Within two years of implementing AR automation, the organization scaled new heights as a Fortune 1000 company. With the help of reporting dashboards, analytics became more manageable for the company.
A reporting dashboard ensures that you visualize all the necessary information in a visual format and can drill down into each vertical of the report. After further discussion, Matt highlighted the primary AR functions that achieved tremendous improvement and contributed to the company’s growth.
Today, Matt believes that having digitized reporting and analytics is more promising than manual keying-in of outdated information. The new method of automated reporting in receivables translates a company’s objectives into measurable metrics. It enables users to measure present vs. organization’s future goals accurately. With the provision of different types of reports, businesses can drill deeper into the process.
Today, businesses worldwide are using analytics tools to determine how data can be leveraged to solve problems and increase efficiency and revenue. With the help of integrated data aggregations, Matt visualized customer-tailored out-of-the-box AR analytics reports and gained quick insights into the data. He drilled down into customer account level information, to ensure that corrective actions could be performed.
KPIs are the crucial metrics for critical analyses and evaluation of a company’s performance. With metrics such as:
To visualize massive data properly, Matt advises using filters within the reports. The filter will provide customization ability to the users. These filters can vary across different departments, namely, credit and collections. With the help of these filters, you can segment your reports based on various categories including:
The most important feature of any dashboard is its interface. An easy-to-use dashboard ensures easy navigation, smoother workflow, quicker task completion, and fewer hurdles. Ideally, a dashboard should display the information clearly and efficiently and show the trends and data variations over time. The reports should be customizable and lay out essential widgets, data components, and essential metrics effectively in limited space.
With a clear insight into a company’s past performance and other financial records, CFOs can easily predict future performance with a simple analysis. Matt utilized these automated reports to extrapolate future outcomes, forecast the revenue, and estimate future cash inflow. Having an approximation that is most likely to be accurate in the future helps executives drive their company in a proper direction and prepare themselves for any roadblocks.
The HighRadius RadiusOne AR Suite is a complete accounts receivable solution designed for mid-sized businesses and SMBs to automate eInvoicing, Collections, Cash Reconciliation, and Credit Risk Management to enable faster cash conversion and maximize working capital.
It is quick to deploy and ready to integrate with ERPs like Oracle NetSuite, Sage Intacct, MS Dynamics, and scales to meet the needs of your order-to-cash process.
Lightning-fast Remote Deployment | Minimal IT Dependency
Prepackaged Modules with Industry-Specific Best Practices.