![]() Efficient collection is another key element. Reduced DSO results in invoices being issued on time and containing digitally collated information. Of the average number of days that it takes a company to collect payment after a sale has been made. One way to ensure a steady cash flow is by reducing Days Sales Outstanding (DSO) – a measure Cash flow is paramount for all organisations as it determines important decision making and overall business growth. By integrating with existing enterprise resource planning (ERP) and customer relationship management (CRM), AR platforms combine real-time analytics and payment predictions to significantly increase cash flow. In essence, an automated AR solution is a single digital record which significantly improves cash flow.Įfficiency is the biggest saver of time and money – and an AR platform does exactly that. With greater visibility to insight and data across accounts, users are presented with a smoother reporting process and a better chance of preventing any invoicing or administrative errors before they become an issue. A cloud-based solution also requires less manual data entry and enables individuals to prioritise driving sales and engaging with potential customers. With a platform in place, businesses are provided with a steady and reliable process which can be filtered across different teams within the company, ensuring everybody follows the same procedure. An intuitive digital system is key to success, especially for businesses spending a considerable amount of time manually managing AR. With an AR platform in place, an organisation has the ability to administer all accounts processing at the push of a button. While it remains a useful tool for businesses, customers also benefit, with easy access to documentation as and when they see fit, as well as the ability to make payments at the push of a button with little hassle. A digital AR platform is a streamlined way to manage accounts as it manages distribution and gives insight to payment activity and other key information in one reliable place. Today, we live in a world where there is a platform or software system available for almost every business requirement. To ensure transactions are met, there is often a considerable amount of time spent chasing invoices or purchase orders. As we start a new year, organisations should look to optimise this as a solid business investment.Įffectively managing AR is essential for any business, as it ultimately determines when payments will be made and received. Throughout this age of digital transformation, one thing has become clear – automating the Account Receivable (AR) process is a much more efficient, reliable and transparent solution to managing cash flow. By adapting to the ‘new normal’, organisations and individuals across the country have started relying on technology more than ever before. Last year presented unprecedented challenges for almost every industry, with many businesses left with no choice but to completely rethink their approaches to standard procedures. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.īy Jason O’Connor, VP of Marketing – UK & Ireland, Quadient To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. This will not incur any additional charges to you. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. Please seek Professional advice from a qualified professional before making any financial decisions. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. This is not to be considered as financial advice and should be considered only for information purposes. ![]() These commissioned articles are commercial in nature. ![]() The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide.
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