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Business Challenge
Inconsistent billing and cash collections
The challenge you face
- Customers are not billed accurately and on time.
- Inaccurate billing results in inconsistent cash collection from customers for services rendered is inconsistent.
- Following up with debtors on outstanding payments is time-consuming.
- Cashflow becomes a challenge when debtors do not pay on time. You only find out when a debtor misses payment that there is an issue.
Implications of not addressing the challenge
- Increased credit notes and repetition of the billing process due to incorrect billing.
- Late billing resulting in postponement of customer payments.
- Poor cashflow that has a knock-on effect on ability to pay employees, suppliers, tax authorities, and other statutory payments.
- Poor relations with suppliers that do not get paid on time.
- Potential withholding of services by suppliers, which negatively affects the ability to deliver products and services to the customer.
What does success look like
- Customers are billed correctly and on time.
- Customers rarely question their bills and invoice reversal is minimal.
- Cash collections happen timeously and as planned.
- The business has an up-to-date view of expected and actual collections.
- Actual collections do not deviate significantly from expected collections.
- Employees and suppliers are paid on time.
Algonomix solution
- Use analytics and AI (machine learning) to determine which customers should be billed.
- Highlight anomalies where customers have not been billed or where the billing is potential incorrect.
- Use AI (machine learning) to predict which customers may not pay on time.
- Use predictive modelling to pinpoint the customers that require early follow up.