Accounts Receivable Management Simplified with Mynd

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. The automated software suites reduce the burden on valuable human resources, IT support and infrastructure for completing repetitive tasks that are part of the core accounting processes of an organization. By deploying MYND’s advanced software suite, an organization can dodge all the time and effort being put into management of collection activities. Since MYND’s solutions are at par with world-class standards of accounts receivableautomation software, an organization’s HR department can look forward to outstanding performances by several key performers thereby resulting in surpassing prevalent industry norms. The result of a service boost within the organization directly impacts the output and revenue in a positive way. For instance, by maintaining Average Invoice submission timelines, an organization can initiate payment processes while maintaining a professional yet cordial attitude with third party organizations, partners and vendors. The same is applicable in case of invoice collection and query submission timelines. While improved processes are generated by setting up of follow- up mechanisms based on Augmented Reality (AR), systemic follow- ups provide assistance for sensitive customers (also based on Augmented Reality), and Reconciliations are basically cleaning up or replacement of older AR through reconciliation. MYND’s accounts receivable automation software completely syncs with industry- specific expertise while paving way for the implementation of best practices.

Range of accounts receivable services offered by MYND solutions are –

-          With MYND’s accounts receivable software, organizations can arrive at a timely resolution of queries. The queries can generate from internal sources or can also be posted on helpdesk. The software suite also helps organization maintain a log- record of queries in real time.

-          Automated configurable Management Information Systems (MISs) facilitate and quicken collection and defaults.

-          The collection watch for processing justifiable reasons

-          Control over DSO days through collection and reduced process gaps

These value proposition services are unique in terms of advantages they offer to large, middle and small scale organizations. Apart from conventional benefits, the above- mentioned benefits are also rendered. It leads to improved cash flow management, better controls on part of organization’s management and scalable savings of time, resources and money.

MYND’s software for automated accounts receivable system – ARISE which has simplified the accounts receivable management, provides end-to-end solution for accounts receivable processes. This software is highly customizable as per the requirements of varied business models.

Features of ARISE –

-          Customer contact and management of master data. - This feature comprises of creation of customer database, matching of records, tracking of expiration dates, indexing, provisions for consolidation of the line of services and customer group view. Duplication of records as well as incomplete entry of records are detected and rectified.

-          Billing management. - This feature includes tools for enhanced billing accuracy, timely renewal, improved visibility of billings, tracking of latest status, automated queue generation, generating approval notification, tracking of projected billing vs. actuals, and deviations from planned billing

-          Automated collection and recovery. - Involving accounts receivable accounting, this feature helps an organization in management of performance and dispute, accurate cash projection, ensuring operational continuity for customer’s accounts, easy view provisions for sales team and easy download of invoice, real time status tracking of invoices and more.

-          Exclude or include Accounts for collections follow up MIS and dashboard. - Identification, categorization, tracking, reporting, workflow and escalation management- in a nutshell the entire accountsreceivable management process can be controlled by this feature. This feature also offers comprehensive dash-view, provision to generate reports individually for every process, and viewing of specific attributes of collection by means of widgets.

-          Workflows and notification. - This feature adopts the use of maker and checker concept for validation of values. The values are demarcated as per defined hierarchy within an organization. Notification and queue for billing discrepancies, suitable actions within SLA and TAT matrix, and sharing the same within a defined hierarchy – are a few other most- deployed characteristics of this feature. Receivable account management system supported by ARISE also leads to auto notification to customers for timely payment, thereby sharing information and maintaining the flow of information internally and externally.