The State of Insurance Underwriting Automation (SMA Report)

Check out the state of commercial insurance underwriting automation, based on the new SMA report.

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Financial Management

Enhancing Business Dynamics with Top Order Management Software

Article | February 13, 2024

Read this article to learn about the top order management software, offering robust inventory management. Know how the key features of OMS enable smooth integration to enhance operational efficiency. Contents 1. Importance of Order Management Software 2. How Order Management Software Impacts Business Operations 3. Deciding on the Right Order Management Software 4. Best Order Management Software: Top 10 Picks 4.1 Freestyle Solutions 4.2 eFulfillment Service 4.3 Pepperi 4.4 Sellercloud 4.5 Webgility 4.6 Elemica 4.7 NewStore 4.8 Stord 4.9 Increff 4.10 Veeqo 5. Future Prospects 1. Importance of Order Management Software Order management is paramount for businesses as it impacts efficiency, accuracy, and visibility in order processing operations. The best order management software offers a comprehensive solution, acting as the central hub for managing the entire order lifecycle. It provides real-time status updates and seamless integration between inventory and orders, optimizing efficiency and accuracy. By utilizing intuitive analytics, top order management systems (OMS) enable companies to make informed, data-driven decisions, positioning them ahead of the competition. It streamlines operations, increases overall efficiency, and reduces lead time, allowing businesses to cope with multichannel sales, accurately fulfill orders, and forecast inventory levels effectively. 2. How Order Management Software Impacts Business Operations Integrating the best OMS software is a crucial step toward streamlining a business' order management. By automating and refining the order management process, an OMS acts as a catalyst for improving customer satisfaction, operational efficiency, and business expansion. This system underscores the primary benefits of order management software, emphasizing its fundamental role in enhancing operational performance: Order Tracking: An OMS offers a feature-rich solution for businesses. It facilitates comprehensive order tracking, from placement to delivery. This data can be leveraged to elevate customer service standards and identify areas for improvement in the order management protocol. Inventory Management: An OMS helps manage inventory levels adeptly, thus averting stockouts and backorders, which can trigger lost sales and dissatisfied customers. Order Fulfillment: An OMS expedites and ensures order fulfillment accuracy, thereby enhancing customer satisfaction levels and mitigating fulfillment costs. Returns Management: An OMS streamlines the return management process, leading to swift and efficient handling. This contributes to diminished return costs and heightened customer satisfaction. Beyond these advantages, order management software for business improves operations by facilitating: Foster Business Growth: By simplifying order and inventory management, an OMS frees up resources and time that can be redirected toward enhancing other business areas, such as marketing and sales. Enhance Customer Service: An OMS aids in mitigating customer frustration and fortifying loyalty by furnishing customers with real-time updates regarding their orders. 3. Deciding on the Right Order Management Software Selecting and implementing the best order management software requires a systematic approach. Each phase, from assessing business needs to securing stakeholder buy-in and leveraging vendor support, ensures a smooth transition and maximizes OMS benefits. Following is the step-by-step approach to enhance efficiency and growth opportunities: Assessing business needs and constraints ensures alignment with OMS selection Developing an implementation plan outlines objectives, resources, and contingencies Data migration and configuration facilitate seamless integration of systems Training equips staff with OMS functionalities and procedures Testing validates OMS functionality across various scenarios Go-live initiates live operations with the OMS for order processing Securing stakeholder buy-in fosters organizational support for OMS adoption Starting modestly and scaling allows for gradual expansion aligned with business growth Leveraging vendor support ensures smooth troubleshooting and system operation 4. Best Order Management Software: Top 10 Picks This list of top order management software is known for its innovative solutions that streamline business operations. Each company is highlighted for its unique approach to handling orders, from simplifying complex supply chains to integrating smart technology for efficiency improvements. Discover how these industry leaders can transform order management processes: 4.1 Freestyle Solutions Freestyle Solutions, previously known as Dydacomp, specializes in providing comprehensive order and inventory management solutions tailored to the needs of high-growth retailers and brands. Positioned as an affordable option for the mid-market, the company offers a robust framework for efficiently managing customer, order, and inventory processes. Freestyle enables businesses to gain a unified view of supply and demand across all sales channels, which is crucial for optimizing inventory levels and streamlining order fulfillment. The company's technology is available both as a cloud-based service and on-premise software, ensuring flexibility and scalability to meet its users' diverse needs. With over 25 years of industry experience, Freestyle Solutions has established itself as a trusted provider, enabling small to medium-sized businesses to enhance their eCommerce capabilities and automate critical back-office operations. 4.2 eFulfillment Service eFulfillment Service (EFS) is a recognized eCommerce fulfillment leader trusted by retailers for efficient inventory management and precise order execution. The company offers a web-based Fulfillment Control Panel, providing clients with visibility into their operations and supporting competitiveness in global markets. As a premier provider of fulfillment and warehousing services, EFS caters to small and mid-sized online sellers worldwide. Established in 2001, EFS has demonstrated reliability by offering a comprehensive suite of services that cover every aspect of the fulfillment process, from inventory storage to order processing and shipping. The company ensures these services are backed by strong guarantees, effectively streamlining logistics for online retailers and crowdfunding campaigns. 4.3 Pepperi Pepperi is renowned as a leading unified B2B commerce platform, catering to over 1,000 clients in over 65 countries. The platform offers a versatile suite of tools tailored for consumer goods manufacturers, distributors, and wholesalers to boost sales, streamline operations, and enhance operational efficiencies. Its key features include a customizable B2B eCommerce storefront, sales force automation, retail execution, route accounting (DSD), and an advanced trade promotion module. These components are designed to integrate seamlessly with existing ERP systems, payment gateways, and shipping solutions, ensuring robust connectivity and comprehensive data accessibility. Pepperi supports a web and native mobile B2B eCommerce application, streamlined order-taking via e-catalogs, a retail execution app, and route accounting apps, enabling efficient management of omnichannel operations across various customer touchpoints. 