Prepare for the future: Invest in receivables management

Cash Onguard

In this blog:

Digital transformation has a positive impact. Discover which solutions Onguard offers for your accounts receivable department.

With good insight into your customer base, you take faster and more appropriate action when payment problems are suspected. In fact, based on history and risks, the software can predict exactly which customer will pay the invoices and which will not pay (on time). This way, you know which communication suits you best and which potential risks you run. Do you want your company’s accounts receivable management to be better prepared for the future? Read here what Onguard has to offer in terms of digital accounts receivable solutions

Digitalisation is something we can no longer think away in automating business processes. It helps finance professionals immensely in their daily work by automating manual or repetitive tasks. Such a system can also cope with any staff turnover in accounts receivable departments. The technology used can largely catch processes at the time an employee leaves the company or when a new colleague is still being inducted. In this way, automation ensures transparency in procedures, offers insight and, above all, reduces costs.

Business (easy) as usual

Cash is king, and ensuring that more cash comes in is obviously beneficial for the company as a whole. By equipping the receivables team with the right technology, organisations can significantly reduce the number of debtor days and time spent on disputes and customer segmentation. It can reduce the impact on margins and bring credit controllers and sales teams together. Automation can also be implemented to help manage any staff turnover in AR departments, as business-as-usual processes can be satisfactorily handled by technology with little intervention.

The benefits of machine learning

At the day-to-day level, AI and machine-learning technologies make it possible to automatically match invoices with payments, track incoming payments and analyse crucial data. These include delivery status, amount due and payment history. While plenty of companies have moved to some form of digital invoicing, organisations working with AR automation can adapt to any format. Even if it is on paper. You use the same platform internally to deliver invoices in the way that best suits your customer’s approach. The system can also provide real-time alerts, ad hoc reports and other insightful tools to uncover potential problems. And enable more effective cash flow management. As AR processes become more complex, from credit limits to managing new types of payment methods such as crypto currencies, the benefits of automation and real-time dashboards will increase.

The image of accounts receivable

So why have some organisations delayed implementing a digital transformation policy? Much of the work within accounts receivable has traditionally been seen as ‘mind-numbing’. An image that may have contributed to the lack of focus on innovating accounts receivable management over the years. Ironically, just shifting the focus and applying technological innovations to the department can alleviate these repetitive tasks among employees. This allows them to focus on the more challenging and stimulating tasks in their package, and will ultimately reduce the risk of human error.

Synergetic collaboration between departments

In many companies, accounts payable and accounts receivable teams still work completely independently of each other even today. This obviously hinders streamlining of the various debtor and creditor processes considerably. Interestingly, great benefits can be gained by having both teams better align the technologies used. As a result, one transparent strategy is followed throughout the company both internally and externally. At Onguard, we offer solutions that bring your data together on one centralised platform. Think for example of profiling and customer segmentation. This system ensures that your customer automatically receives the right personal communication at the right time. This leaves you and your team time to focus on the exceptions and build on the relationship with your customers.

Onguard debt collection solutions

At Onguard, we offer solutions that connect data on one centralised platform. In which internal and external systems and services are linked together while using intelligent and intuitive automation to deliver valuable insights. This enhanced visibility and secure sharing of critical data ensures optimal connectivity between all order-to-cash processes. Our receivables management solutions encourage faster decision-making and foster strong customer relationships. In the end, that’s what we’re all about. 

Receivables management done right? Harmony within the organisation!

Harmony and transparency within the organisation

Improved visibility and secure communication of critical data ensure optimal connection between all order-to-cash processes. Onguard CreditManager grows with your organisation; you decide which additional API modules from our Marketplace you add to improve and speed up your order-to-cash process. The integration of these modules can create an optimally integrated and efficient platform. From risk management, credit insurance invoicing with payment links to automatic payment processing and direct debit. Based on artificial intelligence and machine learning, CreditManager makes smart use of all this available data. You benefit from additional data exchange and (near) real-time status information. For example, about current payments, transfer recommendations and updated file information from the collection agency. Enough choice to set up and streamline your credit management process as desired. 

On the road to success with Onguard

It is clear that as a company, you do need to innovate in your accounts receivable department. A further step in digitisation in all departments brings more stability not only to the various financial departments but to the entire organisation. Do you have questions about digitising your accounts receivable management, or are you not sure which solution is best for your organisation? 

Contact our sales team to discover the best solutions for your organisation. We are happy to help you choose your perfect match!


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