Most companies find Accounts Receivable and Accounts Payable as the most complex categories to forecast since they have a lot of unpredictability. But suitable models and algorithms enhance accuracy even for complex cash flow categories.
Four drivers to boost accuracy
Without automation, the four drivers become tedious and difficult, and rinse and repeat become impossible.
Automation makes cash forecasting faster and technologies such as Artificial Intelligence improve accuracy.
These are the various technologies that enable automation:
Investing in a scalable, extensible, and flexible technology or partnering with the right solution provider has far-reaching benefits in refining the end-to-end process of cash forecasting.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.