4.4 Sellercloud Sellercloud offers a comprehensive suite of tools to streamline e-commerce operations, including inventory and warehouse management, listing publications across various marketplaces, order processing, and shipping. This platform provides a centralized catalog system that syncs all product information, allowing for efficient multi-marketplace publishing and inventory control, tracking precise item location and preventing overselling. Sellercloud's extensive suite of over 300 integrations enhances online presence and diminishes reliance on any single channel, promoting sustained growth. Additionally, the platform automates time-consuming processes, facilitating a focus on more strategic activities. Custom features and plugins are tailored to specific business needs, enhancing functionality. Detailed reports on product performance and cost management are accessible through a single interface, aiding in business planning and oversight. 4.5 Webgility Webgility offers a robust, flexible ecommerce automation platform that integrates ecommerce channels with QuickBooks Online or Desktop, eliminating the hassle of IT expertise or coding. It simplifies the adoption of new sales channels and strategies, enhancing customer acquisition and sales volume. By automating data entry and system integration and eliminating the need for complex spreadsheets, Webgility significantly reduces the time and financial resources spent on accounting tasks. It consolidates all commerce applications, facilitates business expansion, and provides valuable insights to boost profitability. Acknowledged as a leading provider of advanced order management software solutions for SMBs, Webgility is trusted by over 5,000 businesses and is recognized as the premier QuickBooks connector for multichannel ecommerce businesses. The platform automates order posting, inventory tracking, and new product listings, saving businesses at least 10 hours weekly and allowing them to focus on growth. 4.6 Elemica Elemica facilitates supply chain digitization by creating essential connections regardless of technology, data format, or data integrity. With the integration of OmPrompt, Elemica's cloud platform has evolved into a full-service document automation hub, establishing EDI connections between manufacturers, retailers, customers, suppliers, and third-party providers. This platform streamlines manual document processing across order capture, creation, fulfillment, and settlement, enabling businesses to connect with any trading partner and digitize any document in any format. Elemica has been recognized as an 'innovator' for order management in the 2024 Hackett Group Digital World Class Matrix, highlighting its role in providing 360-degree visibility across the supply chain, enhancing shipment tracking, invoicing, and proof of delivery, thus ensuring comprehensive supply chain collaboration and significant returns on digitization investments. 4.7 NewStore NewStore offers a unified commerce platform tailored for global retail brands aiming to enhance their digital capabilities. Incorporating MACH principles, the platform features an innovative Omnichannel POS and Shopping App complete with order management, inventory control, clienteling, and loyalty programs. Retail leaders leverage NewStore's solutions to optimize store performance, elevate associate productivity, and deepen customer loyalty. By integrating physical and digital retail environments, NewStore helps brands lower customer acquisition costs, boost sales margins, and foster stronger customer relationships. Its advanced cloud-native architecture ensures rapid deployment and continuous feature enhancement. 4.8 Stord Stord is a prominent provider of omnichannel fulfillment services and technologies tailored for high-volume mid-market and enterprise brands. This includes an array of services like fulfillment, warehousing, and transportation, alongside innovative order management and warehouse management system software. The company aims to transform supply chains into significant competitive assets for brands, enabling them to increase sales, economize on costs, and enhance customer satisfaction. Features like rapid shipping, reliable delivery promises, and expanded market access catalyze revenue growth, while economies of scale and advanced software streamline operational costs and processes. Numerous direct-to-consumer and B2B companies leverage Stord's services to elevate their supply chain efficiency. 4.9 Increff Increff, a retail SaaS company, addresses complex inventory management and supply chain challenges within B2B and B2C sales channels. The company provides comprehensive merchandising and omnichannel inventory management solutions, serving over 700 global retail brands from more than 13 countries. Increff supports various industries, including fashion and apparel, footwear, electronics, healthcare as well as home and furnishing, delivering automated decision-making, process accuracy, sustainable retailing, and remarkable efficiency. With a workforce of over 300, including merchandising and technology experts in global offices, the company continues to expand and innovate, embodying its commitment to extraordinary efficiency and agility in the supply chain ecosystem. 4.10 Veeqo Veeqo offers comprehensive, cost-free shipping management software that streamlines the fulfillment process with automation and powerful tools. This platform provides immediate access to the lowest shipping rates without negotiating or setting shipping volumes. Features include automatic rate selection that chooses the most economical label for each order and can simultaneously handle up to 100 orders. Additionally, Veeqo allows users to establish automated shipping rules based on weight, value, and delivery options, ensuring optimal label selection. It also enhances operational efficiency through the integration of inventory control, mobile device-assisted picking, and comprehensive sales data tracking features. Amazon secures and supports these capabilities, ensuring reliable data protection and system integrity. As a Shopify Plus Certified App, Veeqo supports large-scale merchants with tailored solutions that promote business growth. 5. Future Prospects For businesses aiming to stay competitive and adaptive, integrating artificial intelligence and machine learning into order management is becoming essential. These technologies enhance operational efficiencies through smarter inventory management and customer service automation. They also offer the ability to personalize the shopping experience, elevating customer engagement and retention. As customer expectations rise and the retail sector evolves, the top order management software needs flexibility in deployment and capabilities, allowing businesses to adapt quickly to new challenges and opportunities. This strategic flexibility, enhanced by robust data analysis and process automation, empowers companies to overcome traditional limitations.

