Mynd Integrated Solution

Accounts Receivable Management refers to the standard organizational process that focuses on securing payments from clients within a definite timeframe. Collection of payment from external sources involves tracking and management of every step soon after an order is placed. Automation of this process is valuable for creating liquidity, avoiding bad debts and ensuring profitability. For a booming business, a proper process for outsourced accounts receivable management is extremely important. With an advanced AR –based accounts receivable management system, organizations can overcome roadblocks easily while meeting all sorts of legal obligations, thereby achieving improved cash flow and a better satisfaction quotient of customers. Accounts receivable management is an important function of the finance department. One of the renowned accounts receivable management service providers in India- MYND Integrated Solutions guarantees improved processes, systemic follow ups and reconciliations

How to measure the effects of automation Firstly, during the test run, an organization has to pick up a case on which it can test the automation software, specifically the automation tools. If the organization has deployed an automation software with customization, for instance , HR Recruitment Software , it can test those particulars. Tests can be performed on - multiple sets of data, repetitive tasks, divergent platforms of hardware and software, features or functionality involving high risk conditions, etc. Secondly, an organization must check if an automation suite includes features to verify values, data, and flexibility. If the software fails to yield desirable results, an organization must endeavour to select the right feature or tool. An organization must also notice if the automation solution needs maintenance, is reusable or has provisions for alterations. Thirdly, an organization must keep track of the time and resources that are used for carrying out the test tasks. I

Outsourcing accounts payable system has its own sets of advantages and disadvantages. Broadly, it deals with invoice or billing related processes being given to a vendor who is not directly related to any department of the organization. Often third- party organizations are approached for administering all processes related to accounts payable. In the outsourced model of Accounts Payable Process , the parent organization shares relevant data with vendor so that the vendor can perform functions – 1.        Generate purchase requests both online and offline, obtain e-approval of purchase request, generate purchase order on basis of approved purchase request, share purchase request with industry- related vendors, short –close or modify purchase order, enhance visibility of purchase order utilization. 2.        Onboard vendors, accept purchase order through online and offline mode while syncing both and maintaining a common database, ensure submission of invoice on part of the vendor, c

The process of using AI to replace repeated manual tasks carried out on a daily basis is known as Business Process Automation . This process plays an eminent role in an organization’s supply chain and distribution network. The general tasks that are repetitive in nature and consume much of human resources, time, efforts and infrastructural resources of an organization and involve people and other internal processes, compliances and audit trails – are the ones that are conducted through Business Process Automation. In the following industries, business process automation is most extensively customized and adopted – manufacturing, healthcare, hospitality, banking and insurance, retail, education, tourism and telecom. From each of the above mentioned sectors large organizations that have numerous operational branches within the country or across the world, and even the middle sized organizations are hugely relying on Business Process Automation Software , in order to streamline processes