#payment reminder

[kapittx]

How Can Gen AI Revolutionize Your Accounts Receivable Process?

The advent of Generative AI (Gen AI) heralds a paradigm shift in the landscape of Finance and Accounting (F&A). Much like the introduction of spreadsheets as a product innovation decades ago, finance professionals were quick to embrace and derive immense benefits from the use of spreadsheets. 

Gen AI in Finance and Accounting emerges as a potential game-changer, poised to revolutionize traditional practices within the realm of F&A and invoice payments. However, for this potential to be realized, CFOs must demonstrate openness to experimentation, allowing themselves to explore the tangible impact of Gen AI in Finance and Accounting functions.

Embarking on this journey necessitates a focused exploration of Gen AI’s applicability, particularly within accounts receivable management and invoice payments. By delving into this domain, CFOs can gain firsthand insight into the transformative power of Gen AI in Accounts Receivable. As with any strategic business investment, it is prudent to assess the anticipated returns and the timeframe within which these benefits can be realized.

In essence, embracing Gen AI in accounts receivable and invoice payments represents not only a technological advancement but also a strategic imperative for forward-thinking finance leaders. By embracing innovation and fostering a culture of experimentation, organizations can unlock unprecedented efficiency, agility, and competitive advantage in the ever-evolving landscape of finance and accounting.

How Can Gen AI Revolutionize Your Accounts Receivable Process?

Irrespective of the organization, to ensure optimal efficiency within the accounts receivable function and to explore the potential of integrating Gen AI powered Accounts receivable, it is essential to adopt a strategic approach centered around four key building blocks. These pillars serve as the foundation for effective management and innovation in accounts receivable:

Receivable Antecedents : 

This encompasses the meticulous orchestration of all preliminary tasks necessary to establish a receivable. From the initial engagement with clients to the negotiation of terms, to the careful documentation of agreements, each step in this process demands precision and foresight. Building strong receivables antecedents lays the foundation for smooth transactions, timely invoice payments and ensures a robust financial framework

They include:

Customer Onboarding: Accurate customer data collection, credit checks, and setting credit limits.

Sales Order Processing: Efficiently converting orders into invoices.

Contractual Agreements: Clear terms and conditions regarding payment terms, discounts, and penalties.

Order Fulfillment: Ensuring timely delivery of goods or services.

Timely Invoicing: Generate invoices promptly after goods/services are delivered.

Clear and Accurate Invoices: Ensure clarity, itemization, and correct pricing.

Invoice Presentment and Reminders: 

In the dynamic landscape of revenue management, the presentation of invoices holds paramount importance. It transcends beyond mere documentation; it embodies the essence of your transactions, encapsulating the value exchanged with your clients. Your approach to invoice presentment and invoice payments is characterized by clarity, accuracy, and timeliness. Moreover, one need to recognize the strategic significance of reminders in facilitating prompt invoice payments. Through proactive communication and gentle nudges, you endeavor to uphold transparency, nurture client relationships, and optimize cash flow dynamics.

This step involves creating and delivering invoices to customers:

Multiple Channels: Offer electronic and paper-based invoice delivery to facilitate invoice payments.

Standard Payment Reminder Schedule:

o Set a consistent schedule for sending payment reminders. This helps maintain clarity and predictability for both you and your clients. o Send reminders before the due date to gently prompt clients to pay on time. o Issue reminders close to the actual due date to emphasize the urgency.

• Personalized Reminders:

      o Customize your reminders to suit each client. Address them by name and include relevant details.       o Personalization shows that you value the relationship and encourages prompt payment.

• Politeness and Professionalism:

o Maintain a polite and professional tone in your reminders. o Avoid threatening language or negativity that could harm the client relationship. o Clearly state the purpose of the reminder and the essential details, such as the invoice number, amount due, and due date.

Collaboration :

Collaboration lies at the heart of your approach, both externally with your valued customers and internally among your team members and departments. Externally, effective collaboration involves understanding your clients’ needs, communicating transparently, and working together to resolve any issues or discrepancies promptly. Internally, collaboration ensures alignment across functions, streamlines processes, and maximizes efficiency, ultimately leading to superior customer service and satisfaction.