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Fintech

Top Picks in Accounts Receivable Software for Modernization

Article | March 13, 2024

Explore the top accounts receivable software in this article. Discover the benefits of accounts receivable software designed to streamline operations and ensure smoother, faster transactions. Contents 1. How Accounts Receivable Software Empowers Modern Enterprises 2. Key Benefits of Accounts Receivable Software 3. Best Accounts Receivable Software: Top 10 Picks 3.1 Accounting Seed 3.2 ApprovalMax for Xero 3.3 Centime 3.4 BlueSnap Accounts Receivable Automation 3.5 DataServ 3.6 ezyCollect 3.7 Growfin 3.8 Paystand 3.9 ReconArt 3.10 Upflow 4. Way Forward 1. How Accounts Receivable Software Empowers Modern Enterprises Accounts receivable (AR) software is crucial for a business' fiscal stability. It manages the sums owed by customers or other debtors. These amounts, often referred to as billing, are essential for a business' sustainability, as the inability to effectively secure payments for goods or services can jeopardize the enterprise's durability. AR is categorized as an asset on the balance sheet, reflecting the anticipation of future cash flows. Accounts receivable software streamlines the billing cycle, automates the payment process, and reduces the time required to secure payments, facilitating a seamless and timely cash flow. This automation allows businesses to allocate working capital more effectively and ensures that critical resources are available where they are most needed. Additionally, the software minimizes the need for finance and sales team members to expend time and effort chasing unpaid invoices. 2. Key Benefits of Accounts Receivable Software Accounts receivable software offer many benefits, revolutionizing how businesses manage their finances. Some of the advantages include: Maximized Cash Flow: These tools ensure timely payments by streamlining accounts receivable processes, offering a clearer view of cash positions. Through reminders, early invoice identification, and simplified payment options, businesses can effectively manage cash flow, maintaining financial stability. Enhanced Financial Oversight: These software solutions empower businesses to exercise better cash and working capital control, leading to improved accounts receivable performance. With insights into cash positions, informed decisions regarding investments like equipment purchases or expansion can be made while increasing available cash through efficient invoice collection. Heightened Efficiency: Automating repetitive tasks through accounts receivable management software saves valuable time and effort. Reducing the time spent on calls and dispute resolution enhances the overall efficiency and increases focus on soliciting payments. Streamlined Communication: Integrated tools facilitate seamless customer communication, providing easy access to account information, streamlined email and document creation as well as comprehensive interaction logging for future reference. It saves time and elevates customer service levels. Elevated Customer Satisfaction: Preventing late payments and invoice issues is paramount in improving customer satisfaction. Automated invoice delivery, early problem identification, and centralized information ensure smoother interactions and foster stronger customer relationships. Reduced Administrative Costs: Digitizing communication processes eliminates manual tasks such as printing and mailing invoices, resulting in substantial savings on resources and time. By automating communications, administrative overhead is reduced. Accelerated Sales-to-Payment Cycle: Automating invoice delivery and offering online payment options shorten the time between making a sale and receiving payment. Transactions are expedited by providing customers with convenient payment methods, enhancing cash flow. Effective Credit Risk Management: These tools facilitate efficient credit risk management by leveraging third-party credit information and monitoring customer relationships. With features like storing credit reports, establishing credit scoring, and setting up alerts for high-risk accounts, businesses can promptly identify and address potential risks. 3. Best Accounts Receivable Software: Top 10 Picks Here are some of the industry's leading accounts receivable tools, facilitating a smooth transition to more efficient fiscal operations: 3.1Accounting Seed Accounting Seed is a robust cloud-based accounting tool that comprehensively overviews a business' financial status. This accounting solution is a cornerstone for companies seeking to streamline financial processes and establish a unified source of financial truth tailored to meet the diverse needs of modern enterprises. Some of its key features include: Allows meticulous monitoring of invoices, payments, and customer interactions Facilitates automated billing processes, easing administrative burdens Enables efficient handling of cash receipts for streamlined financial operations Generates detailed financial reports, providing insights crucial for informed decision-making Offers a customizable dashboard for personalized user experience and efficient navigation Suited for businesses of varying sizes and industries, ensuring flexibility and scalability Seamlessly integrates with other business processes, enhancing overall efficiency Tracks data across the entire business lifecycle, from marketing and project implementation to product sales and accounting Provides a comprehensive finance solution accessible to companies worldwide, from small enterprises to large corporations 3.2 ApprovalMax for Xero ApprovalMax for Xero optimizes the accounts receivable procedure by implementing automated, multi-tiered approval workflows. It guarantees adherence to established business policies prior to transaction execution. It integrates with widely used accounting software, thus expanding its capabilities to encompass comprehensive controls over the AR process. This platform ensures transparency and accountability, featuring thorough audit trails and real-time reporting functionalities. By facilitating streamlined approvals, ApprovalMax for Xero aids businesses in error reduction, fraud prevention, and regulatory compliance, thereby serving as an indispensable instrument for financial governance. Its primary attributes include: Automated, multi-tiered approval workflows Integration with popular accounting software Enhanced controls over the accounts receivable process Transparent and accountable operations with detailed audit trails Real-time reporting capabilities Error minimization, fraud prevention, and compliance maintenance 3.3 Centime Centime stands as the premier cash management suite, facilitating effective control and management of cash flow for enterprises. The tool's fundamental elements are as follows: Its comprehensive suite encompasses forecasting, collections, invoicing, payments, credit, and reporting, each interconnected to enhance efficiency. By leveraging automation and artificial intelligence, Centime empowers finance leaders to bolster productivity, diminish operational expenses, and proactively address risk factors. It delivers comprehensive analytics and predictive models, facilitating enhanced cash flow management, risk mitigation, and informed decision-making. The tool fosters improved planning and execution of payment collection strategies, ensuring the sustained health of business cash flows. By furnishing clear insights into receivables and payables, Centime enables businesses to optimize their financial strategies, promoting growth and stability. 3.4 BlueSnap Accounts Receivable Automation BlueSnap Accounts Receivable Automation assists businesses in effectively managing their accounts receivable by streamlining online payment processes securely and effortlessly. Its primary aspects involve the following: The platform features extensive support for various payment methods and currencies, rendering it exceptionally suitable for facilitating global transactions. By providing flexible payment alternatives and comprehensive financial reporting capabilities, the software enhances businesses' accounts receivable procedures, thereby fostering revenue growth. This accounts receivable automation software enriches existing accounting and CRM systems with workflow automation, business intelligence, and best practices, optimizing efficiency across finance, sales, support, and HR departments. 