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Meet the Authors!
Chris Canonigo - SAP FICO Manager, Project Manager

Vikram Gollakota

Senior Solution Architect, HighRadius

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Vikram Gollakota
Senior Solution Architect, HighRadius

Chris Canonigo - SAP FICO Manager, Project ManagerVikram Gollakota has nearly ten years of experience in consulting and implementation of SAP solutions in North America and Europe. He is versatile and has extensive knowledge of varied functional areas of SAP solutions such as Receivables Management (formerly FSCM), including Dispute Management, Collections Management, Credit Management, and Biller Direct. Vikram is also an expert in the Financial modules, including Account Receivables, Accounts Payable, General Ledger, and Asset Accounting. He has worked for corporations in many industry verticals including consumer goods, pharmaceuticals, agriculture, retail, oil and gas, and food processing.

Vikram currently resides in Sugar Land, Texas with his wife Rohini and his daughter Amruta. His hobbies include photography, painting and playing sports like tennis and swimming. He also enjoys woodworking projects for his home.

Jay Tchakarov - Director of Product Management

Jay Tchakarov

Director of Product Management at HighRadius Corporation

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Jay Tchakarov
Director of Product Management at HighRadius Corporation

Jay Tchakarov - Director of Product ManagementAs part of HighRadius’ executive team, Jay is responsible for driving the market-leading enterprise Credit and A/R products and for defining a holistic strategy to strengthen HighRadius' leadership position in the space. Prior to joining HighRadius, Jay was the product owner for some of the best-in-class enterprise pricing products as well as of the effort to extend the power of pricing to new domains, including mobile and touch-based devices. Jay also led the penetration of new markets and the definition of PROS’ cloud strategy.

Jay currently resides in Houston, Texas with his wife Amanda and his children Alexander and Gabriella. His hobbies include travelling, photography, reading fiction, enjoying the outdoors, swimming and playing sports like soccer and tennis. Other interests he enjoys are history and economics.

Joe Fischer - Experienced Customer Service Professional

Joe Fischer

Experienced Customer Service Professional

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Joe Fischer
Experienced Customer Service Professional

Joe Fischer - Experienced Customer Service Professional Joe Fischer has 25+ years of management experience in the consumer products industry where he has worked for Fortune 500 companies that have included The Gillette Company, Dial Corp, Pillsbury, and General Mills. He is experienced in the management of all aspects of the customer “order to cash” and customer supply chain activities. with a proven track record of delivering outstanding results. He is very accomplished in the restructuring of work streams and development of teams (including offshore) with a “continuous improvement” mindset to gain efficiencies and reduce costs by standardizing, simplifying and automating workflows.

On a personal note, he has a passion for physical fitness and enjoys exploring the 600 miles of bike trails in the twin cities as well as participating in multiple activities at the gym.

Lisa Tanner - Senior Credit Analyst

Lisa Tanner -The Coleman Company

Senior Credit Analyst

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Lisa Tanner
The Coleman Company, Senior Credit Analyst

Lisa Tanner - Senior Credit AnalystShe is responsible for all facets of The Coleman Company’s credit department daily operations including mentoring six credit associates, one credit analyst and participation in two industry credit exchange groups. Lisa has successfully launched numerous electronic exchange programs in The Coleman Company credit department including online credit applications, electronic credit approvals, an automated POD tool and is currently working toward the implementation of an automated cash application.

Josie Johnson - Marketing Director at HighRadius Corporation

Tara Gallagher

Marketing Campaigns Manager at HighRadius

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Tara Gallagher
Marketing Campaigns Manager at HighRadius

Tara Gallagher - Marketing Campaigns Manager at HighRadiusTara Gallagher is the Marketing Campaigns Manager at HighRadius. In this role, she is responsible for the primary execution of the company’s marketing strategy, with a focus on lead generation through integrated campaigns that leverage a variety of marketing channels. Tara manages sponsorships, events, webinars and tradeshow promotion and logistics, email campaigns, and social media.

Tara came to HighRadius with over 5 years of B2B marketing experience. In her last position, she was responsible for developing their digital communications program which increased the company’s web presence and inbound marketing efforts tremendously.

Tara is a newlywed and recently bought her first home with her husband. She loves doing home projects with her husband, both big and small, as well as hosting people in their new home.

Tammie Calys – Transformation Management Consulting

Tammie Calys – Transformation Management Consulting

President

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Tammie Calys – Transformation Management Consulting
President

Tammie Calys – Transformation Management ConsultingTammie has 20 years of success in delivering innovative solutions for strategic transformation initiatives within operations, finance, supply chain and information technology, with a specific focus on automation and electronic adoption. Her years of experience in leading organizations within a Fortune 50 company in the execution of initiatives around business optimization, automation, marketing and adoption allow her to quickly assess the customer’s environment and identify opportunities for improvement. The proven strategies she recommends and works with the customer to deploy, drive above average levels of results thereby helping customers to achieve their business goals more quickly and cost effectively.

Tammie enjoys yoga, Pilates and shopping (she is an avid “shoe collector” and has over 300 pairs)! Tammie and her husband also enjoy wine and are avid wine collectors.

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Lessons for Accounts Receivable from Accounts Payable

  
  
  

Electronic Payment ImprovementThe accounts receivable function can learn a lot from what is going on in the accounts payable universe. Much of the evolution of the payments industry gets it impetus from Accounts Payable, and that is going to necessarily affect Accounts Receivable. In addition, how Accounts Payable processes invoices can impact how Accounts Receivable departments transmit invoice details.

