Embracing Technology in your Finance Team: Transforming Accounts Receivables for Better Results

💡 Introduction

Driving growth and innovation should be at the forefront of every business, so why do some finance teams not follow the same values with their department processes?

The financial landscape is shifting, and the pressure on finance teams to do more with less is greater than ever. Harnessing powerful technology to optimise working capital is the ultimate solution to set your team up for success.

In this blog, we'll explore why it’s time for your business to embrace cutting-edge technology that will drive efficiency, accuracy, and strategic growth.

1. Improving the User Experience by Leveraging Automation

We know a common challenge faced by businesses is that their finance teams are drowning in a sea of manual time-consuming processes and paperwork, struggling to keep up with ever-increasing demands.

It's a common challenge faced by businesses that have yet to embrace technology in their accounts receivables processes. Finance teams are being asked to take on more responsibilities but without corresponding increases in resources.

This imbalance threatens to stifle growth and strategic progress.

🖥️ Understanding the Technology Solution

Here at Invevo, we know the remedy lies in technology, specifically automation.

By leveraging automation in financial processes, finance teams can strike the perfect balance between human expertise and machine efficiency. Employees can spend more time on strategic decisions and less on manual data entry.

Invevo’s intelligent automation can identify historical patterns in customer behaviour, identify discrepancies, and even provide enhanced reporting, all while reducing the margin for human error.

According to Microsoft’s 2023 Future of Finance Trends Report - 82% of finance leaders found automation critical to helping evolve their team’s role to support their organisation’s strategic goals.

2. Enhanced Efficiency and Accuracy

Enhanced technology like Invevo excels at handling repetitive tasks with unparalleled precision.

By automating routine processes such as data entry and generating emails/SMS/ calls to your customers, finance teams can significantly reduce human error and save valuable time. This allows your team to focus on higher-value tasks contributing to strategic decision-making and business growth.

Once bogged down by the intricacies of financial data management, Invevo’s clients are now adopting automated financial processing and have witnessed firsthand the transformation it has brought their team.

Decision-makers now have a bird's-eye view of financial operations, allowing them to make informed choices and drive improvements. Data-driven decision-making has become a reality for many, helping them navigate turbulent market landscapes with confidence.

👥 How did Invevo transform the back office at Access Intelligence?

In the past, Access Intelligence‘s back office had difficulties managing their accounts and wasted hours of their valuable time by manually chasing.

They brought Invevo on board to help manage the process, as well as improve visibility, organise the team and gain greater insights.

Invevo was onboarded to help streamline operations and help people to manage their workloads.

3. Streamlined Workflows

Gone are the days of shuffling through stacks of paperwork and deciphering complex spreadsheets.

Enhanced technology solutions provide streamlined workflows, enabling seamless collaboration among team members and other departments.

Cloud-based platforms like Invevo allow you to orchestrate your data journey through a workflow builder, personalised with any trigger or action your team desires using any metric inside of the system.

Incorporating automation also allows you to improve collection performance by measuring customer payment behaviours and segmenting customers into risk profiles and behavioural groups to increase automation and focus users on value-enhanced tasks.

4. Predictive Insights and Strategic Decision-Making

Analytics and reporting tools provide finance teams with valuable insights into customer behaviour, payment patterns, and cash flow trends.

These predictive analytics enable better forecasting, allowing your team to anticipate potential risks. Armed with data-driven insights, users can make more informed decisions that drive the organisation's strategic goals.

Invevo allows for real-time access to financial data, providing data-rich dashboards that promote better communication and faster decision-making across the organisation.

You can access real-time credit risk monitoring and your team can download credit reports to get full visibility of customers’ financial accounts and revise credit limits to manage exposure levels based on real-time credit risk alerts.

5. Cost-Efficiency and Resource Optimisation

Investing in an innovative technology solution for your finance team may seem like an expense, but the long-term benefits far outweigh the initial costs.

Cloud-based platforms offer scalable solutions, and along with automating labour-intensive tasks, businesses can optimise resource allocation and redirect valuable employee time towards higher-value activities.

✅ Ready to take the leap?

Embracing technology is no longer a luxury; it's a necessity for growth.

Don't let your team suffer from outdated practices and witness the transformation firsthand.

Click here to schedule a demo and propel your finance team into a new era of success.

Conclusion

The era of spreadsheets and paperwork is fading, making room for innovative solutions that drive efficiency, accuracy, and growth.

Solutions like Invevo provide the tools your team needs to revolutionise your accounts receivables lifecycle.

By embracing this new era of technology, finance teams can elevate their goals, reduce errors, enhance transparency, and drive business strategy. The time for change is now. Embrace technology, empower your finance team, and lead your business toward a future of limitless possibilities.