Accounts Receivable Automation

 A robust business credit score is an essential asset in today’s competitive market. It impacts everything from securing loans to partnering with suppliers. By adopting effective strategies, like separating personal and business finances, building trade credit, and consistently paying vendors on time, you can create a credit profile that reflects your business’s financial reliability. Businesses have credit scores that indicate their capacity to fulfil financial commitments, much like people have personal credit scores that dictate their borrowing power. Better finance alternatives and more cooperation prospects might be unlocked by a solid business credit profile. Better credit scores ensure better credit lines from vendors as well as higher credit periods to a certain extent. It is like a soft power in the hands of organisations. If you’re curious to know how to establish or maintain company credit, let’s look at some doable measures to accomplish that. BUSINESS CREDIT: WHAT IS I...

  Accounts receivable management software  offers a streamlined approach to handling invoices, payments, and customer interactions. By automating routine tasks and providing real-time insights, businesses can significantly improve efficiency and boost profitability. Accounts Receivable (AR) automation solutions, such as Inebura can lead to significant cost reductions for businesses - here are a few ways Inebura can significantly optimise operating costs very easily! Reduced Manual Labor:   Automating AR processes  eliminates the need for manual data entry, invoice generation, and follow up on overdue payments. This reduces labour costs and allows employees to focus on more strategic tasks. Reduce Errors:  Manual AR processing is prone to errors, which can lead to costly delays and disputes. Automation ensures accuracy, reduces the need to rework and correct mistakes, thereby saving money. Faster Payment Cycles: ...

  Automation in AR is transforming industries with a focus on sustainability. By integrating AR-powered automation, companies can achieve higher efficiency, reduce material waste, and conserve energy. This shift not only supports a sustainable future but also helps industries meet regulatory standards while appealing to environmentally conscious consumers. The health and welfare of both the present and future generations are seriously being jeopardized by climate change, and if we don’t take cognizance of this looming challenge now, then it may be too late! Governments are lowering their carbon footprint by implementing various environmental initiatives and regulatory measures. The shift to a green economy will affect corporations and all other economic actors. Owners of businesses should consider their internal procedures and determine what can be changed immediately. Well, automation of accounts receivable is one of the most straightforward, advantageous, and significant int...

For some AR Teams, it might feel like another time, another life, but for most AR teams, the process of payment matching had its own set of challenges which not only consumed time but was prone to errors: 1. Labour Intensive and Time Consuming Manual Data Collection:  AR teams had to manually retrieve bank statements and payment advice from different sources (emails, portals, etc.), which consumed a lot of time. Slow Matching Process:  Manually matching payments with invoices was extremely labour-intensive, especially if the amounts were different or if the payment involved multiple invoices. Follow Up with Customers:  If payment advice was missing, AR teams had to manually contact customers, and that used to cause additional unnecessary delays. THE IMPACT: The process slowed down cash application and delayed  cash flow visibility . The time spent manually matching payments reduced AR team productivity. 2. High Error Rates Data Entry Errors:  Manually inputting ...

Self-service for customers changes the way businesses interact with their customers. Though self-service is not a novel idea, changing consumer preferences are demanding more self-service choices, especially in previously untapped markets. Recent research from Harvard indicated that 81% of customers would rather handle problems on their own instead of contacting live customer support agents. WHAT IS SELF-SERVICE FOR CUSTOMERS? Through customer self-service, customers can obtain information, solve issues, and carry out a variety of tasks without speaking with a company representative in person. Here's a look at some of the Advantages of Customer Self-Service: 1. Boosts the support team's productivity and efficiency Self-service customer support is available 24/7, so clients can resolve their problems on their own time and that too without requiring any assistance from the support staff, thereby enhancing overall efficacy. Furthermore, with fewer support tickets and inquiries to ...

  In this age when India has become the hot bed of startups and with such a thriving eco-system to support the startups, it is still pertinent to remember that 80-90% of startups fail, as per a report by IBM. According to the Startup India program, around 27,000 startups registered under the program till 2020 and almost all the reasons why Indian businesses fail early, are connected to innovation and leadership: inadequate business models, bad planning, flawed consumer insights, or a lack of unique ideas. If we specifically look at the B2B space, the traditional B2B supply model is built on credit. Companies that ventured into non-secured credit and without any credit rating policy dictating the credit line failed as well as companies who didn’t manage their cash flow well to realize the revenue into a tangible entity. In this blog we will investigate major areas that startups have to look into and gradually we will dig deeper to uncover the final truth! So lets first understand th...