What is Anytime Collect?
Anytime Collect is a cloud-based accounts receivable collections management system integrated to popular accounting systems from leading publishers such as Intuit, Sage Software, Epicor, and more. Anytime Collect enables finance professionals to effectively manage receivables, shorten invoice to cash cycle times, track activities, automate communications, forecast payments, manage disputes, and increase cash flow.
Benefits and Insights
Why use Anytime Collect?
Key differentiators & advantages of Anytime Collect
- Get Paid Faster According to Paystream Advisors, companies using systems like Anytime Collect get paid about 20% faster than companies who use manual or disconnected systems. Consider that companies get paid in 61 days when on average 28 day credit terms. A 20% improvement means that you’ll get paid 12 days faster. That’s 12 days that your money is available for you to invest in your business.
- Improve Cash Forecasting Anytime Collect allows your collection team to track expected payments in addition to providing a statistical cash forecast.
- Resolve Invoice Disputes Faster Anytime Collect allows you to create a workflow to automatically create activities when accounts are past due, so no invoice is missed.
- Reduce Financing Costs Companies using systems like Anytime Collect typically get paid 20% faster. What does that mean to your bottom line? For $10 million dollars in revenue you’re incurring about $10,000 in finance charges (at 6% interest rates). Getting paid 20% faster eliminates about $20,000 in finance costs every year.
- Maximize Unused Credit Lines Anytime Collect provides a holistic view of the entire accounts receivable process so you can understand how improved credit management can impact future sales. Every company has a level of risk they’re willing to take with their customers. Unused credit lines represent opportunities to grow revenue.
- Improve Borrowing Position Companies that use Anytime Collect have healthier accounts receivable and qualify for more money at a lower rate with a huge potential savings over the course of the loan.
- Reduce Bad Debt Write Offs Companies implementing systems like Anytime Collect typically reduce bad debt by 15-25% because they identify and resolve disputes sooner, preventing them from aging to the point where they’re uncollectable.
- Improved Cash Position Anytime Collect includes a statistical cash forecast based on your customer’s historical payment history, so you know what cash you should receive in the next week out to the next 35 days.
- Increase Working Capital Understanding your cash position is key to managing working capital. By managing working capital effectively, you have the insights you need to make strategic investment decisions such as capital equipment purchases, new employee hires, facility expansion, and other investments to grow your business.
- Increase Efficiency According Paystream Advisors, companies that use a system like Anytime Collect reduce time spent prioritizing and preparing for calls from 15% to 6%. Further, they reduce time spent managing disputes from 40% to 13%. This allows them to increase the time they spend soliciting customers for payment from 20% to 62%, meaning that you’ll be able to talk to 3 times as many customers by simply using a system to get yourself organized and to automate mundane tasks that no longer require your attention.