Advantages of FinTech Accounts Receivable Automation

Written by Gideon Williams | Wed, May 23, 2018 @ 11:04 AM |

Do you know the advantages of accounts receivable automation? Traditionally, a bank lockbox has been used by company Accounts Receivable departments to increase convenience and efficiency.  Lockboxes have been around for decades and much of the traditional bank lockbox's life has been utilized for capturing payment data associated with payments made by check. Commercial banks offered this service to improve efficiency and flow of business transactions simplifying the accounts receivables collection process.

Customers basically leverage the Bank Lockbox to receive check payments in one consistent location. 

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Artificial Intelligence, Machine Learning, the advancement of technology. How does it affect you, and why should you care?

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The ones closest to a problem sometimes avoid it the most. Small to mid-size businesses accounted a little under 60% of all sales and 55% of all jobs in the US. With that said, we all can agree that small to mid-size business are an important thread in the fabric of this country and around the world.

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Automating your A/R process will reduce inefficiencies. Similarly, it will eliminate manual data entry errors and reduce transaction time. Adopting key performance indicators (KPIs) and defined capital metrics are also important.  For instance, by adding standard revenue and profit tracking reports, you can easily have a clear picture for days sales outstanding (DSO), who is paying late, number of invoices passed through the system, collections rates made on bad receivables and collections made, your business gains the freedom to track your performance in real time.

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4 Reasons You're Failing to get Paid

Written by Gideon Williams | Tue, Feb 27, 2018 @ 05:11 PM |

We want to be paid today and put that cash to work immediately. Waiting for checks to be mailed, received, then processed or similarly, processing through the Automated Clearing House (ACH) can take time, tying up your receivables and kills your balance sheet. The value of instantaneously decreasing your DSO, increasing your cash position while allowing you to borrow less and invest in more that matters.

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Video Blog: The Road to CASH Management Transformation

Written by Carmen Wilson | Tue, Nov 28, 2017 @ 05:11 AM |

Find the road to cash management transformation for your business. Get insight into accurate financial reporting, and benefit from simple technology that transforms the departments gain analysis and reporting data.

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