How Fortune 1000 companies and SMEs automate credit and accounts receivable operations to improve productivity and collect open A/R faster.
CFOs rightly refers to “cash” as the oxygen for the business. However, an American Express report reveals that more than 46% of businesses experienced a cash flow crunch in the last year. In an ideal world, A/R cash, however, businesses routinely experience bad-debt write-offs and late Payments leading to a cash crunch.
Finance leaders worldwide have started with defining credit policies and driving teams towards adherence by incorporating Six-sigma process design and technology. In the process, finance leaders have also succeeded in shifting resources from tactical activities including cash application to strategic ones including credit and collections by embracing digitization of invoicing and remittance processes.
This ebook has distilled insights from a study of credit and A/R transformation projects at 300+ organizations on how Fortune 1000 companies and SMEs improved the collections process to get paid faster and thereby reduced DSO by 10%-20%.
The first four chapters focus on improving invoicing and collections process that has a direct impact on late payments, the following two chapters discuss the credit management piece that is often the root cause of delinquent accounts, chapters 7 and 8 focus on how resource-intensive operations in cash application and disputes clog A/R resources and how teams could automate these processes to move resources into credit and collections and the last two chapters focus on how to improve collaboration within the A/R team and also with the customer A/P team to ensure higher customer satisfaction and reduce delinquency.
Key Takeaways of this book include:
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