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How to Improve Collector Productivity by 75%

19 May, 2022
4min read
Brett Johnson, AVP, Global Enablement
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What you'll learn

  • Understand how accounts receivables can be optimized in Sage Intacct
  • Learn how to streamline your collections process
  • Explore the benefits of fast-tracking collections
CONTENT
Standard Accounts Receivables and Collections workflow
Conclusion
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Introduction

Are you a Sage Intacct user? Are you wondering how to optimize your accounts receivables workflows for a faster invoice-to-cash cycle? A shorter invoice-to-cash cycle increases working capital and improves cash inflow. Sage Intacct users can leverage a multitude of features to streamline accounts receivables processes. In this blog, we’ll look at how to optimize Sage Intacct ERP even further to reduce your invoice-to-cash cycle and improve cash flow.

Standard Accounts Receivables and Collections workflow

A standard invoice-to-cash workflow consists of the following two functions:

  • Invoice creation and delivery
  • Collections process

Invoice creation and delivery

Sage Intacct digitizes invoicing. You can generate recurring invoices automatically and deliver them via email. Upon receiving these invoices, customers can make payments in their preferred format.

Common Challenges

  • Invoice creation
    Sage Intacct makes invoice creation simple with the use of pre-built templates. These can be customized as per the customer’s requirements. Managing invoicing will continue to be cumbersome as your customer base grows.
  • Delivery options
    Sage Intacct enables you to deliver invoices via email to your customers. The option to auto-push invoices into popular AP portals and accounting software is not available in Sage Intacct. This may limit your customers from receiving invoices in their preferred channels.

Leverage ‘out-of-the-box’ invoicing capabilities to drive higher efficiencies
By leveraging best-in-class AR solutions, you get access to a whole new set of features to optimize your invoicing and payments

Automated invoice delivery
Automate delivery of invoices via email and auto-push to AP portals (Ariba and Coupa). Enable customers to pay directly from the invoices using the embedded ‘Pay Now’ option.

Flexible payment formats
Collect faster with flexible payment options. Accept payments via ACH, credit card, debit card, and other methods.

Learn how Teletrac Navman Automated Receivables to Achieve 81% Collections Effectiveness Index (CEI)

Advantages of Sage Intacct and Adaptive AR Solution

  • Save up to 70% in manual invoicing costs
  • Save interchange fees by leveraging Level III processing for credit cards

Collections process

Sage Intacct digitizes dunning and collections notices. It allows you to send automatic emails to customers based on their due date. These emails can be customized with different templates for the different dunning stages.

You can further streamline collections by assigning the ownership of customer records to specific collectors. Sage Intacct also automatically captures and stores collection information to track collection activities better.

Common Challenges

  • Correspondence and Ad-hoc Reminders
    Manually managing correspondence (e.g., sending out ad-hoc reminders) when your customer base is huge takes up significant time and effort, and is often inefficient.
  • Lack of prioritization and access to customer data
    Making collection calls randomly without prioritizing customer accounts is highly inefficient and affects cash flow. Collections analysts also tend to waste a lot of time searching for customer information and past correspondence history

Leverage ‘out-of-the-box’ collections capabilities for faster cash flow
By leveraging best-in-class collections solutions, you are able to streamline your collections process.

Prioritized worklist
Improve productivity with auto-prioritized worklists to help collectors chart their collections strategy based on parameters such as risk category, aging, value and customer segment.

Automated dunning and correspondence
Automating dunning and correspondence saves you time and enables you to focus on making collections calls and getting promise-to-pay assurances from your customers

Unified solution for all collections activities
This refers to a single solution for all collections activities—viewing customer information, past correspondence history, VoIP calling and automatic call transcript capture. Unified solutions with centralized databases help to fastrack collections, get paid faster, and reduce DSO.

Enhance customer experience
Ensure the best customer experience with a self-administered portal for customers to manage invoices and account statements, raise disputes, and make payments.

Advantages of Sage Intacct and Adaptive AR Solution

  • 20% lower DSO with proactive collections management
  • 50% Improvement in collector productivity with automated dunning and correspondence

Learn now Shurtech Brands achieved 75% Past Due Reduction through automated collections

Conclusion

You learnt how accounts receivables processes are managed in Sage Intacct. We also looked at challenges and a strategy to optimize this process. By following this strategy of using Sage Intacct and Radiusone in tackling accounts receivables, you would be able to fast-track your collections process and improve cash flow. Learn why RadiusOne is the Perfect accounts receivables upgrade for Sage Intacct

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All Topics
Accounts Receivable
Collections
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