Leveraging Business Intelligence for Accounts Payable and Receivable

Leveraging Business Intelligence for Accounts Payable and Receivable
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Leveraging Business Intelligence for Accounts Payable and Receivable

Up until very recently, businesses simply paid and accepted payments on invoices with little to no insight into the overall picture of their finances. Now, however, technology has opened the doors for us to better understand where we’re spending our money and how we can save more.

Better Intelligence = More Proactive Relationship Management
When your invoicing system becomes an information system, you gain more information about your customers and their habits, and can take actions to nurture those relationships. Let’s say you run an ink cartridge supply website, and one of your regular customers spends $2,000 a month on ink cartridges. But one month, you notice that order dropped to less than half of his typical spend.

A quick call to check in reveals that he’s been approached by another supplier who has vowed to undercut your prices, so he’s been taking business there. Armed with this knowledge, you can offer to match the competitor’s pricing. Since this customer has been with you for years, he’d rather keep giving you new business, and so cancels his order with the other company.

This is valuable data you couldn’t have analyzed in the past, but with the tools InvoiceSharing partners with, it’s easy to analyze customer spending and stay on top of any changes that might cost you business.

See Where You’re Spending
Larger enterprises often spend in siloes, and there’s not much discussion from one department to another about what they’re buying. If you’ve got the right data from your accounts payable, you can assess that both Marketing and Sales are both buying printer paper from different suppliers. Rather than having two invoices and different prices, you can consolidate the orders, negotiate a better price, and pay a single invoice for all departments.

You can also avoid redundancies that occur when you work in a large organization. Having high-level visibility into all the invoices received at your company, no matter the department, you can ensure that you’re not wasting money by purchasing the same items for multiple departments.

Saving Your Customers Money
But this technology doesn’t just save you money. It also helps you save your customers money, and they appreciate that! By assessing your clients’ purchases, you may be able to offer discounts for bulk purchases that will beef up your orders while providing a lower per-unit cost for your customers. And a company that goes out of its way to save customers money is one that they keep coming back to buy from.

Gone are the days when invoices were simply pieces of paper to collect or send money. Now you can use invoice and financial data to make smarter spending decisions for your company as well as maintain your relationships with your customers. InvoiceSharing offers 3 reporting and analytics tools at this moment that help you leverage this Business Intelligence. Register now and discover the possibilities.

Photo: PhotoSpin

Drs Jeoren Volk RA



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