Problems: &nbsp;

<ul>
	<li>
	An irregular follow-up method leads to slow payments.
	</li>
	<li>
	Manual work increases the possibility of error
	</li>
	<li>
	Payment delays, with an average DSO of more than three months
	</li>
</ul>

&nbsp;

Maxyfi&#39;s Solution&nbsp;

<ul>
	<li>
	Collections are 25% faster when automatic reminders and customizable communication templates are used.
	</li>
	<li>
	50% reduction in manual processes
	</li>
	<li>
	DSO was reduced from 90 to 40 days.
	</li>
</ul>

&nbsp;

(Note: we, us, our - refers to &quot;AMZ Online Arbitrage&quot;)

<h2>Accounts Receivable Management - AMZ Online Arbitrage&nbsp;</h2>

AMZ Online Arbitrage, like other businesses, maintained all of the Accounts Receivable Processes manually on excel sheets. One person is in charge of overseeing all Accounts Receivable activities as well as dealing with customers to guarantee a healthy customer relationship.

As we (AMZ Online Arbitrage) are the top online arbitrage service provider, we have had substantial growth in our customer base, making it difficult for us to monitor all of the Accounts Receivable, which raises our DSO without our knowledge. Kristen and his team recognized that relying entirely on manual procedures to manage the expanding accounts receivable would be problematic, especially given the high delinquency rate and DSO.

Customers are not being followed up regularly since it is difficult for us to track the data in the spreadsheet, especially during critical times (following up on slow-paying customers). The team&#39;s capacity to make decisions is limited by the inability to evaluate data in one location.

To encourage customers to pay fast and enhance cash flow, we decided to automate our Accounts Receivable Process and searched the market for a suitable application. We were eager to find the finest accounts receivable automation software to automate our receivables and accelerate cash flow because we had customers from all over the world.

We approached Maxyfi at the time since they had the finest Accounts Receivable Solutions that fulfilled our needs.

&nbsp;

<h2>Accounts Receivable Automation - AMZ Online Arbitrage&nbsp;</h2>

At the time we approached Maxyfi, we doubted that this also would be one in the hundreds. But we never thought that this would be our path to success by automating our accounts receivable management.

&nbsp;

<h2>Accounts Receivable Automation Software - What We Get&nbsp;&nbsp;&nbsp;</h2>

&nbsp;

<h3>1. Regular Follow-up with Quick Payments&nbsp;</h3>

We transformed our irregular follow-ups into regular ones with Maxyfi by automating our invoice reminders with the best and most customizable communication templates. This saves manual efforts and errors while significantly increasing payment recovery. We increased our collections by 25% using Maxyfi while maintaining our customer relationships in a healthy status.

The most challenging part is retaining the customers while recovering the payment. But with Maxyfi, it was as simple as a cup of coffee.

&nbsp;

<h3>2. Reduction Of Manual Task And Error&nbsp;</h3>

Manually entering data and sending reminders to customers was a time-consuming process that took most of our time. Because humans are prone to making mistakes, our team will likewise make some inevitable mistakes.

We&#39;ve converted 50% of our manual tasks to automated tasks using Maxyfi, saving us a significant amount of time. Maxyfi&#39;s <a href="https://www.maxyfi.com/account-receivable/features">Accounts Receivable Automation Software</a> minimized our human errors, which boosted the efficiency of our reminders and ensured that our customers pay on time.

&nbsp;

<h3>3. Minimized DSO with Quicker Payment Recovery&nbsp;</h3>

We have noticed a massive increase in payment recovery by automating most of our manual processes using Maxyfi&#39;s automated and effective reminders, as customer response has grown by 50%.

We&#39;ve observed a consistent reduction in DSO from 90 days to 40 days with the help of Maxyfi&#39;s Accounts Receivable Management Software. This enabled our company to move to the next level without compromising our customer relationships.

&nbsp;

<h3>4. Other Benefits From Maxifi&#39;s Accounts Receivable Software&nbsp;</h3>

<ul>
	<li>
	We can easily predict overdue payments, top debtors, and what actions need to be performed with Maxyfi&#39;s analytical dashboard.
	</li>
	<li>
	The application has an advanced customer portal with several features that allow customers to request a callback, register a promise to pay, and make simple and quick payments.
	</li>
	<li>
	We can make follow-ups simple and automatic by using customizable workflows and templates. New workflows can also be created.
	</li>
</ul>

&nbsp;

Kristen and his team can now manage the Accounts Receivable Process efficiently with the help of Maxyfi&#39;s <a href="http://www.maxyfi.com">Accounts Receivable Software</a> and make the customers pay within the due date. That&#39;s how we overcame the cash flow issue and thanks to Maxyfi.

