Make your payment information more reliable
Did you know that 49% of businesses don’t get paid on time because the initial order number on the invoice is missing (according to the Institute of Financial Operations)?
Accounts receivable departments often spend more time correcting errors on invoices than providing quality customer service that could grow the business.
The data used in your accounts receivable process often comes from a number of systems, installed at different times and using different, often incompatible, languages and standards. Some liaison is done manually as these systems cannot be connected and made to communicate with each other automatically. Every day, employees have to manually re-enter new data, which generates plenty of errors. The errors may extend the average time it takes for customers to pay because customers simply will not pay until they’ve received a bill with the correct information.
Does that ring a bell?
Did you know that there are simpler ways to overhaul your accounts receivable process at your own pace? The solutions don’t require a big investment but ultimately allow you to cut down on errors.
Here are some ways your company can get quick results:
- Automate integrity control of the most essential data in your invoices.
- Receive an automatic alert when there’s an error or discrepancy between the purchase order and the invoice so that you can deal with the problem as soon as possible.
- Make sure that the recipient and address fields are always filled in. You’ll avoid return mail costs.
- Model data, regardless of its source. By doing so, you’ll ensure that all required fields have been completed, even if the source data is structured differently.
Would you like to know more about these and other steps you can take? Contact us to see how you can improve your accounts receivable process through some quick and easy-to-implement changes.0