Tag Archives: accounts receivable

Accounts Automation, Accounts Payable, Accounts Receivable, Invoice Processing

Accounts Receivable Automation – How to automate your payment allocations.

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Accounts Receivable Automation.

How to automate your accounts receivable.

A fully automated accounts receivable solution for accurately allocating customer payments quickly and efficiently to the relevant customer accounts will save time and reduce manual intervention.

Automating your cash allocation to your customer accounts minimises manual intervention and saves time.

How is this achieved?

Capture

Most capture tools operate on a template basis which require structure and will not work with thousands of differently laid out remittances. By employing an intelligent capture tool which can extract the data automatically, learning and storing as it goes this in turn automates the collection of data and updates the accounts system seamlessly without the need for any manual intervention.

Managing the Accounts Receivable process enables quick allocation of incoming payments.

Manage

Holds all documents enabling quick retrieval for processing and audit which in turn negates the need for paper storage whilst fulfilling compliance requirements.

Allocate

Allocate incoming payments quickly right down to invoice level. The system remembers this information so that subsequent payments can be matched instantly. This can lead to an 80% reduction in manual allocation.

What are the benefits of automating your Accounts Receivable function?

  • Real time view of sales ledger values
  • Clean sales ledger with no unallocated balances
  • Accurate management information and clear cash flow forecasting
  • Efficient credit control as no time is wasted chasing up invoices that have already been paid.
  • Efficient credit management with accurate debtor days information available at all times
  • Reconciliation is done on a day to day basis resulting in quicker and smoother month end process.
  • All banking and remittance documents are electronically stored simplifying the audit process and reducing the amount of storage needed for archiving old invoices and remittances.

Next steps

Digital Print Management are a channel partner for ProcessFlows; world leaders in the capture, process, manage and delivery of documents, voice and data solutions.

For an overview of our Accounts Receivable and Accounts Payable solutions and how our solutions can help your company, please call us on 01234-271156 or email us your details below and one of our expert advisors will be in touch.

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Related posts:

  1. E-Billing. A 10 point checklist to help you implement e-billing in your organisation!
  2. How to automate your AR Process?
  3. Accounts Payable Solutions. How to automate the process.
  4. Invoice Processing Automation. How to automate your invoice processing!
  5. Invoice Scanning Solutions – reduce costs and automate the workflow
Accounts Automation, Accounts Payable, Invoice Processing, Outsourcing

E-Billing. A 10 point checklist to help you implement e-billing in your organisation!

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This is the third article in our series that discusses how to reduce the paper flow through your office and speed up the Accounts Payable and Accounts Receivable function!

With escalating postage and mailing costs any company that sends out bulk mail such as customer letters, invoices and statements requires the flexibility to adopt a combination of either electronic and paper or solely electronic mailings.

How do you implement e-billing?

Firstly it helps to understand what the definition of e-billing is.

e-billing, e-invoicing. Which is it?

e-billing, e-invoicing. Which is it?

E-billing is often referred  to as e-invoicing and customers often say “we are sending out invoices” so what is the difference?

The use of the two terms depends on your perspective as a buyer or a seller.

If you are buying in services managing incoming invoices within the accounts payable department the electronic invoicing process is part of the order to pay process and is e-invoicing.

E-invoicing is a buyer centric model where the buyer actively encourages its suppliers to send them electronic invoices.

If you are selling services and you are sending bills out to your customers via the accounts receivable department the electronic invoicing process is part of the order to cash process and is called e-billing.

E-billing is a supplier centric model where the supplier encourages its customers to receive electronic invoices instead of paper based ones and is less complex to implement than e-invoicing.

In both cases, invoices are processed but the difference is that those invoices that are inbound are referred to as e-invoices and those invoices that are outbound are e-bills. In each case invoices are processed but whether you are a seller or buyer determines whether the process is B2B e-invoicing or B2B e-billing.

Many companies and organisations alike will operate a combination of both the above processes but the functions may not be electronic or automated and likely to be manually intensive.

How do I get my customers to accept e-billing?

How do you adopt paperless billing?

How do you adopt paperless billing?