3.5 DataServ DataServ offers a tailored accounts payable automation solution designed to reduce costs, liberate staff, mitigate fraud, and streamline processes. The platform simplifies the digitization of accounts receivable processes through its SaaS model, with a focus on document automation and process efficiency. Some of the essential functionalities comprise: Auto-matching technology that ensures the precise application of payments, thereby minimizing discrepancies and the necessity for manual intervention. DataServ's suite of analytics and reporting tools empowers businesses to gain insights into their receivables performance, facilitating strategic decisions to improve cash flow and customer satisfaction. This tool has a proven track record of delivering AP invoice automation solutions, enabling accounting teams to eliminate data entry, enhance accuracy, and concentrate on higher-value tasks. DataServ provides touchless invoice processing with its proprietary AutoVouch system. 3.6 ezyCollect ezyCollect provides a comprehensive solution to automate and streamline the accounts receivable process, thereby substantially alleviating the administrative burden associated with pursuing overdue payments. The tool's key aspects entail the below mentioned: The platform simplifies the automation of payment reminders, offers a variety of online payment options, and provides real-time insights into debtor statuses. This approach assists businesses in enhancing their cash flow management with ease. Additionally, it incorporates a customer self-service portal, enabling clients to access invoices and payment histories and make direct payments, thereby augmenting the customer payment experience and promoting timely settlements. ezyCollect excels in automating account receivables for B2B clients, typically reducing overdue outstanding amounts by 40% within the initial 12 months of utilization. This proven effectiveness instills hope and optimism for the financial health of businesses. This software caters to small and medium enterprises seeking to optimize their accounts receivable processes. It features a payment portal where customers can opt to 'Pay Now' or 'Pay Later' and conveniently access all their invoices from a centralized location. ezyCollect offers centralized communications functionality, allowing users to access a comprehensive record of their customer communications within a unified interface. 3.7 Growfin Growfin offers specialized functionalities such as real-time risk evaluation of accounts, personalized follow-up strategies, and an AI-driven cash application process. It revolutionizes the management of AR for B2B finance teams, particularly in the context of high invoice volumes. Its fundamental elements comprise the following: Growfin automates the collections workflow, transitioning away from manual, spreadsheet-dependent processes. The tool takes a proactive approach by identifying precarious accounts early. It uses a range of metrics to forecast payment timelines and risk levels, providing a sense of security. Growfin allows tailored dunning automation targeting specific segments or individual accounts. Its real-time tracking capabilities enable immediate insights into the status of outstanding cash. The tool integrates with the software ecosystem, ensuring data consistency and up-to-date information across ERPs and CRMs for optimal stakeholder visibility. The tool’s AI-driven solution simplifies the cash application process. It automatically captures and allocates incoming payments to the corresponding invoices and adeptly handles complex scenarios like partial payments, overpayments, and short payments. Its customer portal minimizes the time spent on customer inquiries by enabling self-service. Customers can view and download statements, add promises to pay (PTPs), and log disputes autonomously. 3.8 Paystand Paystand is a leading digital payment solution tailored for B2B enterprises. It comprises a substantial network engaged in transactions. The tool facilitates payment acceptance, simplifies collections, and automates various manual AR tasks. It enables no-fee payments and streamlines complex accounting processes, including collections, payment reconciliation, and customer communication workflows. Its integral features include: The absence of additional fees or markups within Paystand's network offers access to wholesale processing rates and electronic payment collection without transaction fees. Comprehensive support for various ERPs enhances the overall customer payment experience through integrations. Reducing costs and liberating AR resources across enterprises improves cost savings, team productivity, and cash flow. Utilizing blockchain technology delivers an innovative accounts receivable solution, automating the entire billing and collection process. Facilitation of zero-fee transactions enables businesses to economize on transaction costs while ensuring efficient and secure payment processing. Provision of a digital ledger characterized by unparalleled transparency and security mitigates the risks associated with fraud and discrepancies. Integration with ERP systems streamlines the reconciliation process, rendering it an optimal choice for businesses seeking to modernize their B2B payment systems and enhance operational efficiency. 3.9 ReconArt ReconArt is a premier solution within the financial reconciliation domain, offering an extensive suite of tools for efficiently automating and managing accounts receivable processes. Its core features include transaction matching, exception management, and detailed reporting, which ensure precision and adherence to regulatory requirements in financial statements. The core functionalities encompassed are: The platform is scalable, catering to businesses of varying sizes, providing real-time visibility into financial data and optimizing end-of-period closing activities. By minimizing manual interventions and bolstering control over the reconciliation process, ReconArt facilitates faster and more reliable financial close procedures. It represents a unified technological solution, delivering automated, fully web-based reconciliation capabilities to a diverse global clientele. ReconArt offers a next-generation, future-proof reconciliation and financial close management solution to a continually expanding global client base. It enables rapid implementation, exceptional flexibility, intuitive usability, and complete scalability. It is also designed to be entirely business-owned. 3.10 Upflow Upflow offers intuitive invoice management, ensuring timely client reminders and meticulous payment tracking. It aids B2B payments companies in simplifying follow-ups and enhancing debt recovery processes, ultimately leading to improved financial performance. The platform integrates into accounting stacks and provides real-time insights and AI-driven automation, facilitating significant enhancements in cash collection efficiency. Upflow offers a simple yet powerful SaaS solution that manages accounts receivable effectively while improving cash collection processes. Other core elements include: Automation of collection processes Intuitive invoice management Timely client reminders Meticulous payment tracking Insightful payment behavior analytics Integration with accounting software Reduction of days sales outstanding Facilitation of informed decision-making Improvement of cash flow optimization Users can access it with a single click by connecting their billing tool to Upflow, receiving detailed analytics within minutes, and establishing systematic workflows for invoice recovery and streamlined customer payments. 4. Way Forward The future of accounts receivable is on the brink of remarkable transformations driven by technological advancements. Emerging trends highlight a surge in automation, leveraging AI, machine learning, and robotic process automation to streamline AR operations. Businesses are increasingly embracing digital solutions to expedite and enhance the accuracy of receivables management. Looking ahead, accounts receivable software is expected to prioritize enhancing the payment experience for customers, emphasizing convenience and efficiency. Moreover, data analytics tools will play a pivotal role in forecasting cash flow and optimizing payment collection processes. Ultimately, the convergence of technology and customer-centric strategies heralds a promising future for AR, promising improved efficiency and enhanced financial management practices.

