5 Signs Your CCM Platform No Longer Serves You
THE BUSINESS IMPACT OF EFFECTIVE AR MANAGEMENT
The collection of accounts receivable (AR) is vital to your business’ financial health. It affects your short-term ability to meet financial requirements and your ability to plan for long-term growth.
Without the aid of technology, AR management can become a maze of inefficiencies and obstacles. Teams face recurring issues that delay cash flow, disrupt financial stability, and negatively affect customer satisfaction.
5 BLOCKERS TO BETTER AR
Late payments are a common AR issue. However, they are a symptom of what’s wrong, not the root cause. These five areas are the key challenges that impact AR efficiency.
- Siloed systems – When AR data is stored in multiple places, teams lack the ability to quickly access and analyze information. This delays tasks such as invoice generation and collections management.
- Credit management challenges – Conventional credit assessments are time-consuming and error prone, limiting the data AR teams can analyze. This results in unreliable customers being onboarded which increases the chance of late payments.
- Manual invoicing – Invoicing is a highly manual activity for many organizations, involving keying in data and validating information. This process is riddled with errors and delays, leaving money trapped.
- Inconsistent collections – Without being able to automate tasks such as invoice reminders, it’s difficult to maintain consistent and timely collections. This impacts customer engagement and payment reliability.
- Limited payment options – Customers want flexible payment options and companies that only offer traditional methods, such as checks and bank transfers, experience delays in payment processing and a decrease in customer satisfaction.
Organizations that lack automation in their AR process suffer from these challenges and a higher percentage of late payments. This is why 9 in 10 CFOs say they need more automation.
ACCOUNTS RECEIVABLE AUTOMATION: YOUR SOLUTION TO EFFORTLESS AR
With AR automation, you can streamline workflows, eliminate errors, improve customer experience, and accelerate payments.
| Problem | Solution | Outcome |
|---|---|---|
| Siloed and legacy systems | Consolidate data from your entire tech stack (including emails, ERP, and CRM) in one central location | Everyone on your team can access the data they need through customizable dashboards |
| Credit management challenges | Payment history, financial statements, credit scores, and industry data are analyzed automatically. The information is presented on intuitive dashboards | Your team makes fast and informed credit decisions, leading to accelerated sales and reduced risk of bad debt |
| Manual invoicing | Invoice generation is automated, including data entry, calculation of amounts, and creation of invoice templates | The process is faster and more accurate, reducing costs, accelerating the order-to-cash cycle, and creating a happier team! |
| Inconsistent collections | Customizable communication workflows automatically send invoices and follow-ups until the invoice is paid | Your team saves time and effort, and customers enjoy working with them. Invoices stay top of mind and are paid faster |
| Limited payment options | Offer your customers a choice of payment methods and currencies through a payment portal | Customers can “self-serve” and pay using their chosen method, at any time. Your customers will appreciate the flexibility and you’ll get paid promptly! |
INTRODUCING QUADIENT AR
Quadient AR is an accounts receivable software that automates the order-to-cash process, improving customer experience through high-value interactions, maximizing team efficiency, and accelerating cash flow.
| Credit Management | Invoice Delivery | Collections Workflows | Cash Application |
|---|---|---|---|
| Eliminate the need for external credit checks with built-in credit scoring | Generate and deliver invoices automatically with electronic invoice presentment and payment (EIPP) | Automated collections workflows and customizable rules ensure timely and personalized communications | Data is extracted from email attachments without manual intervention |
| Consolidate multiple data sources to comprehensively assess customer reliability | Build postal delivery into your workflows for customers that prefer physical invoices | Enable effortless communication with customers at multiple touchpoints through automated payment reminders | Allocate cash to your ERP — whether remittance data is included or not |
| Leverage real-time reporting to flexibly manage the process | Configure templates to include statement links that take customers directly to the platform’s payment portal | Select invoices, credit, and approve with limited or no remittance data | Remaining balances can have reviews set up and be pushed to the ERP |
| AI-powered analytics enable you to predict payments with 94% accuracy |
WHAT MAKES QUADIENT AR THE PERFECT PARTNER
- Guaranteed reduction in DSO – Customers reduce their DSO by an average of 34%
- Maximized productivity – With end-to-end automation of the AR process, you can boost productivity by 3x
- Flawless forecasting – Assisted by AI-powered analytics, you gain 94% accuracy in cash forecasting
- Proven return on investment (ROI) – Proven by Forrester to provide an ROI of 403% over three years
- Backed by experts – Recognized as an Industry Leader in the SPARK Matrix for Accounts Receivable Applications
"With Quadient AR, it’s like we have another person on our team! The platform has helped improve efficiencies, which has been key to reducing our DSO. Customers can access their accounts, employees know exactly what to focus on, and we have complete visibility into the effectiveness of our collections. I love it."
Ryan Madden, Senior Director, Financial Operations, OneSpan
