Read on to find out how Artificial Intelligence and Cloud-Based Machine Learning can help you cut down costs, effort and time!
Every account receivable manager has been given a simple directive – do more with less. Nowhere is this more pronounced than in the area of cash application where the amount of work and the resources required increase proportionately with sales. This dependence means that to accommodate growth, cash application teams need to either recruit and train new resources or take resources away from other activities such as managing credit and risk, reviewing and resolving deductions, or collecting on overdue accounts.
Over the years, accounts receivable managers have tried various methods to streamline and optimize their cash application process. Some have outsourced data entry to banks, others have off-shored all or part of their operations to business partners, and some have opted for technology solutions to help automate some of the work. While each of these solutions has helped to achieve a degree of success, there is still a huge opportunity for improvement.
In the course of our collaboration with many AR professionals and thought leaders, we identified a general lack of awareness and skepticism about the potential that technology presents for resolving core problems related to cash application. To help AR managers make better decisions regarding their businesses and teams, we decided to provide an overview of the latest technological advances powering cash application teams at some of the most innovative companies we have worked with.
This book will provide insights into the latest technologies in cash application and how they can solve common problems encountered by virtually all cash application teams we have worked with. Depending on your business, your customers, and your payment mix, you will be able to better plan and meet your resource allocation and automation objectives.