5 Reasons Why Your B2B Clients Are Looking to Integrate Their Receivables

Effective accounts receivable (A/R) management is critical for maintaining healthy cash flow and efficient payment processing. Digital accounting tools and business platforms have transformed A/R management, providing businesses with the ability to apply payments and report data more effectively. However, the increasing number of payment options available to customers has added new layers of complexity for A/R teams, making payment management more challenging than ever.

Fortunately, the latest treasury management tools offer businesses the ability to automate their receivables function to a greater extent, post payments more efficiently, and gain a consolidated view of all incoming payments, regardless of payment type. A truly integrated receivables solution not only keeps pace with the speed of modern business but also creates efficiencies in A/R management that were unimaginable just a few years ago.

Offer Integrated Receivables to Your Clients with Clearingworks

With Clearingworks, your clients can eliminate manual processes, improve accuracy, and save time, all while ensuring that their payment management is secure and efficient. Our integrated receivables solution provides an easy way to view, monitor and search through any incoming payment, regardless of how it was received. Moreover, with Clearingworks, payments are aggregated into a single A/R file, simplifying the process required to apply payments in an ERP or? accounting software. The platform's flexible technology and user-friendly interface provide businesses with the tools they need to optimize their cash application processes, improve their bottom line, and focus on their core operations.

Here are five compelling reasons why your B2B clients are being encouraged to consider implementing an integrated receivables solution:?

1. Improved cash flow: Integrated receivables solutions provide businesses with the ideal platform for facilitating business-to-business (B2B) payments, particularly given the complex nature of these transactions. For example, to offer net terms, which are standard practice in many B2B industries, businesses must often sacrifice their available cash flow. By leveraging an integrated receivables solution, businesses can streamline their payment processes and optimize cash flow management. These solutions enable companies to match remittance data with related electronic payments, allowing payments and data to be posted simultaneously, resulting in faster payment processing and improved cash flow.
2. Reducing manual labor: Inconsistent or incomplete remittance data accompanying electronic payments can make it challenging to reconcile payments, often requiring a lot of manual review and corrections. Automating with today's tools can help reduce the volume of payments requiring extra review and attention prior to posting, and ensure fewer returned payments. Emailed remittance data can be captured, automatically matched to received payments, and transmitted to businesses, reducing the amount of manual reconciliation work required.
3. Offering end customers more payment options: Businesses can offer customers a full array of payment options, thanks to the advanced reconciliation capabilities of state-of-the-art integrated receivables platforms like Clearingworks.
4. Utilizing A/R data to improve accuracy: Integrated receivables solutions like Clearingworks enable businesses to utilize their open A/R data to supplement incoming payments, making payment posting faster, more accurate, and less manual. These solutions use data in incoming payments to find matches in the A/R file, then enhance payments with additional fields valuable for posting.
5. Enhance the customer experience: Using the latest in receivables automation, businesses can update customer accounts on a timelier basis, avoiding uncomfortable customer interactions over incorrectly charged late fees, improving relationships and increasing customer retention.

Integrated receivables is the way of the future and Clearingworks is setting a new standard for usability and flexibility, helping financial institutions and fintechs alike to offer more to their customers in a fully branded environment. Connect with us today to learn how Clearingworks can help you offer a superior integrated receivables solution to your customers.?