Cash flow is the lifeblood of any business. However, for many organizations, clunky, manual invoice-to-cash processes are present and tolerated leading to bottlenecks, errors and delays in cash conversion. These critical issues grow exponentially as businesses grow and scale, and are often ignored until they become really huge and need hasty solutions.
The way out of these sluggish processes are automated workflows (the power of automations + workflows). Automated workflows can be your key to unlocking a smoother, faster, and more profitable cash flow journey.
Here at FinFloh, we’ve witnessed firsthand the transformative power of workflows. That’s why we built a comprehensive suite of solutions to automate every step of your invoice-to-cash process, from invoice delivery and collections to disputes and cash application.
Let me break this down.
Why did we build workflows in the first place?
After speaking with hundreds of businesses and finance teams, there were some common problems that came out of those discussions –
- Highly tedious and error-prone manual processes
- Delay in invoice delivery due to manual dependencies
- Ineffective prioritization of collection efforts leading to payment delays
- High dispute resolution time due to the lack of clear owners & defined TATs
- Limited scalability as customers & invoices grow
How do workflows help?
- Invoices delivered automatically, ensuring timely and accurate billing.
- Collections triggered on autopilot, getting you paid faster with minimal effort.
- Disputes resolved efficiently, saving time and improving customer satisfaction.
- Cash applied instantly, giving you immediate access to revenue.
Why should you consider workflows for your business? Let’s talk numbers.
- 25% improvement in cash flow: Get paid faster and unlock your financial potential.
- 30% reduction in invoice processing time: Automate deliveries and free up valuable resources
- 25% increase in collection effectiveness: Get paid faster with targeted and automated follow-up
- 15% reduction in bad debt: Early intervention minimizes uncollectible invoices.
How does FinFloh implement automated workflows?
- Assign customers to cohorts: All customers are initially assigned to a default customer cohort. Later, they’re allocated to other customer cohorts based on priority (premium/standard) or risk types (high/medium/low) or BUs or entities
- Define workflows: Workflows are defined with each workflow having different decision loops: invoice emails (with-without ledger statement), credit limits, frequency(high-low) /tone (forceful-gentle) of collection follow-ups, dispute resolution rules and cash application logic
- Apply workflows for each customer cohort: Invoice-to-Cash processes for each customer running as per the set workflows with provision for exceptions
We would love to show you a glimpse of how automated workflows can transform the cash flows at your businesses.
Interested to see how they work in a live environment? Book a demo with us.