Effective communication is crucial:

Customer Communication: Regular follow-ups, addressing queries, and resolving disputes.

Internal Coordination: Collaboration between sales, finance, and customer service teams.

Dispute Resolution: Swiftly address any discrepancies.

Payments and receipt management :

Efficient management of invoice payments and receipts is essential for maintaining cash flow and optimizing financial performance. This includes implementing secure and convenient payment channels, diligently tracking incoming payments, and promptly reconciling accounts. By prioritizing invoice payments and receipt management, you can minimize delays, mitigate risks, and ensure the stability and resilience of our financial ecosystem.

Efficient handling of incoming invoice payments:

Payment Channels: Accept various methods (credit cards, bank transfers, etc.).

Reconciliation: Match payments with outstanding invoices.

Cash Application: Apply payments accurately to the correct accounts.

What are the building blocks of Gen AI in Accounts Receivable?

Overall, Gen AI in accounts receivable encompasses a wide range of capabilities making it a versatile tool for various applications across different domains. A few of the core building blocks are –

Data Generation: Gen AI In accounts receivable, can generate synthetic data to augment existing datasets used for training predictive models. For example, it can create simulated customer invoice payments histories, including variations in payment amounts, frequencies, and timing. This synthetic data allows organizations to train their models more comprehensively, improving the accuracy of predictions regarding future payment behavior.

Data Conversion: Gen AI in accounts receivable can facilitate the conversion of data between different formats in the accounts receivable process. For instance, it can automatically convert paper-based invoices into digital formats by extracting relevant information such as invoice numbers, amounts, and due dates using optical character recognition (OCR) technology. This conversion streamlines the invoicing process, reducing manual effort and minimizing errors.

Data Categorization: Gen AI in accounts receivable, can categorize transactions based on various criteria such as invoice payment methods, customer segments, or invoice statuses. For example, it can automatically classify incoming invoice payments as cash, checks, or electronic transfers, allowing finance teams to track payment trends and reconcile accounts more efficiently. By categorizing transactions accurately, Gen AI powered accounts receivable enhances data organization and facilitates deeper insights into receivables management.

Advisor Functionality: Gen AI in accounts receivable serves as an intelligent advisor by providing actionable insights and recommendations based on analyzed data. For example, it can identify patterns of late invoice payments or discrepancies in invoicing that may indicate potential issues with specific customers or billing processes. By alerting finance teams to these anomalies, Gen AI powered accounts receivable enables proactive intervention to mitigate risks and optimize cash flow management.

Overall, Generative AI enhances the efficiency and effectiveness of accounts receivable operations by generating data, facilitating data conversion, categorizing transactions, and providing intelligent advisory support. By leveraging Gen AI capabilities, organizations can streamline receivables management processes, improve decision-making, and ultimately enhance financial performance.

[flowclass]

Effortless Payment Management with Automated Billing on Flowclass

Automated billing is a must-have for online educators, and Flowclass makes it easier than ever. With automated billing, you can automatically process payments, send custom invoices, and manage subscriptions without the hassle of manual intervention. Flowclass automated billing system ensures that payments are collected on time, receipts are sent automatically, and payment reminders are issued without any effort on your part. This powerful automated billing solution frees up your time, reduces errors, and helps you maintain a steady cash flow. Embrace automated billing with Flowclass and watch your online education business run more smoothly than ever!

[margerp]

Marg ERP's Auto Payment Reminder is a valuable feature designed to streamline the payment collection process for businesses. This tool automates the task of reminding customers about their pending payments, reducing manual effort and ensuring timely collections.

[dostoyevsky-official]

this man is unbelievably stupid. why does the government have access to your social security?

[takaraphoenix]

Geeetting drunk on a Monday evening beCAUSE I AM NOW DEBT FREE AND CELEBRATING HOLY FUCKING SHIIIT HELL FUCKING YEAH

[humlase]

Here's this fuckass animation project I didn't do then had to cram in 2 days.