AMZ Online Arbitrage - a professional online arbitrage service, overcame the cash flow issue with the help of Accounts Receivable Automation Software

AMZ Online Arbitrage Overcomes late payment with Automation

AMZ Online Arbitrage is a professional online arbitrage service that used Accounts Receivable Automation Software to solve its cash flow problem.

We Are Able To Reduce Late Payments And Cash Flow Issues By More Than 70% 

Do you still believe that using spreadsheets to manage and keep all of your invoices and receivables is always preferable to automating your Accounts Receivable Process?

Is your team still manually handling credit controls, accounts receivable, and debtor management?

Your team could have functioned like a robot, maintaining all of the data in spreadsheets, making business phone calls on Monday mornings, and submitting invoices on time. All of this knowledge is kept in their heads, and it will be implemented using spreadsheets.

This will have no direct impact on your productivity. However, it will gradually slow down your output, generating cash flow problems for your company. In this article, we&#39;ll look at ways to overcome those issues and boost your cash flow and productivity.

&nbsp;

<h2>Spreadsheets And Their Impact On Your Accounts Receivable Process&nbsp;</h2>

Using spreadsheets for your Accounts Receivable Process will result in the following issues affecting the productivity of your Accounts Receivable Process and the cash flow of your business.

<ol>
	<li>
	The absence of real-time information
	</li>
	<li>
	Process simplification is lacking.
	</li>
	<li>
	Security concerns and threats to critical data
	</li>
	<li>
	Unstructured storage of information
	</li>
	<li>
	complex auditing procedures
	</li>
</ol>

&nbsp;

<h2>Accounts Receivable Automation Instead Of Spreadsheets &nbsp;</h2>

Spreadsheets and a superb credit controller may keep your Accounts Receivable Process functioning like crystal, but they, too, have limitations and the task takes a long time. If you want to remain competitive and boost your company&#39;s cash flow and efficiency, automating your Accounts Receivable Process is a good place to start.

You may be wondering how eliminating spreadsheets and automating your AR Process will have a major impact. Well, automating the majority of your manual processes will increase productivity and allow your business to go through the following.

<ul>
	<li>
	a decrease in human error
	</li>
	<li>
	a single-key person reduction of risk
	</li>
	<li>
	a boost in strategic thinking time
	</li>
	<li>
	unstructured information storage
	</li>
	<li>
	lowering the cost of AR management
	</li>
</ul>

&nbsp;

<h3>1. A Decrease In Human Error&nbsp;</h3>

Human errors are inherent, and even an excellent credit controller can make mistakes when using spreadsheets to manage the whole Accounts Receivable process.

This, however, may be readily prevented by introducing accounts receivable automation and minimizing minor human mistakes such as copying and pasting the email address for invoices. The error may be little, but it will have a significant impact on your customer and your business.

&nbsp;

<h3>2. Single-Key Person Reduction Of Risk&nbsp;</h3>

Accounts Receivable Automation eliminates the danger of being reliant on a single key person (best credit controller) for the whole Accounts Receivable Process.

This is a common and dangerous scenario. Most businesses in this position do not have a strategy in place if that individual becomes ill or abruptly leaves. There may be some &#39;handover notes, but they are frequently lacking in information and can take some time to comprehend.

Whatever the case, your company&#39;s cash flow, and productivity are the only things that are impacted. This problem will be solved by automating your AR process, which will result in better cash flow and productivity.

&nbsp;

<h3>3. A Boost In Strategic Thinking Time&nbsp;</h3>

The majority of excellent Accounts Receivable Management Processes necessitate a great plan and strategy, but finding the time for that is the true challenge. With a flawless Automated Accounts Receivable Process, you and your team will have plenty of time to plan and strategize for the business&#39;s increased cash flow and productivity.

&nbsp;

<h3>4. Unstructured Information Storage&nbsp;</h3>

The digitization of information is a key pillar of Technology Innovation. This is one of the first challenges that spreadsheets introduced. The information in the spreadsheets is unstructured. Spreadsheets often contain high-level planning and informal evaluation that would be beneficial if recorded in a way that could be quickly referenced and retrieved.

With automation, you&#39;ll have all of the information in an organized style, making it simple to manage and monitor user information, overdue - pending invoices, top debtors, and your company&#39;s overall outstanding amount.

