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KPI-driven AR

When users log in to Corrivo, the first thing they see is their team achievements and goals. This ‘dashboard’ view keeps them mindful of their own ability to work through cases, be they calls, reminders, queries or disputes. They become familiar with their own capacity to handle a volume of tasks. By far the most common remark our clients make after a few months on Corrivo is that they have exceeded their own expectations of how much they can handle in a day. They find themselves having to reset their targets to meet their growing capacity.

Seeing their achievements, e.g. how many reminders letters they sent or calls they made or queries they resolved, both individually and as a team, is motivation in itself.  If you think your team can take on higher KPIs, you are probably right, unless you are already using Corrivo.

 

Productivity and AR Metrics

Corrivo users find that their productivity soars, their ability to get through work rises and with it, the key metrics for their department start to improve. The really important metrics are your value in query, your DSO, your aged debt etc – the measures that directly affect your company’s financial wellbeing. Here is how Corrivo helps you improve THOSE metrics, not just the productivity and output of each team member.

Invoice Accuracy

Having your invoices created automatically from order data means they are always 100% accurate, as long as the order itself was not faulty. Mistakes lead to invoice queries and disputes, which adds to AR workload and delays payment, sometimes causing aged debt. Accuracy is therefore key to reducing DSO.  It is also extremely important to reduce your value in query figures dramatically.

Invoice Immediacy

Having your invoices sent out to customers automatically, within minutes of an order being placed or confirmed as delivered, further reduces the gap between order and cash. Even postal invoices are sent quicker using Corrivo – our mailrooms around the world print and post invoices locally so there is no airmail involved or long postal delays. This makes any remaining postal invoicing or documentation you have to send more cost-efficient and planet-friendly. Customers can receive emails alerting them that invoices are ready for collection whatever method the invoice is delivered in. So, an organisation receiving invoices by EDI can still have an email with a link to the self-service portal provided to them when their invoice is ready.

This means they can view it in a ‘human readable’ format while their Accounts Payable system ingests the data and sends it around for approval and payment internally. Since the Corrivo customer self-service invoice portals are mobile-friendly, customers can view their invoices when and where they like. With your invoice at the top of their inbox and on the top of their mind, you’ll find there’s a shorter gap between invoice issuance and cash received and recorded. This reduces DSO.

Invoice Appeal

Yes: appeal. With Corrivo you can design your invoices to be attractive, easy to read and a pleasure to look at, rather than being boring form-based documents. You don’t have ink and printing costs so they can be colourful, eye-catching and designed to direct attention to the values, due dates and key references.  Making it easier for your customers to find the information YOU want them to use (such as the invoice reference and customer account reference) is one thing customers will thank you for by paying more promptly, thereby reducing DSO.

Invoice Availability

Corrivo’s self-service portals allow customers to view invoices any time, anywhere on any device. They can also access past invoices for cross-checking. A free online archive of past invoices helps the approvals process and reduces the effort needed by the buyer to confirm invoice data ready for approval. In addition to invoices, make sure all associated documents, such as terms and conditions, proof of delivery notes, order confirmation letters etc. are all available with the invoice or within one to two clicks.

Accessible, available and complete with all the required documentation, your customers will have little to debate. Copy invoice requests will drop within days of moving to Corrivo and your team will win back valuable time.  Productivity will rise.

Invoice Trackability

The Corrivo team at Data Interconnect checks delivery reports for invoices sent by EDI and remediates quickly to ensure certainty of delivery is achieved for all invoices sent by EDI. Likewise, bounced emails are dealt with and your users can see that invoices have been safely delivered and opened by the recipients. This helps your team fend off excuses about not receiving invoices – you have evidence.

It further reduces time-draining copy invoice requests and provides you with data that you can analyse to learn who your prompt and efficient payers are and which customers may need extra attention. It is also audit friendly, which is also a considerable time saver and stress reducer.

Invoice Reminders

Reminders letters and calls are all designed into your chase paths in the Corrivo Collections module. You can create as many chase paths as you with using different wording, letterheads or timings and you can apply them globally or to individual accounts either manually or based on rules you determine. Some of our clients have chase paths that are activated if the invoice value is over a certain figure or that are applied to ‘repeat offenders’ in terms of sequential late payments. Reminders letters and calls need not be a cottage industry when you could be spending your time, skills and attention on personal interaction with customers.  The Corrivo Collections module helps our client organisations reduce their aged debt, manage DSO down and spend more time in root cause analysis of issues and disputes.

Invoice Visibility

Stakeholders in the customer relationship, from sales, to customer service to collections or enforcement teams can view all the history, associated documentation and relevant information for every invoice simply by having an Corrivo user account set up with appropriate ‘need to know’  based permissions.

Access to a complete set of information helps all parties complete their tasks efficiently. We often find when our clients used third party companies for part of their order to cash process, access to Corrivo data makes the difference between an uneconomical contracting arrangement and one that delivers the desired return on investment.  This data visibility accelerates dispute resolution, query management, and order to cash process time, as measured by DSO.

Summing Up

This list is not exhaustive – there are many more ways in which  Corrivo helps businesses improve their Accounts Receivable, Credit Control and finance metrics and rebaseline their KPIs.  Talk to me today about the areas you want to improve. Connect on LinkedIn or email davidh@datainterconnect.co.uk. I will be more than happy to help.

 

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