With Memorial Day weekend behind us, summer is officially here. That means it’s time to get AR into strong, lean condition so you can be efficient enough to get out and enjoy the long days and the warm weather. As you analyze your system’s fitness level, here are three important things to keep in mind.
Set strength-building goals.
Many companies, your customers probably included, imagine that an AP platform can save them time and money over a complete AP/AR automation. The problem is, their accounts payable networks can create a heavy challenge for your accounts receivable team.
Set yourself the goal of building strength by automating the integration process for each of your customers’ AP networks. This way you can send invoices quickly and reliably. You can save time and money, increase cash flow, and minimize DSO. You’ll have complete visibility into the status of every invoice, so you can answer internal questions faster and provide better service and support to your customers. As your business grows, the system scales along with you, allowing you to add new customers easily without the need for new resources.
This frees you and your team up for more strategic tasks within your organization (or for a little well-deserved time off.)
Optimize your card intake.
When customers and suppliers change their payment preferences, AR can run into major complications and new costs. For example, in recent years, virtual credit cards have emerged as a popular form of B2B payment. The “cards” are emailed to suppliers from commercial banking platforms – and there are problems attached, such as the need for manual keying and cash application.
Like a good solid layer of SPF 50, being able to accept virtual card payments protects you from getting burned by high credit card fees, human errors, and compliance issues. The right solution will accept virtual card payments, eliminate the need to key in credit card payments, help you avoid excessive interchange fees, and ensure regulatory compliance.
Adopt a realistic, sustainable plan
More electronic transactions means less DSO and lower costs, but getting your customers to change their processes isn’t always easy. Fortunately, there’s a painless solution you can incorporate that will help them catch up. Electronic adoption (eAdoption) helps you convert your customers from a sluggish, inefficient paper check system to electronic invoicing and payment.
Electronic adoption also allows you to tap into the power of your customer data, so you can target your campaigns more precisely for better results and better insights into benchmarks for best practices.
Paybox offers AR and AP solutions that streamline and automate processes, while providing the financial visibility you need to make better decisions faster. Paybox facilitates invoicing integration. It also features a way to accept virtual credit cards, and an electronic adoption program that helps you with best practices. For more information, and tips on how Paybox can make this your team’s best summer ever, contact us at (954) 510-3750.