Industry trailblazers are continuously looking forward to solutions that are adaptable to changing trends and market requirements. Cost savings, improved cash flow, and a decrease in manual errors are the determinants of any organization’s financial health. With pliant and forward-looking technology, businesses can maximize their cash flow and concentrate on making critical decisions backed by reliable data. In order to control account receivable systems, it is necessary to fabricate a long-term and outcome-based process. As the prosperity of the digital transformation of account receivable relies on seamless implementation and integration of novel technology with the company’s existing technology, finance professionals should emphasize automating account receivable to streamline daily operations and manual tasks.
It is also essential to keep up with the latest account receivable trends, as it allows organizations to take advantage of the latest developments in the industry. One of the most prominent trends that is growing with time is personalized communication. Collecting overdue payments is no easy task; when done inappropriately, poor communication can lead to customers losing their trust in a brand. This is why personalized solutions are increasingly becoming popular. A solution bespoke to customer preferences improves customer relationships and helps maintain good communication.
Similarly, customers now prefer completing their purchasing transactions online, and vendors are also providing them a variety of payment methods. This helps organizations to get paid quicker and reduce bad debt. With a flexible payment system in place, customers can effortlessly access invoices and send payments. These payment options can include credit or debit cards, online payments, checks, money orders, cash, or payment plans.
To gain the advantages of such technological advancements has compelled organizations to adopt account receivable solutions and services. This edition of CFO Tech Outlook has compiled a list of leading account receivable solution and service players to help companies navigate the best-of-breed service and solution providers. The enlisted organizations are transforming processes and services at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you CFO Tech Outlook’s “Top 10 Account Receivable Consulting/Service Companies - 2020.”