In this episode, we discuss how an intelligent collections strategy can improve your cash forecasting.
Cash forecasting is the backbone of a company’s financial planning. Predicting how much a company has in liquid assets allows it to make smarter investments, which can be a boon in times of financial turmoil, especially for mid-sized businesses.
One of the key levers for accurate forecasting is having an intelligent collections strategy. It becomes increasingly difficult to make financial decisions when you aren’t sure of your percentage of secured cash and if your customers will pay you on time. An ineffective collection process impacts small finance teams and limits them from drawing insights and planning when most of their time is spent making sure that they are collecting their money. This creates uncertainty and bottlenecks in the entire decision-making process and also leads to finance teams making suboptimal decisions.
In episode #4 of Receivables Townhall, we bring you an expert panel to discuss how adopting advanced technology solutions like analytics, and high-end tech platforms help formulate robust data-driven strategies like:
HighRadius Autonomous Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Autonomous Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.