Question 1/6
Accounts Receivable Process Quiz
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You chose CFO or VP
You chose AR Manager
You chose Collections or Credit Manager
You chose Other Finance Professional
Why it matters
Technological modernity affects the entire financial organization, albeit in different ways. In more advanced accounts receivable organizations, individual contributors have less manual work and can focus on providing better customer service, managers have better insights into their teams’ work, and finance professionals can more effectively implement their policies throughout their organizations. Everyone in the organization has the opportunity to move finance forward.
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You chose Less than 25%
You chose 25%-50%
You chose 50%-75%
You chose 75%-100%
Why it matters
Digital invoices lead to lower DSO (days sales outstanding) and reduced labor costs. But digital channels come with their own challenges. Setting up a convenient billing portal and promoting it to your customers requires work and expertise. And, for your customers that use accounts payable (AP) portals, automating invoice delivery either requires a big IT lift, or a third-party solution with broad integrations.
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You chose Less than 25%
You chose 25%-50%
You chose 50%-75%
You chose 75%-100%
Why it matters
Digital invoices are a goal in and of themselves, because they’re faster and easier to keep track of. Digital payments are usually faster than checks. But they still require processing and credit card payments come with fees. It’s important to automate payment processing to speed up cash flow and reduce labor costs, and digital payments are easier to automate.
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Solution Guide
Facilitate payments on your terms, while offering customers flexibility to pay through the channels they prefer.
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You chose Manual lockbox
You chose Lockbox with data keying
You chose Rule-based automated cash application
You chose Touchless cash application with payments network
Why it matters
Cash application is the part of O2C (order to cash) that has the most potential for automation. Once you’ve got payments and remittance data, how fast you match tends to depend on your tech stack. Manual matching is slow, automated matching is fast. And the use of AI can even help exception handling.
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Solution Guide
Achieve industry-leading match rates powered by unparalleled machine learning
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You chose Only have time to cover key & critical accounts
You chose Reactive account coverage
You chose Proactive account coverage
Why it matters
Collections is rightly compared to the sales function. It requires customer knowledge and relationship skills. Collectors benefit from tools that track customer contacts, suggest actions and allow teammates to tag-in. Better tools for collectors leads to lower DSO (days sales outstanding).
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You chose We don't actively measure productivity
You chose We use industry benchmarks with low confidence
You chose We use a mix of company and industry benchmarks with high confidence
Why it matters
Strong finance teams focus on being productive – even when their technology isn’t completely modernized. Lean into productivity by building a culture of continuous improvement, ensuring that your team is educated about and hands-on with tools and tech, and always keeping an eye on optimizing performance.
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White Paper
The Productivity Imperative: Why apex performance matters most in 2024
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