Despite high labour costs, only 50% of the leading regional businesses use an electronic collection platform to manage their revenues. Of these, only 14.5% of their revenues are managed electronically*. It was observed that the lack of automation leads to inefficiencies and delay in payments. (* The 2014 Visa Cash Flow Visibility Index research was done in August-September with CFOs / Treasurers of 811 leading corporations in ten countries/regions to better understand challenges that organisations may face with managing cash flow and ensuring visibility and predictability. The research was done by East & Partners, an independent specialist business banking market research and analysis firm. Regional data cover findings of Australia, Hong Kong, India, Japan, Malaysia and Singapore.)
Invoice management capabilities help businesses capture information from paper and electronic invoices while automating invoice processing and data entry. It includes best practice workflows for discrepancy processing, resolution and accounting details and real-time integration with Enterprise Resource Planning (ERP), other finance processing systems and supplier portals.
It ensures accurate invoicing for suppliers based on client agreements and purchase orders, thus driving shorter Days Sales Outstanding (DSO) by almost 2 times. It also assists suppliers to expand their businesses as the system opens up eCommerce opportunities with cross-border customers.
