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Accounts receivable

Function

Finance & HR

AI Skill

Classification, Generation

The problem

Managing accounts receivable is a laborious process that involves identifying overdue invoices, contacting customers, and tracking follow-ups. This manual effort often results in inconsistent outreach, delays in collections, and missed opportunities to address payment issues promptly. Businesses with this challenge experience cash flow delays caused by lengthy collection cycles, high overdue balances and strained staff resources.

Managing accounts receivable is a laborious process that involves identifying overdue invoices, contacting customers, and tracking follow-ups. This manual effort often results in inconsistent outreach, delays in collections, and missed opportunities to address payment issues promptly. Businesses with this challenge experience cash flow delays caused by lengthy collection cycles, high overdue balances and strained staff resources.

The solution

AI streamlines the collections process by automating customer reminders and prioritizing follow-ups based on factors like overdue amounts and risk profiles. These solutions provide immediate tracking of responses, ensuring faster and more consistent collections. By automating repetitive tasks, staff can focus on resolving complex payment disputes and other high-value activities, improving efficiency and cash flow management.

AI streamlines the collections process by automating customer reminders and prioritizing follow-ups based on factors like overdue amounts and risk profiles. These solutions provide immediate tracking of responses, ensuring faster and more consistent collections. By automating repetitive tasks, staff can focus on resolving complex payment disputes and other high-value activities, improving efficiency and cash flow management.

Feature demo

Benefits and benchmarks

20-30%: reduction in past due balances (Highradius).

20%: reduction in DSO (PayEx).

50%: decrease in timing managing receivables (VersaPay).

Leading vendors

Questions to consider before implementing

Is your database of customer information, invoices, and payment histories up to date?

Do you have established policies that define payment terms and collection procedures?

Will your finance team be excited to use AI-driven collections tools?

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Sales and Marketing

Architecture and Design

Finance and HR

Subscribe for expert analysis of developments in AI

company

social

Terms of Service

Sales and Marketing

Architecture and Design

Finance and HR

Subscribe for expert analysis of developments in AI

company

social

Terms of Service