Fleets face challenges on every front, from disasters like the Key Bridge collapse, volatility in the fuel market, fluctuating interest rates, continuing shortages in the supply chain and so much more. Despite those challenges, an organization’s continued growth and viability are tied to managing cash flow and unlocking working capital.

Technology has proven to be an answer to many of the front-end challenges fleets face, specifically when it comes to equipment and logistics. But technology can also be a revenue driver in the back-office functions like accounts payable (AP) and accounts receivable (AR). On the AP side, that amounts to ensuring invoices are paid accurately and on time. On the AR side, the focus is on reducing your days sales outstanding (DSO). Both tasks can be difficult if you’re still operating with legacy paper and manual processes.

Quality & Qualified Human Resources Are Hard to Find

Your people are your most valuable resource and asset. But when it comes to speed, efficiency and accuracy in approval and payment of invoices on the customer side and receipt of payments on the supplier side, digitization and automation are key to bettering your balance sheet.

Manual and paper-based processes are time-consuming, costly and subject to human error. Paper invoices can be lost; information from invoices can be mis-keyed into the system. This can result in duplicate payments, overpayments or late payments, which can mean late fees. In addition, organizations can lose out on potential early payment discounts. On the supplier side, employees spend an inordinate amount of time chasing down late payments and handling disputes with customers.

Complicating the issue is the lack of visibility into invoice and payment status when using paper and manual processes. This makes it difficult to accurately forecast cash outflow and inflow and that, in turn, impacts working capital management. It doesn’t have to be this way. Back-office functions have seen increased efficiency and reduced costs through digitization and automation.

The Benefits of Managed AP

Businesses of all kinds are increasingly transitioning their AP processes toward electronic invoicing solutions, enabling them to streamline their approval processes and cut processing time per invoice by up to 70% and costs by up to 82%. These savings, along with 100% visibility into invoice status, eliminates the possibility of duplicate payments and, in fact, gives AP the information it needs to realize early payment discounts.

The Benefits of Managed AR

Cash flow management is every bit as important for suppliers as it is for customers. Yet, like customers, suppliers that rely on paper and manual processes can find themselves constantly playing catch-up while chasing late payments. Any solution that reduces a supplier’s Days Sales Outstanding (DSO) will help optimize their cash flow.

The Benefits to Both AP and AR

There are two essential benefits that both customers and suppliers will realize when taking advantage of our Managed AR and Managed AP solutions.

• Improved relationships – Customers need suppliers as much as suppliers need customers, so eliminating friction in the financial processes can help cement trust and ensure better negotiating power on both sides.
• Better use of employees – Your AP and AR professionals can be put to better use by focusing on value-added tasks that will help the company grow rather than on repetitive tasks that can be easily managed by software and service professionals.