Whenever quarter end rolls through, so does the dreaded metrics headache. Pulling data from multiple sources, managing various spreadsheets, correcting inaccurate data, and creating reports can be a nightmare, especially if you do not have all of your ducks in a row. The amount of time spent gathering data makes teams reactive vs. proactive. Wouldn't it be nice to use time spent on gathering data to analyze it and create actionable insight? With new technology, accounts receivable (AR) teams enjoy the bliss of robust dashboards and reporting, thanks to new AR platforms on the market (bye, bye messy data, spreadsheets and headaches). This headache-free reporting is something marketing teams benefit from already with marketing automation. Finally automation is making its way into the finance world. This is great news for AR departments who are burdened by the typical headaches triggered by manual, repetitive tasks (i.e manual matching of payments to invoices). This can now be automated with data originating from a platform vs. manually typing it in (eureka!).
How nice would it be to have a one-stop shop for all of your AR data? With AR platforms all invoice, payment and dispute data flows in and out of a centralized system, powering real-time reports for your team that are just a click away: DSO, aging receivables schedule, top outstanding accounts, collection effectiveness and bad debt.
With all your order-to-cash information centralized, not only does it make it easier to manage (and find!) data, but it also uncovers meaningful insights. Dashboards in an AR platform can show you customer behaviors in one click (Who are my top payers? Who are my worst payers? Who is at high risk of default? Who has credits / notes on their account? Who opens the most disputes? What is our top dispute type? What is their preferred payment method?...the list goes on and on). This information proves to be invaluable for your team and how they manage customer relationships. Insight into customer payment patterns allows your team to utilize real-time data to understand why some payers are late and be proactive in getting them to pay faster.
If you're interested in seeing how an AR platform allows you to gain insight into customer behaviors to improve DSO, collective effectiveness, cash application and bad debt, we're hosting a webcast on, "How to Improve 4 Key AR Performance Metrics". It goes live this Tuesday (June 28th) at 2 PM EST and will be a product tour of our AR platform, Versapay ARC.