Invoicing automation for the age of the email
Electronic invoicing can substantially lower operating costs and provide more data transparency across the organisation. Our clients find that the improvements to the ability of a small team to handle large customer volumes is further enhanced with automation is applied across the Invoice to Cash process.
Collections Automation, however, doesn’t make your collections process impersonal, it gives credit teams more time to make calls and chase late payment instead; by organising the credit controllers work-flow. As invoices become overdue reminder letters are auto-generated and these can be set to be sent out automatically or following the approval of the Credit Controller. and, although standard letters can be used throughout, there is also an option to design chase paths and letters for specific customer segments or to change the chase paths applied.
What is a chase path?
In Corrivo, our clients can design the letters and messages that are to be sent out at each stage and design the sequence of calls and letters too. The chase path is the sequence of reminders, calls and Dunning letters. Being able to apply more sternly worded letters or set up automatically recurring dunning letters means that once an invoice has fallen overdue by a set number of days, the customer is repeatedly sent a reminder until they pay.
This simplifies and streamlines processes for credit teams, allowing them to spend more time on value-adding activities, such as data analysis or customer calls, using the handy call scheduler within the system.
The added benefits
Customers are sent a link to the Corrivo invoicing portal where they can read reminder letters and view all outstanding invoices. The advantage of this for credit teams lies in tracking it provides. Teams can easily see when customers have accessed the portal to view reminders, making it easier to spot a bad debt risk before it becomes a problem. The customer’s payment history will also provide an insight into when something is out of the ordinary and may need further intervention.
Keeping notes against invoices or accounts also helps credit controllers hand over to one another to keep the pressure on overdue invoices. The system is designed to assist credit teams and shed light on customer activity, without taking away the personal touch that is needed to manage customer accounts.