Accounts Receivable Automation

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 data from bank statement

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 the jo