Are outdated manual collections processes coming in the way of your cashflow...and growth?
Despite your investments in ERP and Accounting solutions, for majority of the businesses, the challenge is to ensure timely cashflows. This is not only dependent on your customers but on your collection processes too!
Inefficient processes find their way into high Trade Receivables and finally into bad debts!
Lack of visibility
To be paid on time, invoices need to reach the right folks at the right time. Usually they don't and you end up constantly exchanging the ledger with your clients.
Lack of visibility also leads to disputes arising too late - leading to further delays!
Receivables need constant reminding and providing incentives to clients to pay early. These processes are manual, prone to errors and at times difficult to administer.
Current processes use a 'one size fits all' solution to managing clients to recover the dues.
Clients use various ways to pay - and you need to make sense of them all. Who paid? Against which invoices? Were credit notes applied? Partial payments?
Reconciliation becomes a nightmare! And that too after a lot of team coordination!
The entire invoice-to-cash cycle today, does not provide you with insights - to take better decisions. The existing processes do not ascribe 'risk' to your customers and the decisions you take to recover the monies.
Insights from your own data, holds the key!