Spring is officially here and if you’re like me, you know it’s time to start going to the gym to implement a new workout plan to get your body healthy and in shape.
Many of you could probably relate and agree that the Invoice-to-Cash process has room to improve and “lose some weight”. Here’s four ways to burn fat from the invoice-to-cash process immediately and reduce your days sales outstanding (DSO).
Exercise Tip #1: Be Progressive
It’s great if you’re exercising on a regular basis. But let’s face it; if you aren’t pushing yourself to lift an extra set of weight or run an extra mile, then you’re just maintaining the same level of fitness. Many companies still rely heavily on the Postal Service to send invoices and receive payments. You’re not doing your company any favors if you have invoices going out by mail. Cut paper from your process and start migrating your customers to electronic delivery options. It will help make your process become more efficient and improve your cash flow. The harder you work to migrate your customers to electronic invoicing, the more positive results you will achieve.
Exercise Tip #2: Superset Your Process
For those of you who aren’t gym rats, doing “supersets” is when you combine exercises that hit noncompeting muscle groups (pecs and quads) in back-to-back sets. You should superset your invoice-to-cash process by not only switching your customers to electronic invoice presentment (pecs), but also to accept online payments (quads). This will help chisel your invoice-to-cash process in a short amount of time.
Exercise Tip #3: Stay Healthy
Now that you’ve incorporated a new and improved workout plan, it’s imperative to eat the right foods to stay healthy and build muscle. Think of this as your cash application process. Most businesses are spending too much time on the wrong “muscle groups” due to the manual effort that goes into managing cash application. The most common manual areas include data keying of check payments and the time it takes to research and apply exceptions. Look for ways to automate the process from end-to-end to see the best results on an ongoing basis. This will make your life easier and help you focus on the right things.
Exercise Tip #4: Consult a Trainer
It’s important to know some basics exercises that you can track to see results, but you don’t have to be an expert. It’s a good idea to consult a trainer at the gym on new exercises that you can incorporate into your workout plan or just to make sure that you’re doing everything correctly. At Billtrust, we have a team of experts that will work with you on proven best practices to migrate your customers to electronic invoicing channels and methods to automate cash application. Consult someone at Billtrust on your current invoice-to-cash process and learn how we can help your company lose weight, gain muscle, and become more productive or to put into financial terms reduce your days sales outstanding (DSO) and cut your costs.