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22 10, 2018

Modernizing AR: Customer Engagement Matters

2018-10-22T12:11:32-05:00October 22nd, 2018|Blog|

This guest post was contributed by Ernie Humphrey, CTP, Treasury Webinars & Rachele Collins, Ph.D. APQC. An often-ignored benefit of modernizing accounts receivables (AR) processes via automation is the opportunity to engage customers in a way that directly benefits the bottom line. Happy customers pay more quickly, they pay it all, and they are receptive to suggestions on how they pay you. AR excellence is driven by the relationships that your AR team has with your customers, and those relationships are inherently more positive with automation support. Typical pain points related to key areas of AR processing include the following: Presentment—Inefficient invoice exchange Collaboration—Misalignment on invoice terms, ineligible discounts taken, and communication barriers Collections—Lack of relationship visibility (into payments history, issues, and dispute resolutions), information asymmetry, and manual tasks and notifications Payments—Delinquent payments and checks (which cost more) Cash Application—Inaccurate or incomplete remittance information Interactions with customers relative to mitigating Read More