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Financial Management

Learning Accounts Receivable Management from Top Companies

Article | January 31, 2024

Explore this article to learn how leading firms blend traditional and modern approaches in accounts receivable management. Understand the strategies that effectively solve challenges in AR management. Contents 1. Importance of Accounts Receivable Management 2. Traditional Versus Modern Accounts Receivable Practices 3. How to Implement Effective AR Processes 4. Mastering Accounts Receivable: Insights from Industry Leaders 4.1 NCH Software 4.2 Versapay 4.3 BlueSnap 4.4 Billtrust 4.5 Melio 4.6 Serrala 4.7 Finvi 4.8 Agicap 4.9 Pagero 4.10 TreviPay 5. Wrap Up 1. Importance of Accounts Receivable Management Accounts receivable management is the systematic process of monitoring and controlling the funds that customers owe to a business for goods or services purchased on credit. It includes establishing policies and procedures to optimize account management efficiency and minimize the risk of bad debt. This strategic component is essential for ensuring liquidity, profitability, and the avoidance of bad debts. It encompasses far more than the mere receipt of payments; a robust and efficient AR management system, crucial for sustaining capital growth and ensuring business expansion. As businesses evolve, so do their financial processes. The adoption of advanced technologies and automated systems in accounts receivable operations is no longer a luxury, but a necessity. Manual processes can lead to cash flow issues and customer dissatisfaction, while integrated and technologically advanced systems ensure operational efficiency and maintain a competitive edge. 2. Traditional Versus Modern Accounts Receivable Practices This comparison table showcases the transition from traditional to modern accounts receivable practices, highlighting how manual and paper-based methods have evolved into automated and digital solutions. It compares the significant advancements in efficiency, accuracy, and scalability across ten key aspects. Each entry contrasts old and new methodologies, providing insights into changes in invoicing, payment processing, collections, and more. This table is an essential resource for understanding the impact of technological integration on financial operations, clearly outlining the differences between past and current practices in accounts receivable management. 3. How to Implement Effective AR Processes Understanding the value and initiation of an accounts receivable system is crucial for maintaining cash flow and customer accountability in business operations. Here are some of the practical steps to implement an accounts receivable system: Establish Credit Application Policies Define eligibility for credit or invoice systems. Determine situations requiring immediate payment. Set prerequisites for credit eligibility. Outline terms and conditions for credit sales. Detail the credit approval process and responsible parties. Invoice and Documentation Notify customers of their dues through: Paper invoices Electronic invoices Monthly statements Develop a systematic approach for invoice generation and distribution. Set Specific Deadlines Define and communicate clear payment terms and due dates. Adjust deadlines based on customer payment behavior. Track and Monitor Accounts Receivable Assign responsibility for reporting on invoice statuses and financial reconciliations. Utilize accounts receivable tools to monitor payment intervals. Employ appropriate accounting software for tracking. Finalize Accounting for Accounts Receivable Record all payments and link them to specific invoice numbers. Update the balance sheet and adjust for bad debts as needed. Ensure all transactions reflect current and accurate financial information. 4. Mastering Accounts Receivable: Insights from Industry Leaders Here's a list of ten remarkable accounts receivable management companies with insights and proven strategies for optimizing cash flow and reducing financial risks. 4.1NCH Software NCH Software is a prominent audio, video, graphics, and utilities provider. The company's commitment to innovation is evident in its continuous development and enhancement of software solutions. Such dedication facilitates the company's growth and fosters a supportive company culture, emphasizing adaptability and progress. Express Accounts, NCH Software's flagship product, offers enterprise-level accounting solutions tailored specifically for small businesses. By effectively managing income, expenses, and cash flow, Express Accounts addresses critical financial needs and provides comprehensive support for business operations. Moreover, providing this software as a free solution underscores NCH Software's dedication to accessibility and inclusivity, ensuring that businesses of all sizes can benefit from its offerings. 4.2Versapay Versapay streamlines the accounts receivable process by automating invoicing, payments, and collections through a cloud-based platform, enhancing cash flow, reducing manual tasks, and improving customer satisfaction. The company's Accounts Receivable Efficiency Suite simplifies the invoice-to-cash process for growing businesses using artificial intelligence to facilitate B2B payments and streamline cash applications. Versapay's automation software assists thousands of businesses in optimizing AR automation, cash application, and payments, promoting faster cash flow and heightened customer satisfaction. This suite supports all payment types across various channels and aims to eradicate labor-intensive manual tasks, covering the entire AR lifecycle from order to cash to collections. 4.3BlueSnap BlueSnap's Accounts Receivable Automation solution offers businesses a global payment processing platform. This service supports various payment methods and currencies designed to enhance conversion rates and sales by improving payment experiences and streamlining operations. It views payment processes from a unique perspective. Its Payment Orchestration Platform enables global payment acceptance and is crafted to boost revenue while reducing costs. The platform provides comprehensive back-end solutions that simplify the complexities of payment management, overseeing the entire process from inception to completion. BlueSnap facilitates payments across multiple sales channels, including online and mobile sales, marketplaces, subscriptions, invoice payments, and manual orders through a virtual terminal. For enterprises seeking embedded payments, it offers white-labeled payment solutions with automated underwriting and onboarding to support marketplaces and split payments. 4.4Billtrust Billtrust is a leading provider of cloud-based automated invoicing and payment solutions, focusing on enhancing the order-to-cash process. The company helps businesses accelerate cash flow, boost operational efficiency, and deliver superior customer experiences through electronic invoicing and integrated payments. It offers tailored order-to-cash solutions that facilitate quick cash application, including customized invoice delivery, secure multi-channel payment options, and intelligent matching and payment posting. The company's expertise in AR drives its innovations, which include a supplier-driven payments network, automated invoice delivery into AP portals, and an automated credit application process. These innovations help customers increase the electronic adoption of invoices and payments and overcome technological bottlenecks, enabling businesses to operate more efficiently without manual interactions. 4.5Melio Melio is a digital payment solution tailored for small businesses. It facilitates easy management and automates accounts payable and receivable processes. This platform offers simplicity and flexibility in bill payments and receiving funds, supporting various payment methods without necessitating recipient registration. Melio allows businesses to customize payment and receipt methods according to their preferences. The mission of Melio is to sustain small businesses. The B2B payments experience crafted by Melio conserves time and significantly enhances cash flow. The payment workflow is designed for simplicity, enabling firms in accounts receivable management to concentrate on serving their customers rather than managing back-office tasks. 4.6Serrala Serrala, a global provider of financial automation and payments software, offers solutions that enhance the efficiency of payment processes, treasury, and data management. The company's suite of award-winning finance automation applications leverages advanced technologies to automate all working capital processes from order to cash, procure to pay, and cash and treasury.Thisfrees up CFO offices from outdated practices and drives operational excellence by optimizing working capital, providing real-time insights, and improving risk management. Additionally, Serrala's AI-enabled AP automation software revolutionizes accounts payable by automating invoice processing, approval, and posting. Thus, it increases control over vendor payments and facilitates continuous improvements through real-time data access. 4.7Finvi Finvi, previously known as Ontario Systems, is a leadingenterprise revenue cycle management software providerto the healthcare, government, and accounts receivable management industries. The company dedicates itself to automating complex workflows, enhancing revenue recovery, and boosting customer engagement with innovative solutions. The company assists diverse healthcare and accounts receivable clientele by optimizing operational efficiency to bolster revenue recovery. As a frontrunner in the receivables and collections market, Finvi offers downloadable software technology that automates essential front-line and back-office workflows. This technology reduces compliance risks and enhances patient and consumer experiences through digital engagement platforms and fully integrated payment processing systems. 4.8Agicap Agicap offers cash flow management software tailored for small and medium-sized businesses, emphasizing accounts receivable management. This software integrates seamlessly with accounting and banking systems to provide a transparent overview of financial forecasts. It enables real-time visibility into cash positions, facilitating dynamic, reliable forecasting. This comprehensive integration extends to customer relationship management systems, ERPs, and POS systems, enhancing receivables management. The software's proprietary classification technology automatically categorizes inbound cash flows and generates forecasts, whichcan be fully customized. This feature assists SMBs in effectively managing their receivables, reducing the risk of liquidity shortages and streamlining access to financing options, ultimately lowering bankruptcy risks. 4.9Pagero Pagero specializes in digitalizing and automating purchasing, invoice handling, and order processes. Its cloud-based network supports efficient and accurate business transactions globally, enhancing financial transparency and compliance by facilitating the easy exchange of digital documents across an extensive network. Pagero offers a Smart Business Network that connects buyers and sellers for automated, compliant, secure exchanges of orders, invoices, payment instructions, and other business documents. Featuring an open network and a broad selection of value-added apps, Pagero assists businesses in streamlining their order-to-cash and purchase-to-pay processes, unlocking the full potential of accurate and reliable business data, irrespective of location, industry, size, or systems. 4.10TreviPay TreviPay, a leading entity in the fintech sector with over 40 years of experience in B2B payments and trade credit, offers a comprehensive range of payment options, from digital to card payments. Furthermore, it provides proven solutions for streamlining operational efficiency through automation. With seamless integrations into top-tier eCommerce and ERP solutions and flexible trade credit options, TreviPay caters to industry leaders in manufacturing, retail, and transportation. Its notable features include buyer qualification and automated onboarding, omnichannel purchasing and invoicing at the point of purchase, seller settlement, buyer payment collection in preferred currency via direct debit, ACH, or check, and the capacity to manage complexity across geographies, systems, and risk profiles with one platform. TreviPay provides a modular B2B payment solution designed to expedite achieving business goals. 5. Wrap Up Moving from 2024 into 2025, accounts receivable is set to evolve from uncertainty to assurance. Businesses will increasingly adopt advanced tools to ensure smoother integrations and enhanced financial operations. Among the innovations transforming accounts receivable management through digitization is automated invoice processing. Companies are utilizing AI-powered tools to streamline the creation, delivery, and tracking of invoices, significantly improving efficiency. Additionally, blockchain technology is employed to secure transactions and enhance transparency, reducing fraud risks associated with accounts receivables. The integration of mobile payment options is also gaining traction, offering convenience to customers and speeding up cash flow. Furthermore, predictive analytics is expanding, enabling accounts receivable management companies to forecast payment trends, optimize credit terms, and proactively manage cash flows for better financial planning. Lastly, migrating accounts receivable processes to cloud platforms facilitates real-time access, collaboration, and deeper data insights, leading to quicker decision-making and increased responsiveness. These steps collectively reflect a more integrated and technologically advanced approach to accounts receivable management as businesses head into 2025.

