How Integrated Receivables Can Improve Cash Flow and Reduce Risk

Cash flow is the lifeblood of every business. Since the pandemic, companies are looking for ways to improve cash flow and reduce risk like never before. Short-term survival and long-term viability are challenges that many companies did not see coming. Companies are turning to specialized solutions to help overcome these challenges.

Many businesses are focusing on the benefits of receivables technology, like integrated receivables. Integrated Receivables improves operational efficiency and decision making by combining multiple workflows into a single artificial intelligence (AI) powered platform, including cash application, collections, credit management and advanced reporting capabilities. Read on to learn more about Integrated Receivables.

HOW DOES INTEGRATED RECEIVABLES WORK?
Integrated Receivables is a solution that greatly reduces resources required for the cash application process via automation, accelerates the payment cycle and improves cash flow for businesses. All payment methods are consolidated into one platform and automated processes replace traditionally manual methods of clearing invoices in a business’ enterprise resource planning (ERP) system.
HOW ARE OPERATIONAL EXPENSES REDUCED?
Resources can be realigned because of a reduced cost per transaction, no infrastructure costs and simpler processes.
HOW IS VISIBILITY IMPROVED?
Processes can be fully automated with a single view of payments, exception processing and zero-touch cash application. Combining several workflows into a single platform that is accessed by multiple teams means increased accuracy and visibility, as well as reduced staff time spent researching and compiling data.
Additionally, visibility into cash flow-impacting activities makes it easy for businesses to understand how they can make improvements.
HOW IS WORKING CAPITAL OPTIMIZED?
AI-driven risk-based collections are deployed with accurate cash flow forecasts and reduced dispute/deduction cycle time.
HOW ARE PAYMENTS CONSOLIDATED?
Businesses can get a clear picture of all payments, regardless of payment method – including checks, ACH, credit card, wire and more in one user interface.
IS THE FIRST PASS MATCH RATE INCREASED?
The first pass match rate is increased with unlimited payment matching rules. Intelligent document and data recognition, and machine learning technology improve matching rates even further.
WILL IT CONNECT WITH ANY ERP SYSTEM?
Integrated Receivables is an agnostic platform that can be integrated with any ERP system, including SAP, Oracle, MS Dynamics, QuickBooks or home-built systems.
HOW IS EXCEPTION PROCESSING HANDLED?
Businesses can work with their financial institution to process exceptions or use the solution to process their own exceptions.
IS ZERO TOUCH INVOICE CLEARING IMPROVED?
Invoices are cleared automatically, with invoice clearing files provided in any format for businesses to load into their ERP system(s).
IS A PAYMENTS AND INVOICE PORTAL AVAILABLE?
As an additional service, Integrated Receivables can be leveraged as a payments portal. Businesses can accept credit card and ACH payments from their customers – and get access to invoice copies.
WHAT ADDITIONAL SERVICES ARE INCLUDED?
There are a variety of other value-added services available, including a bank-certified collections platform that leverages AI-driven collection risk scoring, streamlined dispute and deduction management workflow, and advanced credit management analysis and approvals.
CAN THIS SOLUTION IMPROVE TEAM COLLABORATION?
Manual work can be challenging to monitor even when everyone is in the same office. Having an online specialized solution that allows credit analysts, collections analysts, cash appliers and more to have everything at their fingertips, regardless of where they are, is important to improving operational efficiency.
HOW DO REMOTE EMPLOYEES STAY CONNECTED?
Collaboration portals allow teams to stay connected while working remotely. The platform is configurable so that each team can access everything they need while limiting access to functionality they do not need.
HOW CAN A BUSINESS GAIN TASK AUTOMATION?
Hiring more staff to handle tasks is often challenging. Plus, it may be more difficult to hire during times of economic uncertainty.
So, it is more important than ever to automate tasks such as risk assessment, workflow routing, correspondence with customers and applying payments. Automating these tasks can free up resources to focus on more value-added tasks.
HOW IS ARTIFICIAL INTELLIGENCE LEVERAGED TO AID DECISION-MAKING?
Credit and collections departments can leverage a specialized solution featuring AI that accurately predicts future risk, automatically prioritizes and assigns accounts to appropriate strategies for collections, interprets incoming emails from customers, and suggests required actions and responses.
Additionally, machine learning monitors user action to learn how to automatically apply incoming payments, moving businesses closer to a zero-touch environment.
WHAT ARE THE REPORTING CAPABILITIES?
It is extremely important for businesses to have timely details about what needs to be done each day and what work was completed the day before, especially if all or part of a business’ workforce works remotely.

Detailed reports allow businesses to quickly make operational adjustments to protect business continuity. For example, if an employee is sick or needs to be out of the office, their daily work can easily be reassigned to other team members to ensure optimal results.

User-configurable dashboards provide a visual snapshot of management metrics to help managers keep senior leaders updated on cash flow and other important measures.

Contact your Treasury Sales Officer or reach out to me to learn more. ABI