronic Funds Transfer (EFT). Payment is posted immediately.
What do you get with improved O2C cycles? Greater profitability, customer retention, business growth and a better bottom line.
Ready for Better O2C Cycles?
At Direct Insite, we know the importance O2C cycles have on the financial performance of your business. So we created PAYBOX® AR, an automated accounts receivables platform that leaves no room for order to cash errors.
When you choose PAYBOX® AR, you’re choosing:
- Greater invoice accuracy and efficiency with online invoice presentment
- Reduced Days Sales Outstanding (DSO) by an average of 3-5 days, significantly improving cash flow
- Improved customer satisfaction that comes from leveraging simple, user-friendly automated portals
Never deal with slow O2C cycles again. To learn more about PAYBOX® AR, contact us today.