- Understand how accounts receivables can be optimized in Sage Intacct
- Discover the benefits of automated cash application with AI and machine learning.
- Understand how HighRadius can integrate with Sage Intacct for improved efficiency.
- Explore the benefits of fast-tracking collections
Effective receivables collection is critical for any business, but it can also be a time-consuming and stressful task. Fortunately, automation can simplify and streamline many of the repetitive aspects of collections. Sage Intacct is a powerful tool for achieving this, but implementing automation is not enough. To make the most of this software, it’s important to understand how to leverage its features effectively. This blog post explores how Sage Intacct ERP, in conjunction with HighRadius Solutions, can streamline the collections process to improve cash flow and reduce the invoice-to-cash cycle.
What is Sage Intacct Collections?
Sage Intacct Collections is a cloud-based software solution that automates and simplifies the collections process for businesses. With features such as pre-built templates for invoices and reminders, customer data integration, automated workflows, and customizable reports, it helps reduce the time and resources required to manage collections tasks. This improves efficiency, cash flow management, and overall collections performance.
Standard Accounts Receivables and Collections Workflow
The standard invoice-to-cash workflow consists of two functions: invoice creation and delivery, followed by the collections process.
With Sage Intacct, invoicing is digitized, and recurring invoices can be generated automatically and delivered via email. Customers can make payments in their preferred format upon receiving these invoices.
Common Challenges in Invoice Management
- Invoice Creation: As your customer base grows, managing invoicing can become a challenging task. Although Sage Intacct offers pre-built templates that can be tailored to meet customer requirements, manual management may become cumbersome.
- Delivery Options: While Sage Intacct allows users to send invoices via email, there is currently no feature to automatically push invoices into popular AP portals and accounting software. This lack of flexibility limits the options for customers to receive invoices in their preferred channels.
Leveraging ‘Out-of-the-Box’ Invoicing Capabilities for Maximum Efficiency
Managing invoices can be a tedious task for any business, but it’s an essential one to ensure a steady cash flow. Fortunately, with best-in-class electronic invoicing solution from HighRadius, you can optimize your invoicing and payments for maximum efficiency.
- Automate Your Invoice Delivery and Improve Customer Experience – One of the key benefits of leveraging these solutions is access to out-of-the-box invoicing capabilities. This includes automated invoice delivery, which saves you time and effort by automating the process of sending invoices to your customers. You can easily set up automatic delivery via email or even auto-push the invoices to AP portals like Ariba and Coupa. Plus, with the embedded ‘Pay Now’ option, customers can pay directly from the invoices, making it easy and convenient for them to settle their accounts.
Collect Payments Faster with Flexible Payment Formats – With flexible payment options, you can collect payments faster and more efficiently. Accept payments via ACH, credit card, debit card, and other methods, giving your customers the ability to pay in a way that works best for them. This not only improves the customer experience, but it also reduces the time and effort needed for your accounting team to manage payments.
- Gain Real-Time Insights and Improve Cash Flow – Another advantage of using best-in-class AR solutions is the ability to gain real-time insights into your invoicing and payment processes. You can view detailed reports and dashboards that show you the status of each customer account, including outstanding invoices, past due amounts, and payment history. This information can help you identify trends and patterns in your collections process, allowing you to make data-driven decisions to improve your cash flow.
Maximize Your Efficiency and Save Money on Invoicing with Sage Intacct and HighRadius:
- Save on manual invoicing costs: With Sage Intacct and HighRadius solutions, you can automate your invoicing and payment processes, saving up to 70% in manual invoicing costs. This frees up your accounting team to focus on more strategic tasks while ensuring that your invoicing and payments are handled efficiently.
- Save on interchange fees: Sage Intacct and HighRadius solutions offer Level III processing for credit card transactions, which can help you save on interchange fees. This can lead to significant savings over time, especially if you process a high volume of credit card transactions.
Managing collections can be a time-consuming and challenging process, especially for businesses with a large customer base. However, Sage Intacct offers an efficient way to manage dunning and collections notices by digitizing the process. With this software, you can automate email reminders to customers based on their due date, with the added benefit of customizing templates for different dunning stages.
To further streamline the collections process, Sage Intacct allows you to assign specific collectors to customer records. This ownership ensures efficient communication and follow-up with customers, ultimately improving collections outcomes.
In addition, Sage Intacct automatically captures and stores collection information, allowing you to track collection activities effectively. This feature provides valuable insights into customer behavior, enabling you to make informed decisions and take proactive steps to improve collections management.
Common Challenges in Collections Management
- Correspondence and Ad-hoc Reminders: Manually managing correspondence and ad-hoc reminders is inefficient and time-consuming, particularly when dealing with a large customer base.
- Lack of Prioritization and Access to Customer Data: Without prioritizing customer accounts, collections analysts waste time and affect cash flow. Moreover, searching for customer information and past correspondence history can be challenging.
Leveraging Out-of-the-Box Collections Capabilities
By leveraging Sage Intacct and HighRadius Solutions, businesses can streamline their collections process with the following capabilities:
- Prioritized Worklist: Auto-prioritized worklists help collectors strategize based on parameters such as risk category, aging, value, and customer segment.
- Automated Dunning and Correspondence: Automating dunning and correspondence saves time and allows for more efficient collections calls.
- Unified Solution for All Collections Activities: Having a single solution for all collections activities, including viewing customer information, past correspondence history, VoIP calling, and an automatic call transcript capture, can fast-track collections and reduce DSO.
- Enhanced Customer Experience: With a self-administered portal, customers can manage invoices and account statements, raise disputes, and make payments, providing a better overall experience.
Boosting Collections Efficiency with Sage Intacct and HighRadius Collections Cloud
- Proactive Collections Management for Lower DSO: With Sage Intacct and HighRadius Collections Cloud, businesses can leverage proactive collections management, resulting in a 20% reduction in DSO. This feature prioritizes high-risk accounts, streamlines collections communication, and provides valuable insights into customer behavior.
- Automated Dunning and Correspondence for Improved Collector Productivity: Automating dunning and correspondence improves collector productivity by 50%, allowing for more efficient collections calls. Sage Intacct and HighRadius Collections Cloud automate these processes, allowing collectors to focus on higher-value activities and providing customers with a better overall experience.
In conclusion, we have explored the accounts receivable processes in Sage Intacct and examined the challenges that organizations face in managing these processes. We have also discussed a powerful strategy to optimize accounts receivables by utilizing the combined strengths of Sage Intacct and HighRadius Solutions.
By adopting this strategy, your organization can streamline the collections process, improve cash flow, and ultimately enhance your financial performance. With Sage Intacct’s advanced financial management capabilities and HighRadius Solutions’ intelligent automation and data analytics tools, you can transform your accounts receivables operations and take control of your financial future.