One of the first challenges presented by the customer is: ” it just won’t work our customers like paper too much!” to which my response “have you asked them?

If you want to achieve significant customer adoption then you don’t ask you have a strategic, planned, well thought out campaign to turn off paper and get your customers accepting e-bills.

For more information call us now

Here are 10 top tips to achieving ebilling uptake!

  1. Have a clearly defined idea and strategy as to how you intend to implement e-billing
  2. Do not think that by having a customer portal on your website where customers login and download their bill will drive your customers in droves to click and register so they can collect their bill. It wont work! Its a bit like asking your customers to drive to your reception and collect their invoices. In reality, they’ll do nothing because a customer portal requires registration, password and a download
  3. Think PDF, not a PDF attachment to an email but a PDF that is emailed to your customer, think engaging, personalised and interactive information that incorporates facts, figures andpersonalised marketing messages, are secure and has embedded data which can be extracted out of the PDF
  4. Have a clear strategy for collecting email addresses
  5. Use your website to drive paperless billing and to advise customers how easy it will be for them to switch off paper
  6. Use messages on all your printed invoices, statements, remittances and envelopes to turn off paper
  7. Have a sign up process on your website, on your paper invoices and statements
  8. Use an email pre-registration campaign for opt in and opt out to encourage the take up of paperless bills
  9. Use any marketing collateral sent out to advise customers you are moving to paperless billing to drive the message home
  10. Use the process to demonstrate your company’s on-going commitment to being green
When all is said and done you can’t hold a gun to your customers head and make them adopt e-bills there will always be customers that, for whatever reason want/need a paper bill or, who simply don’t want to change.
You can educate them as to how the process can streamline the billing process to ensure they see also reap the benefits of going paperless.
If you want to reduce the paper flow call us for an independent and impartial chat.
Have you adopted a paperless strategy?

How successful was it?

Can e-billing work for the SME or is it the sole preserve of the bigger corporations and Utility companies?

You can find Digital Print Management on twitter, facebook, pinterest and linkedin or connect with us at google+

 

Related posts:

  1. How to make e-billing work for your business?
  2. How to automate your AR Process?
  3. 5 Reasons to outsource your e billing.
  4. Invoice Processing. 5 Great Ways to Reduce Your Paper-Flow
  5. Accounts Receivable Automation – How to automate your payment allocations.
Accounts Automation

How to automate your AR Process?

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This article is the second in a series that talks about the benefits of automating your accounts receivable process.

In my last article I discussed the Accounts Payable process. You can read more about that from invoice management to the merits of automating the process.

I like to start with the END in mind which I guess is where Accounts Receivable fits into the accounting function because it is the process whereby a company allocates received payments to the relevant customer accounts hopefully with minimal manual interaction in effect it is the management of the Sales Ledger. It is also one of the more cumbersome accounting tasks that is often very manual intensive prone to errors resulting in the slow down of customer invoices being paid on time.

It is a key component to the effective running of any organisation or company ensuring that bills are paid on time. Traditional methods can be labour intensive, slow and prone to error.

Accounts Receivable Automation.

How does automating the Accounts Receivable process work?

Capture

By caputuring information using an intelligent capture tool which can extract data automatically learning and storing information as it goes.

Managing the information

By managing the information in your system enabling faster retrieval for processing and eliminating the need for paper storage at the same time ensuring compliance.

Cash Allocation

Incoming payments can be allocated swiftly right down to the invoice level this information is remembered by the system so that subsequent payments can be matched.

What are the benefits of automating your accounts receivable process?

  1. Real time view of your sales ledger
  2. Clean sales ledger with no unallocated balances
  3. Accurate management information and easier cash flow forecasting
  4. Efficient credit management with accurate debtor days information available at all times
  5. Increased credit control efficiency – no wasted time chasing invoices already paid
  6. Reconciliation is done on a day to day basis making the month end process efficient
  7. All banking and remittance documents are stored electronically making the audit process less arduous and reducing the amount of storage required
Finally automating the accounts receivable function will ultimately improve cash flow and reduce DSO, reduce printing, postage and paper storage handling costs enabling the company to adopt a Paperless electronic billing strategy!

