New Study Shows Best-in-Class Accounts Receivable Organizations Report Faster Payments, Enhanced Customer Service
December 14 2021 - 7:00AM
Business Wire
Billtrust-Commissioned Research Examines the
Spectrum of AR Modernization, Offering Ways to Improve
Performance
Billtrust (NASDAQ: BTRS), a B2B accounts receivable (AR)
automation and integrated payments leader, has released new
findings from a proprietary in-depth research study illustrating
that best-in-class AR organizations have 25% better customer
service levels and 23% collections improvement versus the average
AR department. In addition, best-in-class teams offer 20% more
self-service capabilities and receive payments 15% faster than
average.
The research, which introduces an AR maturity model, is
summarized in a new white paper, “The State of Accounts Receivables
Part Two: A Guide to Modernization.” AR professionals can also
conduct their own maturity model self-assessment to identify key
strengths and growth opportunities. The research, which outlines a
4-stage spectrum ranging from ‘Manual’ and ‘Scaling’ to ‘Modern’
and ‘Best-in-Class,’ identified that the most modern AR teams have
these unique characteristics:
- 100% digital payments and invoicing. All payments
accepted are digital and invoices are presented to customers
electronically.
- Cash forecasting. Unlike traditional AR capabilities,
best-in-class teams can forecast their cash flow and proactively
identify liquidity issues.
- Predictive analytics. AR teams leverage cutting-edge
machine learning and predictive analytics for reporting and
accuracy.
- Touchless cash application. Reconciliation is done
automatically without the need for human intervention.
- Highly proactive account coverage. Proactively reach out
to accounts who are past due before they escalate into 60 or 90
days past due.
The research also indicated that modern and best-in-class teams
measure success differently than more manual counterparts and place
increased importance on key performance indicators such as customer
satisfaction, cash conversion and collections effectiveness versus
measures like immediate cash flow (DSO). This reflects a focus
shift from immediate cash in the door to more programmatic efforts
to manage collections and deliver a better customer experience.
“Staying up to date with today’s AR innovations is critical to
our success,” said Nathan Hurst, CEO of Waterlogic, a leader in
point-of-use water purification and dispensing systems. “For nearly
a decade, the automated invoicing, payments, cash application and
collections solutions that we’ve implemented have enhanced our
order-to-cash processes and given us a significant competitive
advantage, accelerating cash flow and allowing our teams to
eliminate manual tasks to provide better customer service.”
“There is a powerful connection between strong AR capabilities,
productivity and world-class customer experiences,” said Steve
Pinado, Billtrust President. “The key outcome of this study is to
help AR organizations identify their modernization stage and what
next steps they need to take to move to the next level. We
encourage AR teams to self-assess using the maturity model and
determine how to realize the benefits of faster, more efficient
processes to impact both cash flow and customer satisfaction.”
About the Study
In the spring of 2021, Billtrust commissioned research firm
Paradoxes, Inc. to conduct an extensive qualitative and
quantitative research study to better understand the current state
of the accounts receivable (AR) industry in the United States.
Dozens of 60-minute in-depth interviews were conducted and an
online survey of more than 350 companies was fielded with
organizations of greater than 125 employees and between $50 million
to $10 billion in revenue.
About Billtrust
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based
software and integrated payment processing solutions that simplify
and automate B2B commerce. Accounts receivable is broken and relies
on conventional processes that are outdated, inefficient, manual
and largely paper based. Billtrust is at the forefront of the
digital transformation of AR, providing mission-critical solutions
that span credit decisioning and monitoring, online ordering,
invoice delivery, payments and remittance capture, invoicing, cash
application and collections. For more information, visit
Billtrust.com.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are not intended to serve as, and must not be relied on
by any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of the Company. These forward looking statements
are subject to a number of risks and uncertainties, including those
factors discussed in the Company’s filings with the SEC, including
in the “Risk Factors'' and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s most recently filed periodic reports on Form 10-K and
Form 10-Q and subsequent filings. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. These
forward-looking statements are subject to a number of risks and
uncertainties. There may be additional risks that the Company
presently does not know or that they currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this press release. The Company anticipates that subsequent events
and developments will cause its assessments to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s assessments
as of any date subsequent to the date of this press release.
Accordingly, undue reliance should not be placed upon the
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211214005114/en/
Investor Contact John T. Williams IR@billtrust.com
Media Contact Paul Accardo PR@billtrust.com
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