November 27, 2019
Financial Accuracy, DSO and Reporting Improve with Robust Data
E-invoices are a leap forward from static paper invoices delivered by mail, but what if the invoice is inaccurate? Invoice errors and the resulting back-and-forth exception handling are arguably the second most common factor, behind mail time, in prolonging DSO. It’s such a problem that some billion-dollar wholesaler-distributors report that resolving invoice discrepancies with their largest customers can add weeks to their DSO – and that’s just to reach an agreement with their customer on the amount due.
Has your customer’s payment for multi-line invoices ever been delayed or withheld due to a dispute over a single line-item?
In paper AR cycles, resolution can be dependent on lengthy email exchanges and phone calls, or worse, phone tag and voicemails which can delay the payment by weeks.
New developments in electronic invoicing easily mitigate exception-handling. One such solution, Smart e-Invoices from fintech leader Unified Commerce, offers more than just electronic delivery. Their “dynamic” Smart e-Invoices enable real-time digital exception-handling. Your customers can respond to e-invoices instantly with technology that allows them to comment on and reject disputed line-items while approving and paying for all other line items. This greatly expedites the order-to-cash process.
As an added benefit, Smart e-Invoicing, when paired with e-Payment acceptance, allows your business to automate or digitize the capture of all remittance data including invoice number, date paid, payee information and much more for simplified import into your AR/ERP software. Access to this magnitude of robust data for analysis of your customers’ buying habits, trends, and even your own revenue forecasting, is perhaps one of the biggest technological AR advancements for the wholesale distribution industry in decades.
Unified Payments Group, NAW’s Trusted Partner for cloud-based AR Technology and Payment Acceptance Solutions in the wholesale distribution industry, was recently recognized as a “TOP 10 AR Solutions Provider.” Unified simplifies AR to help Enterprise and Mid-Market businesses accelerate cash flow, reduce costs and improve efficiency with digital solutions which can be incorporated easily into your existing workflows and processes with minimal disruption.
Ready to find out what a smart e-invoicing solution can do for your business?
Click the “Contact Us” button at the top of the page or give us a call at (888) 440-0117 to speak with a Subject Matter Expert for a free AR consultation and savings analysis. For more information on electronic invoices, digital payments, and surcharging solutions check out our News & Resources page and follow us on LinkedIn and Facebook for updates.