Alpha IT Services Releases MARS: Manage Accounts Receivable System
November 05, 2015
For many businesses accounts receivables are recognized as a large percentage of their assets. If not managed and tracked properly, accounts receivable challenges can impede the efficient operation of any organization regardless of size. While there exists a love/hate relationship regarding accounts receivable management (ARM) technology, there is little disputing that despite manual processes having been effective, an ARM (News - Alert) application can deliver large and proven benefits with less effort. The new Manage Accounts Receivable System (MARS) by Alpha IT Services looks to provide these benefits with a comprehensive solution that gives organizations a range of tools to manage their receivables.
One of the greatest benefits of using an AR application is it improves the cash position of a company. By getting paid on time as well as identifying all the invoices, you can have a clear position of your cash.
The new MARS platform has tools for setting controls to track, report and reconcile accounts across the different cycles. According to the company, it makes agents more efficient when they are interacting with customers by providing their entire history.
By building the tools around the account information, agents can focus on providing the best service in order to resolve any debts. And when the customer is ready to pay, the agent can get real-time authorization for payment with credit or debit cards and checks.
For customers who are not able to pay the full amount or want to make payments on their debt, MARS also has a solution that gives the agent the capability to enroll accounts in its Payment Plan Arrangement. By collaborating with the customer, the agent can create a payment plan that controls the frequency, amount and deposit to enroll in the plan.
If customers want to use a self-service option, they can use the Payment Portal to schedule payment dates, amount and payment method. Anytime a payment is made, the account is updated in real-time automatically.
The recording feature of the MARS platform records the transaction conversation, but stops automatically when the agent is on the payment page of the application. This ensures it meets regulatory compliances by protecting the financial information of the customer.
With the right AR in place, businesses will have a comprehensive view of every account and what actions need to be carried out. According to Paystream Advisors, AR improves metrics across the board. When it comes to time, it reduces the amount of time spent on prioritizing and preparing for calls from 15 percent to six percent, while lowering the time it takes to manage disputes from 40 percent to 13 percent. When it comes to DSOs (days sales outstanding) there have been 10 to 20 percent reductions.
Edited by Peter Bernstein
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