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Monday June 21, 06:34
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Automated Billing Improves Corporate Cash Flow
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Automating billing processes to reduce the rate of payment exceptions in line with business growth enables corporations to reveal weaknesses in data flows while containing labor costs. To achieve a reliable billing process that improves cash flow and customer retention, the best route for enterprises is to minimize the risks of a complex pricing system while having enough margin for the costs of manual support. For optimal cash flow, however, complex pricing systems must be overhauled to identify how manual intervention can be eliminated from the billing process.
In short, high-volume, multiple or interdependent sources of data increase the risk of validation failures in the billing cycle, and exception management costs scale with a business unless the rate of exceptions is contained. Working capital incurs costs for trading entities in the billing and payments process in terms of data delays, the resolution of exceptions and manual processes, particularly errors, which delay payments. Billing delays, high levels of re-billing and issues with manual processes in turn increase customer dissatisfaction and may escalate billing disputes.
Call center activity consequently heats up as dissatisfied customers vent their frustration, which further delays a payment and increases the chances of bad debt. Traditionally disparate and even conflicting processes create scope for billing systems to become tangled, but clear analysis of data flow and the ability of data providers to handle problems, is crucial in streamlining billing cycles. Automating a billing system means that simplified data flows accelerate the billing-to-cash process, which in turn bosts an enterprise’s bottom line.
(EnergyPulse)
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