Improving Overall A/R Efficiency with Digital Transformation of Credit, Collections and Cash Posting

Speakers

Beth Petrey

Corporate Credit Manager,
Summit Electric

Transcript

[00:00] Beth Petrey: Hello, everyone. Welcome to improving overall efficiency using the credit collections and cash apps modules. I'm Beth Petry and the corporate credit manager for Summit Electric Supply, an electrical distributor out of Albuquerque New Mexico. We were founded in 1977. We provide electrical equipment and supplies to customers and we are ranked number 17th in the nation among electrical distributors. Going to go over our corporate challenges, when it comes to digital transformation and how we overcame some of those challenges. Our leadership team is very forward-thinking and they embrace the digital transformation and improving our technical world. The problem that we had was not that they weren't on board, it was that they had no idea what was available to them or us. So in the past, we had leadership in our department. I didn't even know what the department did daily or what would be needed to improve the department. So it took getting the right people in the right place and in front of our c suite team with the right product. The other option the other topics that we had to bring to them was the cost. That's what most everybody looks at…

What you'll learn

  • Creating customized credit applications
  • Eradicate the traditional Account Prioritization techniques for faster Collections to prevent Aging
  • Improve Cash Flow and Reduce DSO by implementing an Automated Cash Application Process

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HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.