22% of Mid-Sized Firms Expect Less Payments Fraud via Automation

22% of Mid-Sized Firms Expect Less Payments Fraud via Automation

Software like Upflow helps you manage your accounts receivable process from A to Z, reducing the time you spend on it. Another key advantage of automation is its role in preventing fraudulent payments. Further data analysis showed that 51% of these mid-sized firms anticipate improved data analysis and trends because of automation, which provides real-time visibility into financial data. This enhanced data availability empowers better cash flow management and more accurate financial forecasting, enabling informed decisions and driving growth. Additionally, automation reduces the time and labor involved in processing transactions, leading to greater savings and increased cash flow for 44% of these firms. By minimizing the need for manual intervention, automation also helps cut labor costs and reduce errors.

• Streamline customer enrollment from weeks to days by removing the wasted time spent e-mailing and uploading documents to customer invoicing portals.
• A past-due invoice is a label placed on a standard sales invoice when the buyer fails to pay on time.
• Manual operations, such as sending bills and rectifying billing errors, eat up time that might be spent analyzing data and designing competitive workflow strategies.
• Together, we provide innovative solutions that help F&A teams achieve shorter close cycles and better controls, enabling them to drive better decision-making across the company.

Automation is crucial for mid-sized firms navigating economic headwinds, especially since businesses that have not automated any processes anticipate slower growth. This suggests that automation plays a role in scaling business operations and enabling expansion even amid challenging economic conditions. According to a study from CFO.com, labor costs contribute to 62% of a typical company’s AP expenses. An invoice data capture tool automatically extracts information from your invoice. It uses this data to populate fields within a bill, including the vendor name, the amount you owe, and the due date. Automation software can improve your accounting system, dramatically increasing your business’s speed, accuracy, and efficiency.

Will Centime’s AR software work with my accounting software or ERP?

We’ve designed Upflow to help you better manage your AR, which in turn increases your cash flow and long-term growth. Instead of jumping head first into choosing an AR software (which we’ll cover later), let’s take a moment to review how to automate your process in the first place. Instead of having to track your invoices on a billing tool (or an excel spreadsheet!) where to file your taxes for form 1120 and use a copy-pasted text to send an email reminder to your clients (when you remember), you have everything in one place. This means you will always be working with the latest data and that it’s always going to be with the most accurate formula. Since all your collection data is gathered in one tool, you can find the information you need, when you need it.

Automating the billing process can make this step easier and more efficient. Automated billing allows you to create invoice routines that generate invoices based on unique pricing. For example, if you sell packages of services at fixed prices, some automated invoicing software solutions can create an invoice using that information without human involvement.

Transform your accounts receivable processes.

This will allow you to get things done more efficiently and have a better understanding of exactly what is going on in your business. Whether you are a buyer or supplier, learn how managed services can help you free up working capital. The distinction between a healthy and a not-so-healthy cash flow will be dictated by your determination and rigor in measuring the right KPIs and recognizing insightful patterns. The first thing you’ll want to do is pick the A/R automation tool that you’ll be using. If you do offer this service, it’s a good idea to build out your service terms and include them in your engagement letter.

Better, Stickier Customer Relationships

We at Chargebee Receivables understand that collecting receivables is a two-way process. With an easy-to-access customer portal, we ensure that your customers have visibility into what they owe and why, the option of redressal if they have a problem, and a “Pay Early” option if they don’t want to wait. If you’re looking for information about accounts receivable automation, you’ve come to the right place.

Improve Your Customer Experience.

Centralize, streamline, and automate intercompany reconciliations and dispute management.Seamlessly integrate with all intercompany systems and data sources. Automatically identify intercompany exceptions and underlying transactions causing out-of-balances with rules-based solutions to resolve discrepancies quickly. Standardize, accelerate, and centrally manage accounting processes – from month-end close tasks to PBC checklists – with hierarchical task lists, role-based workflows, and real-time dashboards.

Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Different AR automation tools offer different features with varying levels of automation.

Additionally, an automated system can identify the applicable tax rate for transactions involving taxes like VAT or sales tax, ensuring accurate tax collection. Increase working capital and availability of cash which are critical to any company’s success. Collect more cash and significantly reduce days sales outstanding (DSO) by increasing overall productivity and prioritizing the actions that have the highest impact.