Originally appeared in PYMNTS.com
Procurement and billing solutions firm Corentric has launched its Managed Accounts Receivable (AR) solution in France to help eliminate issues that challenge AR departments.
According to Xavier Pierre-Bez, vice president of business and operations, EMEA South, at Corcentric, the Managed AR solution will empower companies to focus on strategic growth initiatives and ensure that AR teams are not “bogged down by repetitive manual invoice deliveries and follow-ups, especially in today’s economy.”
The launch comes at a time when new digital invoicing regulations are set to take effect in France next year, representing a key opportunity for Corcentric’s Managed AR services to “play a critical role for companies doing business throughout the region and around the globe,” Pierre-Bez added.
With the new solution, invoice delivery comes through a single channel. Customers also have the flexibility to choose when they want to get paid for each invoice, with Corcentric guaranteeing full payment.
Additionally, Corcentric assumes the collections risk by ensuring timely payment for all customer invoices, eliminating bad debt or credit risk. A non-recourse agreement further ensures that customers are not held liable for late payments.
The solution will also help free up working capital by converting the unlocked funds in a customer’s AR ledger into cash on the balance sheet. This cash can then be utilized to improve liquidity or fund business growth, the company said.
Corcentric’s Managed AR solution is part of the company’s comprehensive suite of services that address various business challenges in procurement, AR, accounts payable (AP), and treasury, offering businesses the opportunity to streamline their processes, reduce risk and unlock working capital.
In a recent PYMNTS study on “Why CFOs Recognize the Need to Automate AP/AR Workflows,” it was revealed that automation has helped to streamline AP workflows, with eight in 10 chief financial officers (CFOs) with automated AP/AR processes reporting significant reductions to friction and disruption.
But according to findings captured in the joint PYMNTS-Corcentric study, CFOs’ recognition of the need to automate AP/AR workflows has not resulted in investment beyond early adopters, indicating a lack of urgency among a large share of finance professionals when it comes to investing in these processes.