In the past, efforts to increase working capital were more focused on accounts payable (AP). Integrated Receivables approach is understandable because organizations have a lot of control over their AP processes and related technologies. You decide who to pay, when to pay and how to pay. In addition, the company has achieved considerable efficiency and economies of scale in recent years through centralization of the payment process and consolidation of activities in regional and global joint service centers.
More and more treasures are now turning to demands to increase and further increase working capital. Receivables are widely recognized as an area ripe for efficiency improvements. The emergence of artificial intelligence (AI) and machine learning (ML) is driving new innovations that accelerate and automate AR and create significant opportunities to optimize working capital.
What is Integrated Receivables
Integrated Receivables is a solution platform for optimizing accounts receivable operations by combining all accounts receivable and payment modules in one unified business process. The integrated receivables platform offers solutions for credit, collection, deduction, cash filing, electronic invoicing and payment processing, and covers the entire spectrum of cash credits.
The Integrated Accounts Receivable Platform provides real-time execution of every credit and A / R from a single platform. The end goal is lower DSO, reduced bad debt, and faster dispute resolution while increasing efficiency and accuracy of cash, invoicing, and payment processing applications. Accounts Receivable Integrated uses Artificial Receivables Intelligence to convert receivables faster and more efficiently. With the help of machine learning, precise decisions can be made for loans and receivables. The Integrated Accounts Receivable Platform also allows suppliers to establish digital connections to customers through the Gia network, completing the cycle from processing receivables from suppliers to processing payments to buyers.
A fully integrated accounts receivable approach can help you improve your working capital management. When it comes to redesigning AR processes, companies need to consider their own specific goals and weaknesses and successfully implement all or elements of the recommended best practices to make their AR transformation as successful as possible.
With the latest tools, technology and innovation, financial technologies offer the experience and expertise to help today’s working capital-based businesses automate their accounts receivable processes to better support their business growth, reduce risk, and improve operational efficiency. Receivables, an integrated and comprehensive digital receivables solution, consists of three separate modules: presentation, collection and reconciliation, and reporting. It also includes a variety of consulting tools to assist in strategic planning and help companies find ways to streamline their claims and support business growth.
Why Integrated receivables?
- Most businesses have difficulty processing payments because these payments can be received in various ways from customers.
- Integrated accounts receivable combines all of these payment silos in one system – and streamlines the accounts receivable process.
- You can avoid entering accounting information, saving you time and money.
How does integrated claiming work?
- Scan check payments, process electronic check debit (ACH), credit cards, and accept web / mobile payments.
- Integrated receivables automatically combine payment transactions with customer invoices.
- After comparison, verification and approval, the payment information is transferred to your accounting system via file and stored in their records.
For more information on integrated claims, please contact your local commercial banker.
Is Integrated payables?
Integrated payable is a service that allows organizations to combine payments to suppliers into a single file which is sent to the Regional Bank for processing. The area then makes a payment based on your instructions.
Depending on your preferences, checks can be printed and mailed. Depending on which solution best fits your business and supplier’s needs, payments can be sent electronically to merchants via virtual card, ACH, or wire transfer.
What are the Benefits of Integrated Liability?
Integrated commitments streamline the payment process by combining them into one step. You have complete control over the funds and instruct the bank when payment transactions should be released
With this efficient payment processing, integrated debt solutions also reduce costs, allowing regions to process far less payments than companies can handle internally.
The process of preventing fraud by allowing:
- Dual control over file processing notifications to review and approve files and transactions
- A positive payout, which is the same as a check issued versus a check presented for payment
- Debit protection for payments with automatic clearing houses
What are the challenges of integrated payables?
Many banks require companies to provide a specific file format, forcing companies to adapt their systems to banking.
However, Regional Banks take a different approach. Instead of asking customers to comply with our existing systems, we ask them to provide a payment source file in the same format that was created in their accounting system. We then tailor our program to your needs and thus reduce the time required and IT requirements.
Customers have two options for providing us with a payment instruction file, either by accessing a secure website and uploading files, or by securely transferring their files to the region.
What types of businesses will benefit most from integrated payables?
- Companies that currently use multiple payment methods are good candidates for integrated liability. Additionally, those considering switching from paper to electronic payments such as virtual cards should consider built-in commitments.
- As part of our integrated commitment service, we can analyze your provider to determine how many of your recipients are processing Visa. With this information, we can tell you the number of vendors using virtual cards to access possible incentives, such as: Available discount programs.
- This allows for better transaction processing for you and the seller when you use the preferred payment method that benefits both parties.
How Can Integrated Liabilities Provide More Cash Flow for Companies?
Built-in liability manages invoice payment processing better and uses automation to reduce revenue from payment processing. This allows your company to take better advantage of supplier discounts.
Many smart companies are converting their payment processes from checks to virtual cards to take advantage of these payment discounts and take advantage of Extended days payable outstanding (DPO) to improve working capital management.
Region offers a smooth transition plan that allows you to migrate your account payments to electronic payments with integrated payment services.
How Can Integrated payables Help Businesses Grow?
One of the biggest concerns that we hear is that the business is growing but doesn’t want to hire more people. Integrated liability services are a way for companies to manage debt processing without increasing costs by hiring additional staff. The outsourcing obligation eliminates many internal processes so management can focus on growing the business rather than paying the bills.
What is autonomous receivable Software?
The A / R analyzer can be updated from the latest version of the Emagia software and run offline. Conventional business software features complex user interfaces such as tables and data entry at the touch of a button. In contrast, the A / R analyzer now uses touch and voice interaction to share the load with the Digital Assistant.
At the launch event for Gia 2019, Veena Gundavelli, founder and CEO of Emagia, discussed the sensitive topic of machines dealing with human tasks. He said: Man versus machine is about films and speculation about the future. More than 80,000 years of modern history prove that every machine invented only improves the quality of human life. In today’s digital era, business is fundamentally driven by democratic demands from consumers driven to keep innovating or irrelevant.
AI and technology always sounded too good to be true. After making the first billing call with the Emagia software, we realized we were headed for something big. As well as automation, I think collectors are going through an independent process. Collection can really focus on building customer relationships and effectively collecting accounts receivable, ”said Scott Phillips, director of co-services, North America at Kloeckner Metals.
Integrated liability also allows companies to extend their account obligations by planning to post payments on due dates, or take advantage of discounts by prepaying or extending payment terms.