System1A: What CFOs need to know about AR automation software
A day in the life of a CFO with System1A
Imagine navigating a deluge of daily transactions across diverse customer segments. Traditional AR systems offer basic reports but often overlook subtle irregularities that drain your bottom line. That's what Sarah, CFO of a rapidly growing company, used to face daily.
Today, with automated AR solutions, Sarah's day starts differently. As document data is transmitted to the platform, it flags a significant overcharge for a loyal customer. Sarah instantly receives an alert, allowing her to intervene before any damage is done. This isn't just fixing a mistake; it's an opportunity to re-examine pricing models and identify new revenue streams. AR automation software transforms financial data into proactive insights, fueling continuous improvement.
Sarah is also empowered with an enhanced ability to identify potential, fraudulent activity. With AR automation software, Sarah is immediately notified of any irregular activity such as unusually large or delayed credit notes, allowing her to investigate and rectify any potential issues quickly before it's too late.
AR automation software isn't just a win for CFOs; it empowers AR teams. With streamlined customer invoices, self-service portals, and flexible payment options, the software delivers a "white-glove" experience for every customer, not just VIPs. Sarah's sales team loves it, too, as faster collections improve cash flow and fuel further growth.
Which AR software features make everyday streamlining and strategic oversight possible?
AR software offers more than error corrections and flagging anomalies in your AR cycle. Advanced systems use AI to analyze invoices and spot overcharges for loyal customers, which can fuel optimization. Overcharged invoices can trigger pricing reviews, while suspicious credit notes can be used to tighten vetting procedures and improve cash flow.
The features that enable AR automation software to streamline everyday financial operations and provide strategic oversight collectively enhance the efficiency and accuracy of the accounts receivable process, improve cash flow, and foster better customer relationships.
Data analysis and insights
- Deep dives and historical comparisons: Go beyond basic reports and uncover trends, patterns, and anomalies within your financial data to identify areas for improvement
- Predictive analytics: Anticipate potential issues like late payments, credit risks, and cash flow fluctuations and make informed decisions to prevent problems before they arise
- Customizable dashboards and reports: Tailor your data visualization to your specific needs and priorities and access critical metrics and insights at a glance for efficient monitoring and strategic planning
- Exception alerts and notifications: Receive real-time notifications for exceptions like overcharges, suspicious credit notes, or overdue invoices
- Automated remittance procedure: Automatically identify unallocated payments and submit remittance requests via digital, online forms containing all information and functionality needed for clients to complete their remittance advice quickly and accurately.
- Workflow integrations: Connect your AR software with other systems like ERP and accounting platforms to create seamless workflows and eliminate manual data entry
- Centralized document repository: Securely store and manage invoices, contracts, receipts, and other relevant documents in a single, centralized location for easy access and audibility
- Automated document linking: Eliminate manual document storage and linking by leveraging the platform's digital document linking functionality, automatically linking invoices to proof of deliveries and highlighting any invoices that remain unlinked
- Collaborative review and annotation: Facilitate efficient document review and dispute resolution collaboration with real-time comments, annotations, and version control
- Smart invoicing: This feature automates invoice distribution and allows for the creation of branded invoices and efficient tracking to enhance customer satisfaction and improve collection rates
- Customer portals and self-service features: Some AR automation software integrates a communication portal, allowing customers to respond or ask questions immediately as they go through items on their statement. Efficient communications allows for swift resolutions, enabling faster payments.
- Mobile accessibility: Access your AR software and critical data on the go through mobile applications for improved flexibility and real-time monitoring
Streamline tasks, focus on strategy, and break down silos with one AR application
Not so long ago, rolling out the red carpet treatment, like tailored terms, customized invoicing, and flexible payment options, was only feasible for VIP customers. Today, all B2B customers expect the same white glove treatment. They want self-service options to access and settle invoices on their payment schedule conveniently. And they expect instant answers to queries, mobile access, world-class data security, and options to tailor their preferences.
System1A seamlessly integrates with your existing ERP or accounting system in under 45 minutes, instantly breaking down information barriers and streamlining your AR operation.
Read more about the benefits of integrating System1A into your ERP system: ERP for finance: Beyond your ERP systems.
- Automated invoice distribution: Say goodbye to one-by-one downloading and manual emailing of invoices. With System1A, teams can action the sending of all client invoices for the day with a click of a button.
- Real-time insights: Monitor key metrics like outstanding receivables, overdue payments, and collection trends on a single dashboard
- Automated alerts and notifications: Never miss a critical exception. System1A instantly alerts you to issues like irregular invoices, unusual credit note activity and soon-to-be exhausted client credit limits, allowing immediate intervention and damage control.
- Document review and management: Easily access invoices, contracts, and other relevant documents for faster investigations and improved vendor vetting
- Self-service customer portal: Empower customers to access invoices and manage their accounts online, offering a convenient and hassle-free experience
Focus on strategy
- Predictive analytics: Uncover hidden trends and anticipate potential risks. System1A analyzes your data to predict cash flow fluctuations, identify credit risks, and recommend collection optimisation strategies
- Customer segmentation and targeted campaigns: Use System1A's insights to create personalized payment options and communication strategies for various customer groups
- Improved cash flow management: Optimize your collection cycle with automated reminders, flexible payment options, and early settlement discounts
- Customizable reports and dashboards: Tailor your data visualization to your specific needs and priorities to gain deeper insights into your AR process
- Cross-departmental collaboration: Sales, finance, and customer service can access the same information in real-time, facilitating collaboration and improving customer experience.
- Mobile access: Stay connected and monitor your AR process anywhere, anytime, with on-the-go access to dashboards, reports, and critical data
- Scalability for growth: As your business expands, System1A scales with you. Its flexible architecture and adaptable features accommodate your evolving needs and ensure smooth growth without data migration headaches.
- System1A ensures data security with encryption, user access controls, and audit trails. These features protect your financial data from unauthorized access and help to maintain compliance with data protection regulations.
Ready to experience the white-glove treatment for your customers and AR teams? Book a trial or demo today.