Take the Accounts Receivable Challenge

By August 15, 2022Uncategorized

Are you up for a challenge?

I love my job. I get to talk to great people, some of whom are responsible for making big decisions that can turn be a lifesaver for their businesses’ balance sheet. What I really enjoy is learning about a business and sparking their interest in eInvoicing and Collections software. I find that, at the end of the day, it’s how much the business can save per invoice, per year, or per thousand pounds of credit outstanding. I know that accounts or finance department are very black and white. If the numbers stack up, the solution stands a chance. That is why I like to calculate the savings for the businesses I talk to and identify areas that will make the difference between 70p per invoice and 5p per invoice, That’s a black and white saving right there.

Save time

The biggest benefit of eInvoicing automation over simpler packages is the massive amount of time saved. When you look at the number of full-time employees, some of our clients have redeployed, you will see that there is a bottom-line benefit to introducing automation. It’s not just the ‘person hours’ – the processing time is faster with automation. Invoices can be produced in minutes, not days from when an order is placed or delivered.

Save space

Saving space has been a big theme for several prestigious clients we’ve taken on in the last year. Closing warehouses with dusty back offices, surrendering leases on office space and moving to purpose-built hot-desk environments for a busy but smaller head office have shown me that space = cost in business. Not only do you get to save space by refocusing your AR team, but also by enabling them to work as productively from home or remotely. One of our clients in the beverage manufacturing sector wanted a multi-site team from different areas of the business to work together more effectively.

We helped them do that, and it meant they could put their best resources – the real specialist credit managers in collections, into one department to manage a higher workload between them much more easily. By working together more closely, they came up with new ideas about making even more of a difference. Good things happen when you give people the tools they need to do a good job.

Getting rid of printers and franking machines also saves money – and that is something that we help a lot of our customers with. We take on the remainder of their postal invoicing for as long as it takes to reach their target % of eInvoicing. Our post room team is amazing, and our global postage rates are extremely good. People are always pleased to find out that basic things like a postal invoice or reminder letter can be cheaper with even less effort on their part.

Save money per invoice

We can calculate per invoice costs for you if you haven’t worked it out. There is a simple formula we use that gives you a figure with and without the ‘people’ costs of generating invoices and getting them paid. We have never had a situation where we could not save a business money on a per invoice basis by switching to us. Even if your business uses some form of eInvoicing software, we are confident you can improve upon its efficiency. The savings are highest for businesses switching from paper to eInvoicing, or PDF to eInvoicing with portals. Still, most companies have a mixture of methods in place and want to combine in one direction. That’s where we can help.

Save money per month

For some of our clients, the savings they’ve made are so good, that’s just on the process costs, not the people, office space, and machines. I’m pleased to say that the same client got a return on investment for the initial setup cost of coming on board with a solution in only a few months.

Save money in the long term

Return-on-investment calculations are impressive. I say this with confidence. We’ve often had clients who have paid back their initial costs within 3-4 months. On top of that, the long-term cost savings are really worth mulling over. Fewer invoice queries, fewer copy invoice requests, faster payment, and easier reconciliation all add up to less time on administration and more time to put into talking to late-paying customers, solving problems, and reporting on results.

Save with me

Here’s the challenge. If you think your accounts receivable and collections processes are good, see if they are so good that you could not save by switching to Corrivo. Drop me an email or reach out on LinkedIn – Jim Adams, and I’ll take you through the savings calculation process. I’d love to help you find a way to save your company money and make your colleagues’ lives easier, calmer, and brighter this year.

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Andrew Knight

Author Andrew Knight

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