Accounts Receivable | Definitions & Processes

The biggest hurdle to accounts receivable productivity is the fact that AR processes are often too complex: too many disparate financial systems, too little standardization, and too many manual steps — often compounded by interruptions resulting from issues demanding quick resolution. By automating the process end-to-end, Corcentric’s accounts receivable automation software solves those challenges quickly, accurately, and with guaranteed results.

Accounts Receivable Automation Benefits

Reduce Costs

Time is money; eradicating time-consuming manual AR processes produces immediate savings. Accounts receivable automation replaces costly processes including credit review, manual print and post, manual PDF-over-email invoicing, payments reconciliation, dispute handling, and collections. Leveraging AR automation improves AR and IT staff effectiveness and efficiency, increases productivity, and eliminates the cost associated with paper invoices.

Improve Efficiency

Accounts receivable invoice automation greatly reduces the time it takes to process your paperwork and payments, freeing AR teams to get more done.  Streamline customer enrollment from weeks to days by removing the wasted time spent e-mailing and uploading documents to customer invoicing portals. Automating your invoice distribution to follow delivery schedules and apply highly specific sending rules increases efficiency to improve your company’s bottom line.

Approval Workflow

Automating the approval process can reduce invoice processing time by up to 70% and eliminate the possibility of duplicate payments. Ensure accuracy and timing of payments through Cor360 Approval Workflow’s automated three-way match capability that matches supplier invoices to POs and Receipt of Goods, without human intervention.

Increase Accuracy

By taking human error out of the loop, AR automation improves data consistency with real-time responsiveness while managing multiple customers and complex systems. Corcentric empowers stronger internal controls, improves quality, significantly reduces or eliminates errors such as duplicate payments, overpayments and fraudulent payments, and makes it easier to capture early payment discounts. Corcentric enables your business to contain costs, optimize cash flow, and mitigate risk.

Improve Working Capital

Corcentric’s accounts receivable automation solutions offer guaranteed and fixed DSO on all receivables, shaving days off DSO and eliminating delinquency. By replacing manual processes, you can eliminate late payments due to disputes and reduce bad debt.

How To Implement AR Automation

Electronic Invoice Presentment and Payment (EIPP)

Automate the creation and delivery of invoices in any conceivable format – electronic or printed – and manage through one easy-to-use interface.

Corcentric EIPP is delivered as a managed service offering to streamline set-up, onboarding, and management. Focus on your business and let EIPP take care of the invoicing.

Managed AR

Automating accounts receivable processes beyond the document delivery and payments of handling of EIPP requires Corcentric Managed AR. Corcentric Managed AR combines people, process, technology, and supply chain finance across your AR processes to deliver guaranteed DSO reduction, on-time payments, improved working capital, and elimination of bad debt.

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