Accounts Receivable contributes greatly to the overall accuracy of the entire accounting process – helping paint a concise picture of what is happening financially in a business at any given time. Paper-based and stodgy, complicated first-generation electronic documents can bottleneck the AR procedure and leave room for potential error and inaccuracy.
With the mantra “cash is king” ringing truer today than ever before – businesses are placing much stronger emphasis on revenue retention. As a result, collection departments are under mounting pressure in relation to late or lost payments, dispute management, days sales outstanding (DSO), reconciliation and receipt of cash. To minimize this pressure and improve success rates, forward-thinking companies are increasingly looking to technology to realize process efficiencies, enhance customer service relationships, and increase working capital.
Research reveals the majority of North American companies surveyed with $1 billion or more in annual revenue still process their receivables in-house, many in a manual fashion. Yet, nearly 60 percent are not fully satisfied with their receivables processing, leaving many seeking alternatives to the handling of this process. However, selecting the appropriate platform to handle these functions can be a difficult undertaking.
An outsourced AR solution for reconciling cash receipts against outstanding receivables.
Your accounts receivable department is spending inordinate amounts of time allocating and reconciling cash to your accounting platform. It can be difficult and time consuming to resolve and close month-end financial documents due to large volumes of open items and unallocated cash – which can impact customer satisfaction.
Organizations are continually driven to improve billing and payment processes by the need to reduce DSO as well as the overall costs connected with receivables processing. Incomplete sales ledger data as a result of open items can negatively affect an organization’s bottom line and reputation.
Our experience with organizations both large and small has demonstrated that automating the manual processes of matching remittance advice information with invoices and reconciling them in the organization’s accounting system can have a notably positive impact on the bottom line. By reducing manual payment allocation, reducing or eliminating bank charges, more quickly allocating cash and improving visibility, AR Assistant™ will allow AR departments to operate more efficiently & cost-effectively – and provide their customers with a much better the level of customer service.
Key Features & Benefits Enjoyed With AR Assistant™
With AR Assistant™, payment receipts are automatically captured as they arrive at ACI, providing constant online visibility of all receipts in process. This allows for payments to be immediately applied to invoices and quickly reconciled to the accounting system in an automated fashion, reducing DSO and month-end volume.
AR Assistant™ continuously improves its understanding of payment structure and behaviour as it interacts with each new transaction, eventually becoming intelligent enough to provide a no-touch cash application. This will allow for a streamlining and even redeployment of resources – positively affecting both the bottom line – as well as overall customer satisfaction.
Some of the ERP’s ACI’s solution has interfaced with include SAP, Microsoft Dynamics, JD Edwards, Lawson, Baan, Sage 300 (formerly Accpac), 4th Shift, Capp Auto, Yardi.