Traditional invoicing and accounts receivable methods are inefficient with manual tasks, delays in invoicing and posting payments, plus time-intensive collections efforts with little insight. That’s why VersaPay focuses exclusively on the invoice-to-cash process and offers its cloud-based, intelligent AR solution, VersaPay ARC™. This eBook will detail 6 ways VersaPay ARC will transform accounts receivable for your business.
In the digital world, B2B transactions are constantly changing. The manner in which transactions are initiated and conducted have to improve as the pace of business moves faster every day.
SIHL Corporation is a global leader for digital print substrates producing a spectrum of films, papers, and specialty materials for digital plotters, printers, and presses. VersaPay helped meet their customer demand for e-invoicing and improve their invoice-to-cash process.
SIHL Corporation is a global leader for digital print substrates producing a spectrum of films, papers, and specialty materials for digital plotters, printers, and presses. As innovators in their field, SIHL maintains an unwavering commitment to developing print media that is optimized for advances in technology, ensuring that companies have the best products on the market for their digital printing needs.
SIHL’s invoicing process was highly manual, creating challenges for billing customers and receiving payment, ultimately affecting their cash- flow and customer relationships. Their invoicing process was managed solely by one accounting manager who was responsible for hundreds of invoices per week. Invoices were generated overnight and manually mailed out the next day, creating a laborious process that consumed valuable time and money. In parallel, customers were demanding electronic invoices. Before VersaPay, the only option for SIHL to meet this demand was to manually scan the invoices and attach them to an email and individually send them out. This process was just as laborious as manual mailing. With increasing costs, time-consuming processes and delayed payments on the rise, SIHL knew they needed to change their primitive process as it was burdening their AR department’s ability to maintain a healthy cash flow.
“If customers did not receive an invoice because it was ‘lost in the mail” and called us to get a reprint, we would have to go through a major process to get the reprint to them. This delayed payment by weeks”.Jennifer Tavino, Senior Accountant, SIHL Corporation
“If customers did not receive an invoice because it was ‘lost in the mail” and called us to get a reprint, we would have to go through a major process to get the reprint to them. This delayed payment by weeks”.
Jennifer Tavino, Senior Accountant, SIHL Corporation
SIHL described their decision to invest in an accounts receivable solution as a no-brainer, given how manual and primitive their existing process was. After researching online, SIHL short-listed 5 platforms with the features they required – VersaPay was on this list. After interviewing these companies and sitting in on multiple demos, SIHL chose to implement VersaPay ARCTM as their solution. A differentiating feature of VersaPay ARC was the ability to pull information from their shipping system. This allowed SIHL to leverage their existing technology investment to pull invoice data and bring invoices online with VersaPay ARC.
To prepare for implementation, SIHL ensured all their invoice and customer data was up-to-date and accurate. To ensure their customers would not be confused with online invoices, VersaPay designed SIHL’s invoice template to preserve the original look and feel. An introduction to customers was sent via email and regular mail to notify them of SIHL’s new online invoicing and payment platform. To get SIHL ramped up, VersaPay ARC was rolled out on a test group of volunteer customers and within a week all major clients were signed up and using the online portal.
Since implementing VersaPay ARC, SIHL has improved the efficiency of their accounts receivable process and significantly reduced their DSO. With online invoice presentment and payment, customer satisfaction has increased as their demand for electronic invoicing is fulfilled with ARC. With the convenience of a self-service online portal, customers are happier as they can view and print invoices online 24/7/365 and pay flexibly with ACH, EFT and credit card.
By automating their accounts receivable process, not only is SIHL’s customers happier but employees too. The accounting team can now refocus their time as ARC takes care of tedious tasks – invoicing, matching payments to invoices, etc. Now, SIHL’s accounts receivable manager can focus on projects that have measurable business impact including analyzing financial statements and continually improving customer relationships. VersaPay ARC has not only helped save valuable time and refocus efforts, but it also has eliminated direct costs associated with manual invoicing including paper and postage.
By investing in VersaPay ARC, SIHL has given customers direct access to their own invoices, eliminating a key problem faced by many accounts receivable departments – resending lost or misplaced invoices. The result is increased efficiency, happier customers and reduced DSO with an automated process that helps SIHL get paid faster.
“Our customers love getting their invoices electronically. I have not received any negative feedback from customers at all. The process is much more streamlined and efficient for them.”Jennifer Tavino, Senior Accountant, SIHL Corporation
“Our customers love getting their invoices electronically. I have not received any negative feedback from customers at all. The process is much more streamlined and efficient for them.”
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