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Fintech

Industry Leaders Pioneering Transformation in Insurance Software

Article | April 25, 2024

Uncover the transformation in insurance software through this article. Discover how top insurance software companies are integrating AI to revolutionize claims processing and risk assessment. Contents 1. Fundamentals of Insurance Software 2. Diverse Types of Insurance Software Solutions 3. Advantages of Embracing Modern Insurance Software Solutions 4. Overcoming Challenges in Digital Insurance Solution Software 5. Top Insurance Software Companies Setting New Standards 5.1 ePayPolicy 5.2 Aclaimant 5.3 OneShield ClaimseaMaker 5.4 360Globalnet 5.5 Snapsheet 5.6 DataCare 5.7 Tia 5.8 Zywave 5.9 JBKnowledge 5.10 JW Software 6. Future of Insurance Software Industry 1. Fundamentals of Insurance Software The insurance industry is continually evolving, driven by advances in technology and changing consumer expectations. A crucial aspect of this transformation is the integration and enhancement of insurance software, which offers a comprehensive suite of tools designed to manage day-to-day operations effectively. At its core, insurance software assists brokers, agents, agencies, and carriers in optimizing their workflows, thereby maximizing efficiency and reducing costs. Transformation in insurance software has introduced capabilities that extend beyond traditional functionalities, integrating advanced analytics, artificial intelligence, and machine learning. These innovations improve operational efficiencies and also enable more personalized and predictive services. On the administrative side, the software supports essential tasks such as underwriting, policy issuance, team management, claims tracking, regulatory compliance, and timely policy information updates. On the client-facing front, modern insurance software systems offer enhanced user interfaces and interactive platforms. These facilitate seamless interactions for customers, allowing them to perform a range of activities such as making policy inquiries, checking eligibility, applying for insurance, submitting forms, and making online payments. Moreover, the integration of chatbots and automated customer support tools has revolutionized client service, providing instant responses and support. 2. Diverse Types of Insurance Software Solutions Various solutions are available to address specific insurance requirements, with many software solutions integrating with other tools and applications to offer comprehensive insurance management capabilities. Here are some of the categories of software utilized by insurance firms and their respective features. Document Management Software: Insurance companies require document management software to securely store, organize, and retrieve essential documents such as policy applications, customer proofs, contracts, and policyholder agreements. Nonetheless, insurers may not necessarily require a standalone document management system, as functionalities for this purpose are often provided by their CRM, ERP, or other internal systems. Customer Relationship Management:CRM software designed for insurance companies offers a comprehensive platform that enhances operational efficiency by connecting teams, distribution channels, agents, and sales personnel. Apart from managing customer relationships, CRM is crucial for driving digital transformation in insurance software. It provides extensive functionality beyond lead management, facilitating product management, team coordination, and channel optimization, which improves processes like verification, policy sales, renewals, and cross-selling. Insurance Workflow Automation Software: Workflow automation involves the utilization of software systems to organize, monitor, control, and coordinate diverse business processes encompassing human resources, sales and marketing, lead management, and more. An example of workflow automation in insurance software is straight-through processing (STP) or digital sales, where the entire insurance process undergoes automated progression, from lead generation and online application to verification and policy issuance. Policy Management Software:Insurers employ policy management software to create, administer, and oversee insurance policies. Some software solutions offer facultative arrangements and reinsurance treaties, enabling insurers to mitigate risks and manage reinsurance processes efficiently. Underwriting Software: Underwriting constitutes a critical facet of the insurance business, involving the assessment of risks associated with insuring assets or individuals. Underwriting software facilitates the management of underwriting processes for insurance companies, enabling the formulation of rules and policies for automatic execution during the underwriting process. This reduces the manual efforts and minimizes human errors. Insurers also utilize ERM solutions to digitize their risk assessment processes. Claims Management Software:This software aids insurers in streamlining claim management workflows, automatically generating claim documents, managing payments, detecting fraudulent claims, and integrating policy administration systems. Enterprise Resource Planning Software:ERP solutions tailored for insurance companies facilitate the tracking of customer credentials, transactional data, and legal agreements. Integration of ERP with CRM enables effective management of operations and customer relations. Mobile Applications for Field Agents and Representatives:Insurance firms equip their field sales representatives with mobile CRM applications to monitor activities, plan schedules, receive meeting recommendations, identify upselling and cross-selling opportunities, and instantly update meeting notes, among other functions. Call Center Software:This software enables sales representatives and call center agents to communicate with existing and prospective customers via voice, web, chat, or email. Modern approaches involve integrating CRM software with cloud calling, Voice over Internet Protocol (VoIP), or telephony systems, allowing representatives to directly call customers from the portal and eliminating the need for manual dialing and record updates. 3. Advantages of Embracing Modern Insurance Software Solutions Operations within the insurance sector encompass a myriad of tasks and interactions among diverse stakeholders, including consultants who offer expertise, agents who facilitate transactions, and third-party agencies involved in various aspects of policy administration. These operations historically encountered challenges marked by redundant processes and interdependencies, resulting in considerable delays and inefficiencies. However, contemporary software solutions have emerged as effective remedies to these issues, revolutionizing the insurance industry and significantly improving the overall customer experience. Some of the advantages of modern software solutions comprise: Enhanced efficiency and productivity:Insurance software solutions inherently understand data storage formats and centralize information retrieval, allowing for streamlined operations as well as significant time and resource savings for agents and organizations. Improved client communication:These solutions facilitate positive client-agent relationships by providing real-time access to information on form statuses, memos, and deadlines, thereby reducing errors and miscommunication. Cost reduction:By optimizing processing operations and minimizing manual errors, insurance software systems enable employees to work more efficiently, leading to reduced operational hours and costs. Enhanced communication with agents and carriers:Access to real-time policy information empowers agents and brokers to swiftly compare rates and policies across multiple insurance companies, enabling quicker response to customer needs. Compliance management:In-built compliance protocols ensure adherence to evolving regulations, sparing firms the expense of rectifying errors and the time-consuming task of manually interpreting changing directives. Superior customer service:Prompt communication facilitated by insurance software enables accurate assessment of client needs and timely provision of quotes, alongside convenient service request processes. Advanced features like opportunity management in insurance CRM software further elevate customer service by providing upsell and cross-sell signals to sales representatives and agents. Enhanced data security:Opting for automation over manual methods significantly enhances data protection, with insurance software solutions typically incorporating user authentication and encryption protocols. Analytics and reporting:Integrated CRM/ERP systems provide robust analytics and reporting capabilities, furnishing standard statistical reports and enabling data export for deeper insights into firm performance. Accuracy:Insurance software solutions boast built-in tools for data authentication, including QA systems, audit systems, and address converters, thereby minimizing errors. Additionally, dedicated solutions aid in fraud detection and expedite investigation processes, with artificial intelligence adopted by the insurance industries and RPA technologies to further enhance operational efficiency. 4. Overcoming Challenges in Digital Insurance Solution Software While the benefits of custom insurance software development are numerous, tackling the road to successful implementation comes with its own set of challenges. By anticipating these challenges and implementing appropriate solutions, insurance businesses can ensure the successful development and implementation of custom insurance software. Let's explore these common hurdles and the solutions that can effectively address them: Legacy System Integration Integrating new software solutions with existing legacy systems poses a significant challenge in insurance software development. However, employing strategies such as API integration, data migration, and phased implementation can ensure a smooth transition. API integration facilitates communication between new and legacy systems, while data migration ensures the preservation of essential information. Phased implementation allows for gradual adjustments, minimizing the risk of operational disruption. Security and Compliance In the insurance sector, safeguarding client data against breaches is critical, while simultaneously adhering to stringent regulatory standards to ensure ethical management and confidentiality. Failing to meet these obligations can result in severe legal penalties and loss of consumer trust. Measures like encryption, access controls, and adherence to industry standards and regulations are essential to safeguard data and ensure compliance. Custom software solutions can be designed with built-in security measures and compliance checks to mitigate risks effectively. User Adoption and Training Resistance to change can present a significant challenge during the implementation of new software. Ensuring that the software features a user-friendly interface can enhance its acceptance among users. Additionally, providing comprehensive training programs and ongoing support can equip employees with the knowledge and confidence to effectively utilize the new system. 