If you’re thinking about purchasing an Accounts Receivable Management and Collections system, there are several must haves. Key functionality will significantly increase payment rates of your AR boosting cash flow while lowing operational costs and revenue leakage. However, most software options in the market don't measure up.
Increase Payment Rates: Get More Cash With Artificial Intelligence (AI)
The central point to having Accounts Receivable software is to get paid! Do you have a lot of aging accounts? How much do you write-off every year? What's the daily cost to your company when accounts are not paid? Cash coming into the company is crucial. Pretty much every company can be doing a better job and capturing payments. An AR tool should expedite payments, have more accounts paying on time, and have fewer aging accounts on the books.
A way this can be achieved is by using Artificial Intelligence (AI). If the AI recognizes that a customer cannot pay, it automatically and electronically sends payment alternatives including payment plans to the customer derived from their unique financial information. This is an easy and simple process to integrate into your business, if you have the right software. If all of your customers' financial information is uploaded into the system, the AI is able to use the data to analyze, create, and deliver payment options to increase payment rates.
Learn When To Expect Cash: New Forecasting Capabilities
There is a lot of uncertainty around unpaid accounts. When will they be paid? How much will be paid? Will they ever be paid? Many AR management software companies claim to be able to get customer payments, yet they can't help when a customer doesn't pay on time. They can't answer important questions to determine the likelihood that someone will make those payments once they missed the due date, or even before. A big mountain of mystery, aging accounts is created. Software like Siyea has a tool built in making it clear when to expect payments and from which customers.
Having this information ahead of time allows your company to prepare and make strategic business decision ahead of time.
Maximize Efficiency & Lower Costs: Artificial Intelligence (AI) & Automation
Manage and track accounts without the need of a physical person making journal entries or recordings every day. Time saved in removing manual workload will allow staff responsible for manually entering data to be working on other, more productive tasks better utilizing their skills.
Instead of adding more people as your company grows, some software like SIyea can scale with your company. It's designed to handle a large quantity of tasks.
Improve Customer Relationships: SMS Messaging Tool & Self-Serve
This is a must have for multiple reasons. From the customer’s perspective, texting is far less intrusive and annoying than a phone call from a collections agency. Most people don't answer their phones anymore especially when they are behind on a bill. Answer rates are even lower when the number is unknown. Using modern, comfortable forms of communication such as texting increases engagement. Sending customers texts messages with payment terms allows them to deal with the delinquent bill on their own time when they want without having to respond immediately. Removing the irritation and anxiety from the process by using software strengthens relationships.
Automatically Handle Customer Q&A: Two-Way Bot Communication
This is specific to Siyea’s system. Customers are able to ask any question or discuss a problem while getting real-time answers. The AI automatically generates responses to help the resolve the customers' question or problem. New Q&A is continuously being learned by the AI. Inbound calls and emails will continuously decrease and outbound activities to answer customers will also shrink.
When a specific customer account needs a person to step in, the software makes that determination and notifies staff improving efficiency. No more calling down a list of delinquent accounts hoping to find who will pay. That wastes a lot of time when software can be used to help. Now, your staff knows who needs human help to resolve a complex question or problem.
If your company does not leverage this innovative technology, you can get it. Everything mentioned in this post is included in Siyea’s Accounts Receivable Management & Collections software. They have discovered the best way to use the latest tech so you can have a cash flow generating machine that never sleeps. It's easy and seamless integration into existing tech solutions makes starting Siyea fast and painless. The team at Siyea is passionate about helping businesses collect payments, increase working capital, and get businesses out of the outdated collections agency system. When all of this tech is used, the need for collection agencies decreases because companies are capturing their cash.
For more information about accounts receivable management, read our Accounts Receivable Management Guidelines and Tips.