Our solutions complement SAP software as part of an end-to-end offering for Finance and Accounting. BlackLine solutions address the traditional manual processes that are performed by accountants outside the ERP, often in spreadsheets. Timely, reliable data is critical for decision-making and reporting throughout the M&A lifecycle. Without accurate information, organizations risk making poor business decisions, paying too much, issuing inaccurate financial statements, and other errors. F&A leadership can have a significant impact by creating sustainable, scalable processes that can support the business before, during, and long after the IPO.

Engage closely with your sales, customer service, and customer experience teams when evaluating and optimizing AR workflows. These teams often possess unique insights into customer friction points and operational challenges. Let customer perspectives directly influence enhancements to your AR workflows, software configuration, payment options, and other aspects. Aligning your processes with customer needs and preferences enhances engagement, satisfaction, and timely payments. Utilize these insights to continuously refine and optimize your AR strategies, driving improved efficiency and effectiveness in your collections and cash management processes. Design intuitive AR dashboards to provide real-time visibility into key AR metrics and KPIs, such as average invoice aging, disputed invoices, days sales outstanding, bad debt ratio, and collector performance.

An EIPP platform provides dashboards and reporting to improve cash position forecasting, as well as insight to support more effective collections management. Empowers customers with 24×7 access to their invoices & accounts bills, sends alerts on upcoming payments, and resolves disputes. Modernizing accounts receivable (AR) has been highlighted as a means to get quick return from digital transformation efforts. However, heavy dependence on legacy systems and manual processes for many years has slowed down the AR function. The current global uncertainty and economic pressures have once again brought AR back into focus for businesses as maintaining sufficient liquidity has become a topmost concern.

Compare Performance by Period

Because collecting money can be a sensitive and highly personal activity, you can’t rely solely on automated solutions to do all of the heavy lifting for you. Maintaining strong customer relationships, as noted above, is an important part of the process. First it must be created or generated to include all relevant information related to the transaction of charging money for a product or service provided to your customer. Then it must be sent or transmitted to the customer in a timely manner with reminders and even escalations sent thereafter if payment is not received.

To mitigate financial statement risk and increase operational effectiveness, consumer goods organizations are turning to modern accounting and leading best practices. Simply sticking with ‘the way it’s always been done’ is a thing of the past. BlackLine’s foundation for modern accounting creates a streamlined and automated close.

Tesorio allows you to easily segment customers based on custom tags, customer types, age of invoice, and more. The private foundations vs public charities system also allows for credit hold warnings and then eventual credit hold flags in your ERP system. Two-way communication means that the ERP can also push credit hold flags to the accounts receivable automation system, enhancing overall communication and versatility through seamless integration. The system sends a late notice email to the client, which includes a copy of the open invoice. The messaging in this late notice can be customized, just as the initial email was, to meet the needs of the users while prompting the client to take specific action.

AR Automation Best Practices FAQ

Research shows that companies providing 5 or more payment alternatives witness an average 11% increase in on-time payments. Transform Treasury function by automating critical aspects of cash management and, leverage AI to optimize cash position, reduce risk exposure and drive efficient cash allocation. Streamlines and automates dispute resolution processes globally across the entire organization by setting up reason codes and workflows. Centime’s streamlined AR software enables businesses to easily track KPIs like Days Sales Outstanding (DSO), Collections Effectiveness Index (CEI), and more. Easily view performance by period and monitor payment patterns by customer. With Centime’s AR automation solution, you can automatically forecast and predict delays, and instantly view the impact of those delays on future cash flows.

The manual, repititive tasks and siloed order to cash processes cause your A/R to be roadblock in creating working capital impact. “Using Centime AR, we now automatically remind customers when their payment due date is near. Centime AR has made our incomings more predictable and made our team more productive.” Centime offers both standalone and all-in-one cash management solutions depending on your business needs. When CentimePay is used, Centime provides automatic cash application to those receivables.

Initiate the process by thoroughly outlining every step involved in managing accounts receivable. This includes creating and sending invoices, collecting payments, issuing reminders for late or missing payments, managing disputes, reconciling cash applications, and generating AR reports and analytics. Automating accounts receivable processes beyond the document delivery and payments of handling of EIPP requires Corcentric Managed AR. Corcentric Managed AR combines people, process, technology, and supply chain finance across your AR processes to deliver guaranteed DSO reduction, on-time payments, improved working capital, and elimination of bad debt.

Aggregated data

By now your imagination may be running at full speed, thinking about all the ways your business and teams can improve upon your current accounts receivable processes. There are indeed many benefits that automation can bring to your AR process. Leverage the wealth of data, metrics, and analytics generated by your AR automation system to gain unprecedented visibility into your operations. This data provided by your cash management tool offers valuable insights into collection agent performance, dispute trends, the impact of process changes, customer behavior patterns, and more.

Impacts achieved through Order To Cash

Improve customer relationships through better communication and improved operational excellence. Become a better business partner with strategic and operational intelligence that is critical for sales, operations, and treasury departments. Global and regional advisory and consulting firms bring deep finance domain expertise, process transformation leadership, and shared passion for customer value creation to our joint customers. Our consulting partners help guide large enterprise and midsize organizations undergoing digital transformation by maximizing and accelerating value from BlackLine’s solutions.

What are some of the KPIs related to AR automation?

There’s little IT lift needed to connect Centime with NetSuite or QuickBooks so businesses can start capturing and processing invoices instantly. Improve collections effectiveness, reduce overdue payments and boost working capital with our powerful AR automation software. Companies come to BlackLine because their traditional manual accounting processes are not sustainable. We help them move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility.

Our Customer Portal enables customers to easily access and pay their outstanding invoices in a centralized secure billing portal. In turn, you’ll receive faster payments from customers and gain end-to-end visibility of the audit trail. Data drives decisions, decisions drive actions, and actions drive outcomes.

We’ve compiled answers to some of the most commonly asked questions about Esker’s Accounts Receivable automation solution. In a constantly changing world, AR is no exception — AR leaders need accurate and relevant data to monitor performance, adjust strategies and goals, and make the best possible business decisions. Start a conversation with one or several coworkers from any process (credit review, allocation form, claim approval, etc.) to clarify a situation. Ensuring that your metrics dashboard gives you clear and actionable insights is a must. From there, you can also look at your AR metrics, follow your progress, and decide on the next actions to take to improve your AR process – and therefore your company’s liquidity.

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