5. Top Insurance Software Companies Setting New Standards Here’s a list of pioneering firms that are at the forefront of transformation in insurance software. These insurance software vendors are leveraging cutting-edge technologies to revolutionize customer experiences, streamline claims processing, and enhance data security and compliance, setting new standards in the industry. From advanced analytics to AI-driven automation, explore how these insurance leaders are crafting the future of insurance through technological excellence and innovative solutions. 5.1 ePayPolicy ePayPolicy is recognized as the premier solution for swift and highly secure financial transactions within the insurance sector. It simplifies the payment process considerably, requiring no contracts, setup fees, or concealed charges. Importantly, it demands no technical efforts for initialization. Numerous insurance firms rely on ePayPolicy to enhance the efficiency of their payment systems using an integrated, user-friendly platform. The service includes secure processing for both ACH and credit card transactions, a daily collection of checks, and a comprehensive network for managing payables, all accessible via a unified dashboard. Additionally, it features integrations with numerous management systems, significantly reducing time spent on administrative tasks and simultaneously increasing satisfaction levels among accounting teams and clients alike. 5.2 Aclaimant As the initiator of active risk management, Aclaimant equips organizations to diminish risk-related costs and enhance productivity by integrating every employee into the risk management framework. This approach revolutionizes the management of data, personnel, and procedures through superior RMIS capabilities, encompassing workplace safety, incident and claims management, and analytics. The system automates the risk management process from the initiation of an incident to the conclusion of claims and transforms proactive safety protocols such as job safety analyses, job hazard analyses, observations, and inspections into digital formats. This comprehensive workflow system not only standardize business operations but also enhance collaborative efforts in incident documentation, inquiry, and evaluation of claims, all supported by instantaneous analytical feedback. 5.3 OneShield Claims OneShield offers business solutions tailored for property and casualty insurers and managing general agents of varying sizes. The company's offerings encompass cloud-based and SaaS platforms that provide comprehensive capabilities including enterprise-level policy management, billing, claims, rating, relationship management, product configuration, business intelligence, and smart analytics. These solutions, specifically designed for personal, commercial, and specialty insurance, facilitate support across more than 80 lines of business. OneShield's client base includes some of the world's foremost insurers who gain from optimized workflows, pre-built content, seamless upgrades, collaborative implementations, and pricing models that aim to minimize total cost of ownership. The principles of security and compliance are integral to the company's delivery methodology, ensuring simple and secure access to the digital realm for all users. 5.4 360Globalnet 360Globalnet heralds a new era in insurance claims management by digitizing the entire claims lifecycle from first notice of loss (FNOL) to settlement. It utilizes a no-code online digital claims core system technology, while its modular infrastructure seamlessly integrates with existing legacy systems, revitalizing their functionality and prolonging operational viability. 360Globalnet equips leading global insurers to deliver a digital customer experience that rivals top online retailers and simplifies the transformation of claims processes. Its eFNOL is merely the initial step; the technology empowers insurers to set up automated workflows and orchestrate the entire supply chain from a desktop environment, eliminating the need for IT development teams, cutting operational costs, and allowing claims specialists to concentrate on providing empathetic customer service during critical times. 5.5 Snapsheet Snapsheet has emerged as a leader in the introduction of virtual appraisal technology and cloud-native claim management software globally. It offers a flexible approach that enhances customer experience, increases organizational agility while delivering transformational benefits. The company's advanced InsurTech solutions revolutionize claims management by providing a cloud-based platform that streamlines every aspect of the process. Key features include efficient damage estimation, swift payment processing, and seamless communication with claimants, enabling automation and significant reductions in time and costs. By leveraging Snapsheet's capabilities, organizations can unlock the full potential of their claims operations and experience the transformative power of advanced technological solutions. 5.6 DataCare DataCare offers software solutions tailored for the workers' compensation industry, aimed at enhancing the management of medical treatment and billing. The Medical Process Manager and UR platforms from DataCare facilitate the integration of medical components into the claims workflow and accelerate the communication process between the Utilization Review Organization (URO) and the requesting physicians. Specializing in workers' compensation and managed care, this software company delivers tools via a web-based platform to support nurses, physicians, and adjusters. These tools are essential in case management, utilization review, and claims workflow processes. The company provides a cloud-based solution that adheres to HIPAA compliance and SOC 2 certification standards, accompanied by dedicated support customized to meet the specific business needs of each organization. 5.7 Tia Tia provides open and flexible software solutions to insurers globally. Recognized as the ‘system of records’, the company supports all core processes within insurance companies and offers a comprehensive portfolio of add-on solutions that enhance digital and analytics capabilities. In 2020, Tia was acquired by Sapiens, which further strengthened the software offerings available to insurers. This acquisition has provided enhanced support and development opportunities, as well as access to a wider range of additional products and offerings. This collaboration aims to infuse speed and agility into insurance ecosystems, striving to become the first choice for insurers in the core markets and to establish long-term relationships with satisfied customers. 5.8 Zywave Zywave stands out by providing comprehensive solutions necessary for automating growth. A leader in insurance technology, Zywave spearheads business expansion with an extensive range of cloud-based solutions encompassing sales management, client delivery, content, and analytics. The company boasts a wealth of robust data and an unrivaled content library, enabling smarter business decisions across the customer lifecycle, thereby promoting health, wellness, and safety. As a pioneer in innovation, Zywave continuously seeks new methods to support business enhancement, ensuring adaptability to industry changes. The company's commitment to development and innovation remains unwavering, always prioritizing the enhancement of business capabilities. 5.9 JBKnowledge JBKnowledge's Insurance Technology Solutions division offers software and technology services specifically for the insurance services industry, with particular expertise in workers' compensation, property and casualty, as well as health and life commercial lines. The company is recognized for pioneering the first mobile application for claims management, which facilitates the collection, uploading, storing, retrieval, and issuance of claims documents and data. JBKnowledge's solutions are adept at analyzing, managing, and reporting performance data. A highly customizable dashboard enables users to interact with real-time graphical representations, tables, and charts detailing claims, reserves, payments, and workers' compensation statistics. These visual tools are designed for easy adjustment to enhance monitoring and accessibility, with options to integrate additional widgets as required to consolidate or present necessary data from risk management records. 5.10 JW Software JW Software operates as a privately held entity committed to delivering premier claims management software. The company is recognized as a pioneering force in claims management, policy administration, and underwriting. With over 30 years of service to the insurance sector, JW Software team provides client partners with robust tools for business management that promote workflow automation and productivity enhancements throughout their operational cycle. The company's flagship software, FileHandler, offers claims organizations a user-friendly, cost-effective means to enhance business operations, incorporate automation, and expedite data access. 6. Future of Insurance Software Industry The future of the insurance industry is tightly interwoven with advancements in digital technology. As insurers increasingly depend on digital solutions to enhance product development, claim assessments, and customer experiences, the overhaul of core IT systems becomes imperative. This transformation, driven by the need to optimize costs through effective procurement and vendor management, and the necessity for agile application development and maintenance, positions IT as a strategic partner rather than a backend support. The path forward includes modernizing legacy systems, developing new proprietary platforms, or adopting standard software packages, with the choice heavily reliant on a thorough cost-benefit analysis. Such strategic IT modernization is crucial for improving front-end interactions while enabling real-time data integration and comprehensive digitalization across the insurance value chain, ultimately amplifying the overall business model.

