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10 Ways Imaging Systems Deliver Strong ROI to AR
Article on Automation and Technology • posted 02/21/12
Eliminating paper-intensive processes in AR is fundamental to achieving efficiency and reducing cost. That means, at every stage in the order-to-cash process, turning paper documents into electronic files by means of AR imaging technology—a solution that has steadily become both more powerful and cost-effective. However, to win approval for the spend involved, AR pros will need to make a clear business case documenting return on investment. Continue…
5 Ways to Boost AR Productivity—Without Automation
Article on Accounts Receivable • posted 02/20/12
While there can be no serious doubt that automating key receivables functions delivers significant ROI, it is useful to remember that productivity gains in AR are still realizable without automation. To learn how AR and credit pros are meeting the challenge of “doing more with less” in the face of tight or frozen automation and hiring budgets, MCRC polled our readers. The results, along with dozens of other benchmarks and findings, are included in IOFM’s Credit & Collections Benchmarks & Analysis report . Continue…
Implement Cash Receipts Best Practices to Deter AR Fraud
Article on Fraud/Scams • posted 02/18/12
Many companies are implementing best practices in the cash receipts process to mitigate the risk of fraud, since cash receipts is a stage in the order-to-cash process highly susceptible to misappropriation. Rigorous segregation of duties is at the heart of fraud prevention in the cash receipts process. Continue…
AR/Credit Role in Mitigating Critical Supplier Insolvency
Article on Bankruptcy • posted 02/18/12
The threat that a key supplier could go out of business and disrupt the company’s entire production schedule has heightened the need for credit and AR to share their skills with other departments—including the ability to analyze financials and read balance sheets—to detect suppliers in distress. Continue…
6 Steps AR Should Take in Response to Long-Term Payment Plan Requests
Article on Accounts Receivable • posted 02/16/12
With careful analysis and measures in place to mitigate risk, extended payment plans can help both creditors and debtors at a time when maximizing revenue and reducing costs are more important than ever. For such plans to work, however, AR and credit pros must put themselves in the driver's seat and negotiate the terms. Continue…
Automating Invoicing is Top AR Goal for 2012
Article on Automating Credit and Collection Functions • posted 02/10/12
Implementing an e-invoicing and e-payment receipt solution is the top AR goal for 2012. That’s just one finding of many contained in IOFM’s just published Accounts Receivable, Credit & Collections Automation Survey. The survey polled 130 AR and credit pros from a wide range of industries to learn which AR/credit functions they automated in 2011, and which they plan to automate in 2012. Continue…
New Remittance Data Enables AR To Automate Cash App of Wire Transfer Payments
Article on Accounts Receivable • posted 02/05/12
The tiny single field in wire transfer payments has long been an obstacle to AR pros' efforts to fully automate the cash application process. Now, however, Fedwire and CHIPS have implemented infrastructure in their services to allow an added 9,000 characters and multiple fields to embed detailed remittance information in wire transfer payments from your customers. Taking advantage of this opportunity to eliminate costly and time-consuming manual cash application processes, however, will require AR pros to partner with providers, banks and customers. Continue…