&nbsp;

<h3>5. Lowering The Cost Of Accounts Receivable Management&nbsp;</h3>

Yes, if you automate your Accounts Receivable process, you will be required to pay a monthly fee to the platform that provides the <a href="http://www.maxyfi.com/account-receivable/features">Accounts Receivable Automation Software</a>. However, most solutions aren&#39;t that expensive, and they&#39;re certainly less expensive than hiring a full-time employee. Despite the expansion, most businesses we speak with discover that automating their Accounts Receivable Process leads to the retention of their dedicated AR specialist. Even better, several claims that they have been able to cut their AR resources.

&nbsp;

<h2>Accounts Receivable Automation Software: Final Thoughts&nbsp;</h2>

We&#39;re Maxyfi, an Accounts Receivable Automation Software that has assisted numerous organizations in reaching peak productivity and increasing cash flow by automating their AR process.

You can also improve your cash flow and productivity by automating and swapping your spreadsheets with our Accounts Receivables Automation Software. Read our <a href="http://www.maxyfi.com/blog" target="undefined">accounts receivable blogs</a> to learn more about us.

Using accounts receivable automation software instead of using spreadsheets will have a significant increase in your cash flow and productivity.

Accounts Receivable Automation Software Vs Spreadsheets

Is your team still manually handling credit controls, accounts receivable, and debtor management? This blog is for you.

Why Accounts Receivable Automation Software Is Better Than Spreadsheets

Bad debts are the proportion of an amount or receivables owed to an organization by a business or a person that can no longer be collected, generally through Accounts Receivable or Loans.

&nbsp;

<h2>Bad Debt Recovery - What and How?&nbsp;</h2>

When a borrower is unable to repay a bank or a financial institution within the time frame specified, the bad debt recovery procedure begins. The receivable may be recovered by the lender as a partial payment or as equity. Bad debt can also be recovered by selling the borrower&#39;s collateral.&nbsp;

For Example:

Suppose a borrower obtains a vehicle loan but fails to repay it on time, the lender may repossess the vehicle, sell it, and recover the debt.

&nbsp;

<h3>Traditional Debt Collection Process&nbsp;</h3>

1. Debt Analysis&nbsp;

A debt analysis is manually examining each applicant&#39;s credit behavior using one&#39;s own credit risk rating system or credit agencies from third parties. Accept low-risk candidates while rejecting high-risk clients. Increase the credit evaluation requirements for medium-risk borrowers.

2. Touch base with disengaged customers&nbsp;

Pass the debtor&#39;s data to the desk collector for follow-up, and employ a field collector to follow up on more debtors. (Typically used in the banking industry.)

3. Debt Recovery&nbsp;

If the debt is not collected, the lender will use a third party known as a collection service to collect the debt and report delinquent if the debtors or customers do not pay.

&nbsp;

<h3>Traditional Debt Collection / Debt Recovery Issues&nbsp;</h3>

1. Inadequate workforce and insufficient time&nbsp;

Manual credit analysis takes time and may result in incorrect approvals due to human error. In manual debt collection processes, relying only on human resources to follow up on all debtors and monitor payments, there may not be enough resources when there is an unexpected increase in debtors.

2. One-size-fits-all Communication strategies&nbsp;

Because not all debtors have the same profile, background, and behavior, a cookie-cutter strategy, which is frequently used by lenders, may not have a substantial impact.

3. Inappropriate tone and approach&nbsp;

With annoying calls and written messages at inappropriate times, debtors may feel harassed by desk collectors or field collectors.

4. Inability of the customer to pay&nbsp;

In the absence of a guided solution, mass phoning or texting debtors who are in financial difficulty will not inspire consumers or debtors to make on-time payments.

&nbsp;

<h2>Strategies Used To Enhance Debt Collection Process&nbsp;</h2>

<h3>1. Track And Leverage On Customer Activities&nbsp;</h3>

<ul>
	<li>
	To better understand your customer&#39;s behavior, a data-driven customer process is required.
	</li>
	<li>
	Gathering data across all lines of business, including structured and unstructured data, may create a comprehensive customer picture while removing the issue of data barriers.
	</li>
	<li>
	This approach allows debt collectors to discover important features of debtors as well as trends and patterns of debtors who are at high risk of default.
	</li>
	<li>
	Using internal data, both structured and unstructured, from all departments will improve analytical findings, as will relying on web data sources, particularly those offering indicators of actual events.
	</li>
	<li>
	External influences should not be ignored since they might have a direct impact on the debtor&#39;s or customer&#39;s behavior. As a result, while doing big data analytics and predictive analytics, external data such as market trends, gaps, and dangers should be considered.
	</li>
	<li>
	To achieve near-real-time data aggregation and increase prediction accuracy for a more effective gathering procedure, artificial intelligence must be included in this process.
	</li>
</ul>

