Are You Making the Most of Technology?
Using smart technology to become a Revenue Hero
Times have changed but business goals have not: cash is still king.
Keeping your working capital positive means being smart about the tools your team is using to manage your business. Nowhere in your business is this more important than with our AR team - the silent Revenue Heroes of your organization.
It’s the complexity in the credit-to-cash process that has us, here at YayPay, referring to the AR teams who manage it all well as Revenue Heroes. Because they are. Because without the consistent management of layered processes, and often very manual processes, your business would not be invoicing customers, would not be receiving payments, and would not be seeing any cash flow back into your own accounts and ready to be reinvested into your business.
The ability of an AR team to smoothly manage invoicing, disputes, payments, deductions, cash application and the myriad manual tasks that connect all the dots, rests firmly on the tools available to them. Are they spending hours digging through various data repositories trying to find and match information? Are they sifting through account files trying to understand when a customer was last contacted for payment, or which dispute needs to be addressed immediately?
Some questions to ask yourself as you think about your AR team striving to ensure customers are cared for and business is handled effectively, especially in today’s new remote-work era, are:
- Can your AR team access and send invoices easily to customers?
- Can they see which invoices are overdue, by how long, and send payment reminders?
- Can your team sift through which items are in dispute and prioritize the ones to address first?
- Is your business able to take electronic payments?
- How will you accept and process paper checks when no one is allowed in the office?
- Are you able to shift your business to accepting electronic-only payments?
- Can your team access the data needed to research deductions?
- How is your team handling cash application?
There are many more questions you could sift through as you work through credit-to-cash processes, and you start to see just how many of your tasks are actually manual ones that require data from different sources. This adds time and resources to solving any AR challenges, leaving cash trapped in balances sheets rather than flowing back through your business.
A smart AR platform not only helps your team become more efficient, but it accelerates your cash flow. Cash flow matters to the health of your business and the market is paying attention. According to a recent article on CNBC, investors are seeking companies that can manage a strong balance sheet and a stable cash flow right now. You have a vested interest in supporting your AR team to shine as the Revenue Heroes of your business.
How does your AR team become the Revenue Heroes of your business?
Revenue Heroes are clients who implement smart tools for smart AR. And in a time like today, where social distancing is actively practiced across the country, it may seem like installing a new technology solution right now is not feasible. But it is.
Revenue Heroes need smart tools to manage cash flow. And leveraging a single platform that allows them to get a consolidated view of accounts, access data from multiple sources and automate the manual, repetitive tasks that unnecessarily eat up time is a smart thing to do.
YayPay’s solution offers this. We simplify the AR process with one platform, one system, one code base. Our cloud-based solution offers:
- Advanced machine learning to drive a 3X improvement in productivity for AR teams and eliminates manual, repetitive processes
- Automated communications workflows that allow your AR team to interact with more customers, with less effort, and focus on priority accounts that produce positive cash flow.
- Integration with many accounting, ERP, billing, and CRM applications, giving you a complete and accurate look into the collections process to help you better predict cash flow and increase revenue.
- Proprietary predictive analytics engine identifies credit risk and reduces the potential for revenue losses, driving smart business decisions.
This is the cloud-based solution you need that allows your team to be efficient anytime and anywhere. The YayPay platform automates the accounts receivables process and enables digital collaboration in an environment where face-to-face contact is not possible. On average, the software helps to speed up payments by 34% with a similar reduction in overdue invoices. Further, by using Artificial Intelligence, the platform aggregates anonymised data to tell you the likelihood of being paid by which customers. As companies fight to preserve working capital from home, this increased efficiency can be crucial.
However, you also need a solution that you can install. Now. In today’s six-foot-circumference climate.
We get it. And we can make sure you get it too:
- YayPay’s platform is installed remotely.
- We have full training available via online channels.
- We offer tons of self-service support.
Unfortunately, many businesses are struggling and bad debt is increasing as a result of the pandemic. YayPay’s software can be used to create reduced payments plans that clients can afford, enabling companies to preserve cash flow and helping accounts receivable teams to maintain working relationships. A one-size-fits-all approach sometimes is not appropriate, especially in these unprecedented times. The ability to customize your communications, to get a full view of your customers’ business from different data sources and to modify your invoicing and payment processes from a single platform mean you are managing your business more effectively and meeting your customers where they are today.
But you don’t have to take our word for it.
Join us for a webinar, Using Smart Technology to Become a Revenue Hero, with Mehmet Shaw, Director of Finance for StackAdapt, as he talks with Nicole Dwyer, Chief Product Officer at YayPay, about how data management, automation and transparency are key for his team’s ability to manage the entire credit-to-cash process in today’s challenging Covid-19 environment.