Many companies have implemented online Accounts Payable portals to facilitate the electronic capture of invoices. The main goal of the underlying e-payables initiative is purchase-to-pay process efficiency. However, Accounts Payable cannot achieve their automation objectives if they do not realize a high level of supplier participation.

The problem is buyers, due to self-interest, seldom give much attention to their suppliers’ needs. Inadvertently, Accounts Payable departments are collectively forcing suppliers to deal with a multitude of different portals and processes. For Accounts Receivable, these multiple systems have actually increased the cost of collections due to data entry and research tasks being pushed out of Accounts Payable and onto their trading partners’ Accounts Receivable departments. If invoice details must be entered or uploaded manually, this can create an excessive burden on the Accounts Receivable or Credit function. This is the opposite of any desired outcome of an e-commerce initiative.

Likewise, suppliers that implement an Electronic Invoice Presentment and Payment (EIPP) solution hope to boost order-to-cash efficiency and cut costs. Facing a variety of customer Accounts Payable portals, an EIPP solution must be able to transmit invoices to a broad spectrum of online systems. As with Accounts Payable portals, for these EIPP portals to be successful, one needs to have enough customers using it to both access invoices and then process payments.

Ultimately, a well managed EIPP system will offer efficiency, visibility and control but only as long as a majority of transactions are processed through the solution. In order to achieve optimum performance, there are 4 things Credit and Accounts Receivable can do:

  1. Clean up your master files – Look at your customer lists and delete duplicate accounts, identify any related accounts and make sure your existing accounts have current and validated contact information. This benefits not only the billing process, but also collections. In an electronic environment you don’t want to waste time correcting out of date or otherwise inaccurate information – once errors are generated, they work their way across the entire process.
  2. Accept more than one form of electronic payment – In order to eliminate as many paper checks as possible make sure you accept payment via ACH, credit card and wire transfer. Work with your credit card merchant to make sure you qualify for high ticket rates so credit cards can be accepted for even more transactions.
  3. Overhaul your customer enrollment tactics – Segment your buyers by transaction volume and size so you can start a comprehensive enrollment campaign. Your goal should be to maximize the dollars flowing through the EIPP system. New customers should not be given the choice of receiving paper invoices or paying by check – they should automatically be entered into the EIPP systems. Your EIPP vendors should be willing to provide support in customer enrollment.
  4. Communicate and train – Take it upon yourself to make sure that every team member who has responsibilities related to the order-to-cash process understands the dynamics of an EIPP system and can support of the product and its enrollment process.

 

How many of the 4 items above has your company/department implemented and what results have you seen?

Comments

I get assertive with people who state that they will not make a payment as their "company policy" is that they only have two pay runs a month.  
 
When I have told the clerk that the account is already over the 60 day mark, you get the usual,"can we have a copy invoice".  
 
I have no issue with this, but tell them that I expect payment by return. If they again state that they will only pay to on their twice monthly run, I will ask to be put through to the Financial Controller or Director.  
 
Quite often you are put on hold, as long as possible. Usually if I find that I have had the same hold-tune for the 6th time, I put the phone down. The next thing I do is go on to the internet and find out the directors name(s).  
 
In the UK these can be found from Companies House as well. Having found that information, I ask to speak to the MD/FD directly.  
 
If I get the (frequent) rebuff that they do not take calls, my next move is to issue a Notice of Intent to commence legal proceedings. Again this is addressed to the MD.  
 
Always make sure it is addressed by name and send it by Recorded Delivery (which requires a signature upon receipt).  
 
Usually this has the desired effect and payment is made promptly (the Bought Ledger Manager having had their pandies smacked).  
 
If payment then does not come forward, then it is straight to Court I go. If it is a smaller a amount I will usually go through the usual summons stages. However, if the amount is large, and having checked the accounts at Companies House that they are solvent, Bankruptcy or Winding up Petition usually has the desired effect !  
Posted @ Wednesday, July 03, 2013 5:26 PM by Chris Richards
We have found that taking alternate forms of electronic payments has (generally speaking!) sped up our receivables. Although we have not been asked for wire transfer information, we regularly recieve ACh and credit card payments which has been a very successful change. Thank you for this blog entry.
Posted @ Thursday, July 04, 2013 10:37 AM by Mark Cobb Law Group
It irritates me when Bought Ledger Clerks tell you that they cannot pay you since they only have two pay dates.  
 
What is interesting, that when they are presented with a County Court Summons and Particulars of Claim, suddenly "special payments" can be made.  
 
The other thing that I have noted that when, as a private bailiff I have entered with a Warrant, suddenly I can be paid in cash !  
 
So accounts payable, please notify your Directorate that if payment is not made to terms, technically a Summons can be issued in 48 hours and Summary Judgement entered if there is no clear defence, followed by enforcement.  
 
Even a winding up or Bankruptcy Petition can be served immediately, although it does give 21 days for the Defendant to reply, but also escape. (and I am not joking)  
 
It is amazing what you can do when you speak to an MD or FD to secure payment at the threat of winding a company/business up.  
 
Supporting documentation is one thing; out right lying is another issue altogether.  
 
 
Posted @ Thursday, July 04, 2013 12:49 PM by Chris Richards
The blog is in reality the great on this worthy subject. I match in together with your conclusions and looking forward to your coming updates. Thanks for sharing. 
 
Lancaster Personal Injury Attorney 
Posted @ Thursday, October 16, 2014 6:06 AM by Njeri L
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