&nbsp;

<h3>2. Using dynamic models, provide early warnings&nbsp;</h3>

<ul>
	<li>
	This approach is no longer effective enough to give lenders timely insights, particularly in this fast-changing era.
	</li>
	<li>
	Because it is a lagging indicator that cannot capture the most recent change in trend and patterns of debtor&#39;s credit risk.
	</li>
	<li>
	Using advanced technologies such as automated debt collection software, downstream operations can classify debtors into various segments in near real-time.
	</li>
	<li>
	An early warning system can be used to notify rapidly and detect red flags for proactive outreach.
	</li>
</ul>

&nbsp;

<h3>3. Automating the Early Stage Debt Collection Process&nbsp;</h3>

Debt Recovery in a reasonable timeframe can reduce bad debts and maintain banks and other organizations in good shape. To do this, lenders can utilize <a href="http://www.maxyfi.com/lp/debt-collection-software">debt collection software</a> to automate the early-stage debt collection process and successfully recover the majority of bad debts that have been outstanding for a long time. This saves you a lot of time and allows you to focus on high-risk debtors, which instantly lowers your bank&#39;s or organization&#39;s bad debt rate.

&nbsp;

<h2>Future Of Debt Recovery With Automated Debt Collection Software &nbsp;</h2>

The debt collection process is no longer as simple and clear as it once was since the number of debtors will not decrease with time and debtor behavior will alter from generation to generation. How do you ensure that the debtor pays you first, and how do you optimize your resources to increase collection efficiencies?

Here&#39;s the answer. With our <a href="https://id.maxyfi.com/auth/realms/maxyfi/protocol/openid-connect/auth?client_id=mx-bs-fe&amp;redirect_uri=https%3A%2F%2Fapp.maxyfi.com%2F%3F_gl%3D1*1bdh3lx*_ga*NzQzOTA5NzQ5LjE2NjE3NzA3OTA.*_ga_ZSR29M9FZD*MTY2ODQwMzY3NC44Ni4xLjE2Njg0MDcxNTkuMC4wLjA.&amp;state=0aa6cb64-45a6-465e-a635-797ecc1532f2&amp;response_mode=fragment&amp;response_type=code&amp;scope=openid&amp;nonce=031c1698-dce6-4fe9-85c0-0b5da84631e8">automated&nbsp;debt collection software</a>, Maxyfi, you can automate your bad debt recovery process and recover the majority of your bad debts. To learn more about us, read our <a href="http://www.maxyfi.com/blog">debt collection automation articles</a>.

&nbsp;

Outstanding strategies for banks and financial institutions to recover bad debts and improve debt recovery by utilizing automated debt collection software.

Debt Collection Software Strategies For Reducing Bad Debts

Bad debts are the percentage of receivables owing to an organization by a business that cannot be recovered, usually through Accounts Receivable or Loans.

How Banks Can Reduce Bad Debts Through Debt Collection Software?

Accountants typically confront a heavy workload with deadline pressure, especially towards month-ends or year-ends. All of this while attempting to boost billable hours. This can lead to extreme stress, which is frequent in developing businesses and accounting firms.

&nbsp;

<h3>Manual Month-End Close Checklist&nbsp;</h3>

For more than 60% of the companies, it&#39;ll take more than a week to complete the Month-End accounting process. This is only because of mistakes that happen in the faster runners to complete the month-end accounting process. The checklist below will help you to complete your month-end accounting with accuracy.&nbsp;&nbsp;

<ul>
	<li>
	Complete pending cash application processes.
	</li>
	<li>
	Check to ensure that all transactions have been recorded in the ERP.
	</li>
	<li>
	Send the reports to the stakeholders.
	</li>
	<li>
	Prepare to provide reports to external organizations.
	</li>
	<li>
	Gather paperwork for the auditors.
	</li>
	<li>
	Determine the depreciation and amortization of fixed assets.
	</li>
	<li>
	Inventory should be counted.
	</li>
	<li>
	Make a list of all accumulated obligations, including wages, paid time off, payable interest, taxes, and other charges.
	</li>
	<li>
	Examine and reconcile inter-company accounts to ensure that business financial statements are consistent.
	</li>
	<li>
	Produce the draft balance sheet, income statements, and accounts receivable reports.
	</li>
</ul>

&nbsp;