If it looks bad I KNOW. Once again, crammed 10 weeks worth of work into 2 days. I did not sleep.

Thank you to my wonderful partner @agaric25 and super cool friend for doing the voicelines for me. It would be actual ass if I had to do those myself.

additional credits: https://freesound.org/people/M-Murray/sounds/723857/ for the background music.

[lazybakerart]

bakugou acting like a loan shark tracking down his ex-classmates every month for their contribution to the Deku Fund 😤

[tonycries]

I offer nuggets... How many nuggets would you like?

- traveling nugget anon

[florida3exclamationpoints]

[kapittx]

A strategic approach to Accounts Receivable to get paid easier.

Accounts Receivable Management is a financial term that reflects both the strength and weakness of a business. On one hand, accounts receivable enables a long-term customer relationship based on credit. On the other hand, accounts receivable also creates a risky credit line on the company’s balance sheet. Customer creditworthiness, alignment between sales and finance teams, streamlined AR processes with minimal efforts, and accountable ownership are key elements that contribute to a smooth and goal-oriented accounts receivable approach.

In simple terms, accounts receivable management ensures that the credits from customers are fully paid within the agreed time, improve cash flow and provide businesses with sufficient working capital. However, the AR process is not as simple as it sounds, and many businesses face difficulties in achieving it. Current Financial Environment:

Most businesses have established clear accounts receivable policies, but many of them are still struggling with the different aspects of accounts receivables - timely invoicing, confirmed due dates, receivables timing, outstanding balances, discounts and agreed payment terms, and write-offs are all different pillars for an efficient AR planning.

Cash that is locked in receivables is a delayed asset, and as long as companies follow and maintain a planned approach, the risk is manageable. However, many companies try to bypass the rules in the process of increasing sales, retaining customers, or simply due to a lack of ownership, resulting in a chaotic situation to track the trapped cash.

In the process of increasing the number of sales deals, businesses often neglect the AR policies and by the time they realize it, their working capital is already affected. A smart approach is needed, where new sales and repeat deals make a positive impact on the balance sheet, by bringing cash into the business without compromising the customer relationship.

Refined AR approach

While accounts receivable is a lengthy process, understanding the customer’s capacity and credit worthiness is vital, to start with. When designing an AR strategy, it is important to communicate the plan clearly across the sales, marketing, and finance verticals of an organization, so that the teams work together toward the common business objective.

Every transaction with the customer has to be documented and must be accessible to all the stakeholders involved in the process. Understanding that AR is a repetitive process, it is important to follow a step-by-step approach and not skip any steps.

A typical AR collection process will start with the sales and delivery of goods, issuing the invoice, collecting payment (complete or partial payment), recording and tracking the balance payment by the accounts receivable team, and clearing the invoice once the payment is collected or writing it off as bad debt. Every business strives to avoid the bad debts on its books, and some of the following strategies will help the process

⦁ Clear segmentation of the customer base ⦁ Creating a proven accounts receivable plan ⦁ Effective follow-up and clear communication message ⦁ Professional dunning approach ⦁ Embedding B2B Payments in the accounts receivable process

A simple way of segmenting customers based on past payment experience will help the receivables team to establish the desired number of touchpoints. Every past communication response from the customer will be useful to categorize them and then a follow-up plan is devised for each group. An accounts receivable plan aims to keep the receivables time frame as short as possible, as a delayed payment becomes riskier as the days pass. Therefore, it is important to reduce the credit extension days. An average invoice time can last up to 3 months, requiring a consistent and efficient follow-up depending on the customer base.

Embedding B2B Payments in the AR process is a smart way to facilitate faster and easier payments from the customers. By offering multiple payment options, such as credit cards, bank transfers, digital wallets, or cryptocurrencies, businesses can increase the convenience and security of the payment process. Moreover, by integrating B2B Payments with the accounts receivabale software, businesses can automate the invoicing, payment reminders, payment confirmation, and reconciliation processes, saving time and reducing errors. B2B Payments can also enable businesses to offer incentives, such as discounts, rewards, or loyalty points, to encourage customers to pay on time or early.

