What's causing cash flow challenges for business services firms?

Business services firms often face complex and inconsistent revenue cycles. Unlike product businesses, they bill based on time, milestones, and projects with varying rates and terms. This complexity, combined with manual processes, high check usage, and long approval chains, leads to errors, revised invoices, and delayed payments, which stalls cash flow.

What are the benefits of AR automation for business services?

AR automation significantly speeds up payments, cutting Days Sales Outstanding (DSO) by an average of 14 days for service firms. It streamlines repetitive work like invoicing and reminders, cuts processing costs, reduces manual errors, and provides clear ROI. It also frees up finance teams to focus on strategic work and strengthening client relationships.

How does AI improve the cash application process?

AI-powered cash application uses machine learning to automatically read, adapt, and process payments, even those with unstructured data. It assigns a confidence score to potential matches, automatically applying high-confidence payments and routing exceptions for review. The system learns from every match and human correction, continuously improving its accuracy and significantly increasing straight-through processing rates.

What features make AR software ideal for service-based businesses?

Ideal accounts receivable software for service-based businesses includes several key features: AR Automation: Eliminates repetitive administrative tasks across the order-to-cash cycle, freeing up teams for more strategic work. AI Tools: Streamlines cash application, simplifies exception handling, and provides data-driven insights for payment predictions and smart cash flow forecasting. Flexibility & Ease of Use: The ability to accept various payment methods through all channels, along with the ease of customizing the software to fit the firm’s specific financial processes. Extensive Integration: Capabilities for smooth data flow between the AR platform and existing ERPs, banks, and other financial systems. A Supportive Partner: A provider who offers superior support and collaboration to help identify new opportunities and solve challenges.

How does AR software integrate with ERP systems in service firms?

The best AR software has integrations that connect seamlessly with existing ERP and financial systems. This connection keeps data accurate and allows it to flow between invoicing, payments, and collections activities. The result is that finance teams get full visibility across systems without endless file uploads, data re-entry and reconciliation, allowing them to spend less time managing data and more time driving outcomes.

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