The Intelligent Accounts Receivable Blog

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Self-driving...A/R.  What?

Posted by Matt Shapiro on Jun 28, 2018 12:40:44 PM

We've all heard about self-driving cars and how AI is powering this innovation.  How about using similar innovation to power Finance Department's Accounts Receivable?  We don't have to worry about accidentally hitting an elderly lady in a crosswalk or running over a puppy.  There's less risk in taking the hands off the "wheel."  Our self-driving AI can handle a wide variety of Accounts Receivable situations ensuring payments are made, and customers are treated with care in the most efficient and effective manner.

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Topics: accounts receivable, AI, revenue cycle management, payments, artificial intelligence

Reduce Accounts Receivable inbound & outbound communication activities

Posted by Matt Shapiro on Jun 13, 2018 12:31:55 PM

Automate communications

A high amount of resources are dedicated to customer support in A/R.  We put it all on autopilot.  What would you do with all of the saved resources dedicated to creating & responding to customer calls and emails?

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Topics: accounts receivable, Account receivable Tips, AI, "chatbot"

3 Things to learn from this law firm’s Accounts Receivable case study:

Posted by Matt Shapiro on Mar 22, 2018 11:41:04 AM

Accounts Receivable should be easy to manage, track, and collect.  For clients, the bill should be promptly sent, clear, easy to pay, and easy to resolve questions/problems.  Achieving this ideal A/R environment is challenging and evident by messy, fragmented processes that have high costs of companies spending millions and still writing off millions (collectively, billions).

In the legal industry, margins are decreasing each year with continuous rising operational costs, and increased cost competition from on-demand legal services provided by startups with new business models.  Billing and collections are the 3rd most significant challenges for law firms according to Law firm Suites

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Topics: accounts receivable, Account receivable Tips

3 questions about Accounts Receivable every small business owner needs to know how to answer

Posted by Matt Shapiro on Mar 19, 2018 10:15:45 AM

3 question about Accounts Receivable every small business owner needs to know how to answer:

Running a business is daunting given the variety of critical responsibilities.  The stress level is higher when your an owner. Company growth is good, but it also adds complexity and a new set of problems.  At some point, an accountant is retained or hired, and everything coming out of her/his mouth is new and confusing.

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Topics: accounts receivable

Your account receivables on autopilot

Posted by Matt Shapiro on Oct 25, 2017 9:28:55 AM

 

The trend is firmly established to automate as many business processes as possible. Many large organizations use a CRM tool to create semi-automated sales processes. On the finance side, many use sophisticated ERP solutions for parallel reasons. There’s a new trend post-automation, autopilot. We have cars that can drive themselves. Now, we’ve built an accounts receivable system that can collect on it’s own.

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Topics: accounts receivable

5 tips to reduce your past due accounts

Posted by Matt Shapiro on Oct 17, 2017 5:09:44 PM

Growing a business is not only about sales and year-over-year growth. It’s also about growing cash and being cash flow positive. It’s possible to have $50,000,000 of sales in a year with barely enough cash to pay the bills let alone cash for important projects such as strategic hires, new equipment, or system upgrades.

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Topics: accounts receivable, Account receivable Tips

Here is how revenue is draining away to collection agencies

Posted by Matt Shapiro on Sep 12, 2017 12:54:06 PM


A common rule of thumb for continuous business success is continuous innovation. The first thing that usually pops into minds is product and/or service innovation; however, innovation benefiting companies comes in many forms. Another key way to innovate, dramatically impacting revenue and the ability to grow, is system and process updates.

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Topics: accounts receivable, collection agencies

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