Accounts Receivable SolutionsOn-Line Imaging keeps the cash flowing
One of the most important basic business concepts that all success organizations understand is how important cash flow management is. Your ability to meet your financial obligations depends on it, and without availability you can’t acquire inventory, meet payroll, or more simply stated run your company.
Today’s accounts receivable departments face challenges surrounding the management of all the diverse forms of information they are required to handle. This might include invoices and statements generated from a core accounting system, emails, notes, and written correspondence related to customer service and collection activities, and many others including voice messages. Without easy access to all this information customer service reps and collection clerks can’t effectively do their jobs. This can cause DSO (days sales outstanding) counts to creep and subsequently cash flow to slow.
The question becomes how to easily and cost effectively gather all of this diverse content and make it readily available to the user who need it to do their jobs? The On-Line Imaging document management solution was designed to accept and manage these diverse forms of content. Within the Document Management framework, invoice and statements can be imported, and other related documents can be added later—such as emails, written correspondence, and notes to provide complete documentation of a transaction to ensure that the accounts receivable process runs smoothly.
The On-Line Imaging document management solution provides easy access to the right information to ensure that the accounts receivable process runs smoothly and the cash keeps flowing.
Accounts Receivable Documents that can be managed by On-Line Imaging:
- Collection Notes
- Digital Voice Messages
There are many compelling drivers in most organizations that alone justify the time and cost associated with deploying a document management solution. As a matter of fact, many organizations do a better job managing and securing their office supplies than they do their business-critical documents. Recent research has indicated that nearly 10% of an average office worker’s day is spent trying to locate existing information and documents.
Large Nationwide Distributor Fully Automated Process to Store AR Invoices
An understaffed department was tasked with attempting to keep up with the scanning and data entry of more than 500,000 AR Invoices per month. Once an Invoice was generated in paper it was taking 4 weeks to be available in the electronic document system. The task of printing and scanning AR Invoices was simply taking too long and the understaffed department was unable to provide the proper level of service causing a strain on the Accounts Receivable staff.