Are you struggling to manage your accounts processes?

Are you deluged with paper?

Do you want to get your invoices out faster?

Get in touch for more information 

Related posts:

  1. E-Billing. A 10 point checklist to help you implement e-billing in your organisation!
  2. Invoice Processing Automation. How to automate your invoice processing!
  3. Accounts Receivable Automation – How to automate your payment allocations.
  4. Invoice Processing. How to automate the process
  5. 5 Reasons to outsource your e billing.
Featured Posts, Managing Print Costs

5 Reasons to outsource your e billing.

An e-billing solution can be quick and effective if managed and implemented correctly.

e-billing is not sending a PDF bill as an attachment to an email.

The importance of optimising both a paperless and an e-billing process shouldn’t be underestimated! Both processes can co-exist in harmony.

E-billing provides a number of great features such as the option to retrieve documents in PDF, Excel, EDI, XML or CSV formats allowing you to view and interact with your online invoice/statement, query invoices and download copy invoices if required.

5 reasons why e-billing should be implemented alongside your current print and mailing process:

1. Get payments faster

Emailing your bills for payment can reduce your DSO (Days Sales Outstanding) cycle by as much as 70% by reducing the physical time taken to send out invoices to your customers.

Many companies emphasis the importance of sales, sales, sales yet are inefficient managing debtors often complying with payment terms that are in excess of their own terms.

Why supply a company that takes that long to pay after you’ve supplied the goods or services?

Here’s the real conundrum what is the point of telling your sales force to be proactive in generating sales if the company is not managing the payment terms with your customers?

Accounts payable solutions are designed to speed up the process and distribution of statements and invoices. By reducing the turnaround for example from 4 to 1 day for posting/emailing out your invoices, but enforcing company payment terms are ineffective then the benefit for e-billing is largely negated!

2. Current financial climate

The current climate requires effective payment strategies and reducing the time taken for a customer to pay has a positive effect on your bottom-line. Helping the company to grow and remain competitive.

Having a robust credit management system designed solely to get the cash in for the business supports the billing effort!

Has e-billing replaced paper based billing?

Choosing an end to end invoice processing and scanning solution will speed up the accounts payable process and e-billing is a part of that process.

3. The easier you make the process the easier it is for your customer to pay

An effective e-billing solutions allows bills to be delivered as secure electronic documents directly into the customers inboxes without any link to a site to register and collect invoices.

Incorporated in to the body of the bill should be a payment option using a form within the invoice or a link to the company’s payment website, this in turn facilitates quicker payment because if the customer has opened the email, viewed the invoice, the psychology is simply “I’m there now so I may as well pay it!”

4. Transpromo marketing

An effective eBilling solution provides the opportunity to cross sell or up sell services and products by utilising messages displayed in the bill?

Marketing messages can be added to each bill both within the email and on the e-bill attachment. By taking advantage of the process you are driving qualified traffic to your website to potentially re-order or view more of your goods and services.

5. Keeping up with technology

There is an assumption that moving to e-billing will be costly and difficult to implement internally which is a valid argument. But by outsourcing the process, there is no need for big spending on software as the e-billing provider takes care of that keeping the cost of implementation to a minimum improving efficiency, reducing costs from the generation of the e-bill to the pay process.

After all is said and done the take up of e-billing is slow in the UK particularly when compared to the rest of Europe. According to Deutsche Bank research only 10% of companies in the UK undertook a strategic move to e-invoicing in 2010! Many companies have adopted an e-billing process but are quick to point out that the take up has been slow and almost two-s third of their customers prefer a paper bill.

What do you think?

Have you implemented an e-bill solution? Is it working effectively? Do you use paper and e-bills as well? What strategy have you employed to encourage your customers to take up e-billing?

For updates and news please follow us on twitter, like us on facebook. We’d love it if would connect with us on linkedin and google+ too.

 

Related posts:

  1. E-Billing. A 10 point checklist to help you implement e-billing in your organisation!
  2. How to make e-billing work for your business?
  3. 8 Tips to consider when outsourcing billing
  4. How to automate your AR Process?
  5. What to look out for with e-billing