All the above-mentioned processes are mostly manual and is very difficult to keep track of them using an Excel Sheet or Spreadsheet. There are some other common issues that an accounting team faces while closing the month-end accounts. They are

<ul>
	<li>
	Documents that are Disorganized or Missing.
	</li>
	<li>
	Errors in Spreadsheets.
	</li>
	<li>
	There is a lack of openness on which tasks have been performed.
	</li>
	<li>
	Uncertainty among colleagues over their Month-End Responsibilities.
	</li>
</ul>

&nbsp;

<h2>What Is Accounts Receivable Automation?&nbsp;</h2>

Accounts Receivable is the process of receiving payment from customers who have purchased services or goods from the company on credit. Recovering the money is an Accounts Receivable procedure that entails several manual steps that make the recovery process lengthy and effortless.

<a href="http://www.maxyfi.com" target="undefined">Accounts Receivable Automation</a>, which includes automated and effective reminders, powerful and customizable workflows, an insightful dashboard, and a unique customer portal, will make your business&#39;s accounts receivable process easy and successful.

&nbsp;

<h2>How Accounts Receivable Automation Enhances Your Month-End Accounting Process&nbsp;</h2>

Accounts Receivable Automation is the solution to reducing work stress and pressure while increasing work productivity in accounting teams. Several components of the month-end closure procedure are automatable. They are:

1. Accounts Receivable: Automated invoicing and verification gives you end-to-end visibility into customer payments, resulting in more accurate data for your reports. The finance team just needs to analyze overdue invoices and follow up with overdue customers, both of which can be automated.

2. Follow-Ups: Accounts Receivable Automation can assist you in more successfully managing follow-ups. You can ensure that your customers are touched on time and that you can track the status of your follow-ups by automating your follow-up process. This can assist you in improving your collections process and reducing the amount of time spent on manual follow-ups.

There are several benefits to automating your Accounts Receivable process using Maxyfi, including the ability to complete your month-end accounts quickly and without mistakes. Some of the unique and industry-leading features you&#39;ll receive by <a href="https://id.maxyfi.com/auth/realms/maxyfi/protocol/openid-connect/auth?client_id=mx-bs-fe&amp;redirect_uri=https%3A%2F%2Fapp.maxyfi.com%2F%3F_gl%3D1*9gpmfl*_ga*MTk4OTI0NDgxMC4xNjYzOTI3MDA1*_ga_ZSR29M9FZD*MTY2ODQwNzQzMy41Mi4xLjE2Njg0MDc0NDEuMC4wLjA.&amp;state=aa761fe9-f18b-4001-8b4a-a9cc9382d11e&amp;response_mode=fragment&amp;response_type=code&amp;scope=openid&amp;nonce=63ed7c22-4b59-4500-87ed-8a5be9463dfa" target="undefined">joining Maxyfi</a> are as follows:

1. Dashboard: Using our dashboard that shows multiple metrics and insights like the Aging report, Needs Action, Customer Action Stage, and Top Debtors, you can quickly determine how much debt needs to be collected, who your top debtors are, and what actions need to be taken. This can help you better understand and track your business&#39;s receivable process and enhance the cash flow.

2. Customer Portal: With our intuitive customer portal that provides rapid payment alternatives and smart tools to Request Payment time and call back, you can get 2x the customer response and 80% faster payments. Maxyfi enables clients to reply online, which would be impossible with restricted alternatives otherwise.

&nbsp;

<h2>Streamline Your Accounts Receivable Process Today With Maxyfi&nbsp;</h2>

A good and timely month-end accounts closure procedure allows a clear picture of a company&#39;s cash flow. The first step toward a stress-free month-end accounting procedure is to use accounts receivable automation software, particularly for accounts receivable. From bank reconciliation to financial report generation, automation is the quickest and most cost-effective solution to ensure an accurate balance sheet every month.

All of these procedures require automation to be seamless. Check out our complete <a href="http://www.maxyfi.com/blog" target="undefined">blogs on accounts receivable</a> and decreasing month-end accounting stress.

&nbsp;

To reduce your month-end accounting stress, you can streamline your accounts receivable process with our Accounts Receivable Automation software.

Accounts Receivable Automation can reduce month-end stress

Accountants generally have a tremendous workload with deadline pressure, particularly towards month or year ends. All of this while trying to increase billable hours, which may cause significant stress.

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We Are Able To Reduce Late Payments And Cash Flow Issues By More Than 70%

Why Accounts Receivable Automation Software Is Better Than Spreadsheets

How Banks Can Reduce Bad Debts Through Debt Collection Software?

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