Improve Cash Flow
Cut down on the time it takes to get money in the bank.
Cash flow is one indicator of business performance and health, but oftentimes outdated processes, ineffective strategies and human errors can slow down the conversion cycle. With the many hands touching the cash flow process and ensuring you stay positive, it’s important to build efficiencies where possible.
Our team of cash flow experts can help you eliminate manual processes with automation, utilize workflows to automatically route orders and instantly retrieve documents that will streamline your processes across your enterprise. Let’s explore ways to start improving cash flow.
How to Get Started
Map Your Cash Conversion Process
Mapping your current cash conversion cycle allows you to pinpoint where process improvements can be made. It also ensures team members are on the same page. Notate how long each stage takes you to complete to better understand ROI for your transformation initiatives.
Require Digital Invoices
Take control of the AP & AR processes by making it a requirement to send and receive digital invoices. Manual handling of invoices takes away valuable time that could be spent on more important tasks. Not only will it give you back time, but think of all the money and trees you’ll save without having to print and mail all those invoices. We see many teams who receive digital invoices print them off to process them. Our solutions can help you stay in the digital world and maintain the speed you need to succeed.
Extract Invoice Data
While digital images of invoices are a solid improvement over paper versions, they are just that, images. To see what’s possible key data points like vendor, cost, due date and more should be extracted from the invoices as they come in to drastically speed up your cash conversion cycle.
Select the Right Tool
How will you ensure visibility into each step? Imagine the possibilities of building dashboards for status updates or enabling mobile approvals. We partner with organizations like Esker, Onbase, and Nintex, offering best-in-class solutions. Depending on your scale and needs, our team has deep expertise in the implementation and management to help you improve your cash flow and see the immediate benefits reflected in time savings, visibility and ROI.
Automate Minor Steps
It’s amazing how automating the smallest of steps can help you shift your priorities and get back to the work that matters most. Think about automating payment reminders, payment capture, approvals, tracking status, records, and data feeds to new dashboards that give you a complete overview of your cash flow. Any step you’re able to automate means improving accuracy and speeding up the time it takes to get paid.
Implement Change Management
When changing processes, and especially when implementing new tools, an in-depth adoption strategy will be critical to long-term success. Consider how you will deliver training or utilize surveys to measure adaptation to new technology and ensure positive experiences with your partners and customers. Involve those who work directly with each process step to ensure success is measured within every level of your organization.
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