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Billtrust Acquires iController, a Belgium-based B2B Collections Software Provider

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Billtrust (NASDAQ: BTRS), a B2B accounts receivable (AR) automation and integrated payments leader, announced today it has acquired iController, a leading B2B provider of intelligent solutions for collections management, for $58 million, financed with cash on hand. Founded in 2007, Belgium-based iController’s software-as-a-service (SaaS) offering enables a wide range of users, from credit and collections managers to CFOs, to see information and communication in real time, providing visibility into cash flow management. “Acquiring a great company like iController is consistent with our growth plan of strategic global expansion in targeted ways to broaden our customer footprint and provide extended value to our current customers,” said Flint Lane, Billtrust Founder & CEO. “We are pleased to welcome Peter Janssens and the entire iController team to Billtrust,” said Steve Pinado, Billtrust President. “With 566 European customers, iController is a powerful resource for credit and collections professionals and a strong strategic fit for Billtrust, expanding our physical presence in the European market while enhancing our global collections capabilities.” “Joining the Billtrust family will help us more rapidly scale our business and increase the level of resources we can deploy to better serve our growing customer base,” said Peter Janssens, iController Founder & CEO. “Our shared values and aspirations make this an ideal combination for iController.” iController’s team will continue to operate from its offices in Ghent, Belgium and Amsterdam, The Netherlands, expanding Billtrust’s strategic presence in the region. About Billtrust Billtrust is a leading provider of cloud-based software and integrated payment processing solutions to 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.

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Billtrust Acquires iController, a Belgium-based B2B Collections Software Provider

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Stampli | August 05, 2021

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