One of the challenges of managing your accounts receivable is dealing with different types of customers and their payment behaviors. Large companies may have multiple approval levels that can cause payment delays, so you need to identify and contact the right person who can speed up the process and clear your invoice. However, in small and mid-sized companies, you may face the problem of competing with other creditors for your customers’ attention and cash. In this case, you may need to send frequent and friendly reminders to prioritize your invoices over others, and also offer incentives for early payments that can benefit both parties.

Another challenge of managing your accounts receivable is dunning, which is the process of contacting your customers to collect overdue payments. Dunning management can be a frustrating and delicate process if not done in the right way, so you need to understand and empathize with your customers first. You need to use the right tone, language, and medium to communicate with your customers, depending on their situation and preferences. When you do dunning management effectively, you can overcome many obstacles and make payment collection a super-efficient process.

Follow-up is another important word in the receivables context, and it is closely related to dunning management. Follow-up is the process of keeping in touch with your customers until they pay their invoices, or until you decide to write them off as bad debts. Follow-up is crucial to maintain a good customer relationship and to avoid losing track of your receivables. However, you cannot afford to be boring and repetitive in your follow-up messages. You need to use a personalized and professional approach in every follow-up, and also provide value to your customers, such as updates, insights, or tips.

Managing your accounts receivable can be a complex and time-consuming process, but it can also be a rewarding and satisfying one, if you use the right tools and strategies. One of the tools that can help you focus on one thing - getting paid faster and easier - is Kapittx, an Accounts Receivable automation platform that uses facts to help you reduce your Days Sales Outstanding (DSO). Kapittx gives you a clear view of what’s working and what’s not, and why, in your Accounts Receivable process. It helps you establish a successful relationship between your customers’ accounts payable cycle, your invoice life cycle management, and your collective ownership. Kapittx also enables your collection teams and sales teams to collect payments faster and more efficiently than before, by embedding B2B Payments in the AR process.

B2B Payments are a smart way to facilitate faster and easier payments from your customers, by offering them multiple payment options, such as credit cards, bank transfers, digital wallets, or cryptocurrencies. These payment options can increase the convenience and security of the payment process for your customers, and also reduce the transaction costs and risks for you. Moreover, by integrating B2B Payments with the accounts receivable software, you can automate the invoicing, payment reminders, payment confirmation, and reconciliation processes, saving time and reducing errors. B2B Payments can also enable you to offer incentives, such as discounts, rewards, or loyalty points, to encourage your customers to pay on time or early.

If you want to improve your cash flow and reduce your DSO by more than 30%, you should try Kapittx, an Accounts Receivable automation platform that embeds B2B Payments in the AR process. Experience how Kapittx can speed up your payments and make your Accounts Receivable management a breeze.

Request a demo today.

[depresseddepot]

started planning out an actual real budget to see what sort of housing I could afford if I lived alone and it is. not great !

[pynkhues]

Every year around this time, I'm like, next year, I'm going to finish up my part-time office job at the theatre, and live off my freelancing and creative contracts, and every year one of my freelance clients decides to try and be slick and get out of paying me and I'm reminded that what the office job offers is stability and organisational accountability, and that companies that hire freelancers for jobs they can't do absolutely love feeling like they don't owe you anything.

[maulfucker]

fun way to make up designation numbers for your clone ocs: use your old credit/debit cards. they have like a small squad's worth of clone numbers

[lesbianstarlightglimmer]

I literally don’t give a shit if my parents help pay my cell phone bill I’m almost 28 years old I shouldn’t still hafta share my location with them ESPECIALLY since I already tell them when I’m leaving and arriving at places like??? I shouldn’t even hafta do that either!! Absolute bullshit

[thirdtimed]

shyly pokes head........ would any one here potentially be interested if i ever opened commissions.... 🙇