This report highlights how Collaborative AR is a strategic change agent to a business area struggling with speed-to-payment, manual collections, inefficient and disorganized processes, and siloed legacy systems.
In this report you'll:
- Explore the communication breakdown between accounts receivable (AR) and customers
- Learn to improve AR performance and customer service through client portals
- Discover how Collaborative AR improves the collections process
- Examine real-life examples of how AR query response rates were halved
- Be presented with industry insights from Versapay's leadership, and
- Much, much more!
Download the free report and discover how Collaborative AR solves traditional AR system challenges.
SSON’s 2022 AR Pulse Check survey of 103 Shared Services and Outsourcing (SSO), Global Business Services (GBS), and Finance leaders reveals that 50% of the market surveyed has invested in cloud. However, 26% of the surveyed market is currently deliberating while another 23% has no plans to transition.
And yet, whether they’ve invested in cloud solutions or not, it’s clear that AR teams are struggling to reduce manual administration and streamline customer contact. The survey reports approximately 85% of respondents are still manually matching payments with remittance. Another 87% identified phone or email as the primary customer contact method.
SSON’s AR Pulse Check Survey reveals that regardless of investment in cloud solutions, there’s a disconnect between customer needs and the business processes set-up to support AR. To bridge the gap, what’s needed is a platform that reduces manual processes to improve cash flow and improves customer collection.
Too often traditional accounts receivable automation platforms limit themselves to alleviating the administrative burden of manual processes. They fail to truly address the need for improved communication between the customer and the AR team.
In doing so, most platforms miss out on the opportunity to fully engage the interpersonal skills of the AR team, streamline cash-flow and design processes that elevate AR performance and improve the customer experience all at once.
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