Archive for Credit Management
EuropeanCEO magazine interviewes Richard Hurwitz, CEO of business transaction experts Tungsten Network. Why? Because, according to a businessadvice.co.uk report, paying invoices on time doesn’t seem like too much to ask. But in Europe, more than 40 percent of invoices are processed late.
Richard Hurwitz explains in this interview how one client organisation has been able to speed up its invoice processing time to a fifth of what it was, and reduce its error rate to just 0.25 percent. He also talks about the growth in invoice financing as an alternative source of funding for SMEs, and other value-added applications in the automated accounts payable space.
There are 25 easy-to-answer questions on the first tab. Fill out your details and once you’ve finished, the analysis tab will provide you with a graded overview and a detailed costs based analysis.
Read MoreThe way to do it? Telling its vendors it will take longer to pay bills. Boeing claims these measures are were necessary to compete when airlines want more capable planes at lower prices. And this is not the first time…
Read MoreBoth companies will combine their core competences in order to realize a unique Business Process Outsourcing (BPO) platform for the processing of accounts receivable and order-to-cash related activities.
Read MoreThe collaborative and open partnership between Anachron and Paragon enable them to offer a full output programme to mutual customers for their complete billing and invoicing process, as well as other documents.
Read MoreThe overarching theme ‘The future of Credit Management starts here’ anticipates developments that you, as a financial professional, can expect to see materialize in the near future, e.g.: Finance 4.0
Read MoreAnachron and Credit Tools announced to join forces to streamline and connect the many processes related to e-Invoicing and credit management. The focus of this partnership is the new Credit2Control solution, available as part of Anachron’s recently launched Order2Cash platform.
Invoicing and credit management are both core components of the order to cash cycle but many businesses divide the work across separate departments. This can cause unnecessary delays in the overall time-to-payment and make credit management, in particular, quite a re-active process. Credit2Control bridges those gaps effectively, making it possible for credit management to begin much earlier in the cycle.
Credit2Control
Credit2Control is one of the core components of the Order2Cash platform. Customers can integrate its credit management tools with e-Invoicing (Invoice2Deliver), online payments (Accept2Pay) and other functionalities in order to build a single enterprise solution for managing the entire order to cash process.
Credit2Control makes it possible for credit managers to oversee all financial and customer history information through a single platform. They can gain access to the latest credit reports for all prospects, customers and suppliers. Armed with this information they can quickly tailor workflows, timelines and specific payment rules for different target groups or individual customers. This will help them to monitor business risk effectively, accelerate payment timetables and rapidly reduce their DSO levels.
Frank Hoekstra, CEO at Anachron:
“Anachron’s goal is to make finance go faster Linking e-Invoicing with credit management has been a key objective of ours in building Order2Cash and working with Credit Tools has enabled us to bring that vison to market. The Credit2Control solution addresses more than just process management for outstanding invoices and bad debt; it gives companies an efficient and cost-effective means to protect their cash flow levels by introducing a more pro-active credit management process. It also provides them with a wealth of financial data that they can use to make accurate payment forecasts, using hard facts and not guesswork.”
Pim van Hagen, CEO at Credit Tools:
“Anachron and Credit Tools work well together as we share a common vision; to accelerate the order to cash cycle. Like ourselves, they understand the importance of credit management to the financial health of an organization. Merging our competences into the Credit2Control solution gives customers access to a complete overview of their financial data, which they can analyse to inform their underwriting decisions. They can manage and strengthen their ongoing relationships with receivers and suppliers and ultimately protect their bottom line at all times. We are sure that companies around the world will instantly recognize the value that Credit2Control can deliver to their business.”
More information on Credit2Control, and the full Order2Cash solution, can be found at www.order2cash.com
This powerful SaaS solution integrates a range of services to create a complete, end-to-end global order to cash platform, suitable for all businesses, covering everything from the placement of an order through to the collection and application of payment.
Read MoreInvoicePortal makes it easier for companies to forge deeper, stronger business relationships. This helps them to save costs across their organization, reduce Day Sales Outstanding and improve their bottom lines.
Read MoreThere is nothing quite as gratifying as receiving a cheque in the mail from a customer, or an SMS notification from the bank announcing the arrival of payment for services rendered. Late payments, on the other hand, can signal cash flow disaster for growing small businesses.
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