Software solutions company Intervate has introduced the AR Accelerator, a technology which allows organisations to easily automate and map out invoices and statements to relevant purchase orders, contracts, timesheets and more.
According to Intervate, the AR Accelerator enables automation of service level agreements, contracts, invoices, on a periodic basis, reducing the manual intervention required by the organisations' accounts department.
The software, which was developed by local IT company Linxus, eliminates the endless hours often spent on searching, matching, resending and chasing documents that often results in delayed payment and the debtors' days piling up - requiring the company to allocate increasing capital to cashflow contingencies and bad debt provisioning, says Intervate.
Peter Reid, executive head of Intervate, says AR Accelerator alleviates these worries, bringing fluidity and efficiency to the Accounts Receivable function with a comprehensive set of linked documents that improve the likelihood of speedy payments.
"The AR Accelerator can reduce debtors days by as much as 40%, and produce time-savings of up to 60% within the Accounts Receivable department."
"Not only does it eliminate inefficiencies and inaccuracies, but it provides a better experience to one's customers, as well as guaranteeing peace of mind in adhering to compliance and governance requirements," notes Reid.
Despite rapid enhancements in digital and automated technologies, many local organisations still manage the distribution of invoices and collection of payments in a largely manual fashion, he adds.
According to a Billentis e-invoicing and e-billing report, there are over 500 billion bills or invoices exchanged globally each year. This number is significantly up from last year (383 billion) but it's more to do with improved research rather than organic growth.
Michael Wright, CEO of digital communication specialist Striata, says the past 12 months have seen 'digital' increasingly becoming the default channel for marketing, operational and confidential communication with customers.
His company recently introduced the Secure Document Repository (SDR) which provides a secure, online location for organisations to store documents where they can be accessed by customers.
A few years ago Striata had introduced an electronic billing platform which provides flexible output formats catering for organisations' e-invoicing system requirements.
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