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Accounts receivable means the money clients owe to a company for products or services bought and consumed. Still, the payments have yet to be made. For this reason, keeping a close check on AR becomes essential in business to reduce risks of potential business crises.
Invoice Generation: To prepare automatic generation and mailing of invoices resulting from sales.
E-invoicing: Adopt e-invoicing as a method of invoice transmission to avoid manual handling and improve invoice security.
Automated Credit Checks: Carry out real-time credit checks on new clients through an interface with credit rating bureaus.
Credit Limits: An automatic system should be able to set and revise credit limits based on customers’ ability to pay.
Real-Time Monitoring: Monitor the payments made and the balance of the bills, except for those paid on credit.
Automated Reminders: Based on the schedules and time intervals used in the instance, automated payment reminders and follow-ups can also be implemented.
Automated Reconciliation: This process involves matching the payments received from the customers with the invoices generated, using machine learning methods to capture discrepancies.
Bank Integration: Subordinate the bank accounts so as to automate the reconciliation of the received payments.
Automated Collections: Initiate the collection procedures for the outstanding payments, such as sending reminder emails, phone calls, and letters.
Escalation Management: For severely overdue accounts, the following automated collection actions should be taken: Send them to debt recovery agencies.
