Services

ACCOUNTS RECEIVABLE AUDIT

  • Comprehensive review of current AR processes and policies
  • Analysis of AR aging reports to identify old debts and trends
  • Examination of credit terms and conditions currently applied to different customers.

DATA ANALYSIS

  • Detailed analysis of historical data to identify patterns and irregularities
  • Use of predictive analytics to forecast future receivables issues.
  • Segmentation of accounts by size, age, and risk to prioritize collection strategies/efforts.

PROCESS EVALUATION

  • Evaluation of the efficiency and effectiveness of existing AR processes.
  • Identification of bottlenecks or redundancies in the AR workflow.
  • Assessment of the integration between AR systems and other financial systems to offer automation opportunities.

COMPLIANCE CHECK

  • Review of compliance with relevant laws, regulations, and industry standards related to credit and collections.
  • Examination of the handling of customer data with respect to privacy laws.

TECHNOLOGY UTILIZATION ASSESSMENT

  • Assessment of current technology and tools used in managing AR
  • Identification of technology gaps and recommendation for tools that could automate and streamline AR processes.

CUSTOMER RELATIONSHIP ASSESSMENT

  • Analysis of customer relationship and their impact on payment behaviors
  • Evaluation of customer satisfaction in terms of the invoicing and payment process.

CONTRACT AND POLICY REVIEW

  • Review of contractual agreements with customers to ensure they are aligned with best practices for receivables management.
  • Assessment of credit policies to see if they are clear, current and effectively communicated to customers.

RISK ASSESSMENT

  • Analysis of credit risk associated with current receivables.
  • Evaluation of the financial health of major customers to predict potential defaults.

Our Services

Discovery Services

Training

Implementation Partner

Expert Guidance

Project Management

AR Support

System Setup

Administrative Support

You just went live with a new Accounts Receivable Consulting solution with the hopes of great success right out of the gate.  Well, we all hope that in our daily life too but it doesn’t always work out that way.  So, you ask yourself the following questions: 

  • Why did this happen?
  • What and when did we miss the opportunities?
  • Did we not identify the current Accounts Receivable Consulting processes in a pre-work/discovery/assessment phase?
  • Did our pre-work/discovery provide the necessary information to select the best solution?
  • Once we found an Accounts Receivable Consulting solution and built a project team did, we miss details in the Design phase?
  • Did the solution miss something in the build
  • Did we not capture our requirements and test against those requirements?
  • Now that we are live how do we or who handles the challenges
  • Do we have the necessary support teams in place to ensure our solution stays current and functional such as a System Administrator

There may be more questions but let’s try to provide insight into a few of these areas and what the Optimize Receivables team can bring to the table when you are seeking an Accounts Receivable Consulting partner.  This could range from providing an assessment of your current Accounts Receivable Consulting process all the way up to supporting you and your team after a project.

  1. Before you start your project, you may not know what you don’t know.  This includes   identifying process gaps and what should be known before deciding on spending thousands if not millions of dollars on a potential solution.  This is where our team of experts come in and do an assessment of your current Accounts Receivables processes and solutions.   
  2. We want to hear your team’s voice during this phase.  We will ask questions based on our Accounts Receivable Consulting knowledge.  We involve your analysts who work the day-to-day process and see first-hand the challenges from all angles.  We involve your management team as we want to hear from them what their challenges are that impact the decisions they need to make.  We involve your IT team as they will know the systems you currently use and where the data is.  Overall, your teams’ voices can provide a wealth of knowledge.
  3. Now that we have collected all this information (data, analyst insights, etc.)  now is time to digest and analyze all these inputs.  We try to identify common themes shared by the teams and capture requirements.  All this information and data will be key in making further decisions and what the next steps could be.  
  4. We now take a deep dive into this to provide detailed recommendations.   Our team finds
  5. That your current system has gaps that you thought might have been their but didn’t truly know until we discovered it in this process.   It’s no fault of anyone.
  6. Discovery finds your internal Accounts Receivable IT, and Management teams are not collaborating but instead pointing fingers a solution may never move forward…the silo effect.  Each team focusing on their part of the process not realizing the impacts this has on the other teams. There may be a lack of communication until things break
  7. Your current Accounts Receivable Consulting processing is lacking advanced tools to assist the analysts in making decisions which could include to many manual tasks that automation and/or Artificial Intelligence could solve.
  8. Your ERP is very cumbersome to work in or also lacking key tools to assist the analysts.
  9. Based on our assessment findings we provide recommendations could be one or more of the following:
  10. Enhance your processing steps
  11. Reorganize the team into more clearly defined roles and responsibilities
  12. Develop communication internally to drive better results across all functional teams. 
  13. Provide a list of Accounts Receivable Consulting solution providers showing what they have to offer and now it fits with your current structure.  We include benefits and risks associated with each solution so you can make the best and most cost-effective decisions.
  14. You are weighting all this information to determine the best path to pursue and how to get the best results.  
  15. You have made your decisions and have now decided you need further assistance. One of the many reasons you decide you need this assistance is your team may not have the resources, experience, or knowledge necessary to keep you on your Accounts Receivable journey.    We can step in to be part of the on-going journey.  
  16. Our team of experts can assist you in:
  17. Solutions Decision:  As mentioned, before we work with several Accounts Receivable Consulting solutions who can provide one or more tools for your team.  This can be Credit, Cash Application, Collections, Claim/Deduction Management, Claim Submission, and Claim Documentation aggregation,   
  18. Solutions Implementing:  Now that you have selected your Accounts Receivables solutions partner.  The Optimize Receivables team has been involved in many Accounts Receivables implementation projects serving many in many different facets.  This includes Design, Build, Test, and Go-Live.  Our team has served in roles such as Project Managers, Business Analyst, system coders, test scenario development, completing testing, and more.
  19. Now that you have a shiny new tool the team needs to learn what and how to use the tools you have just implemented.  Our team can develop training documents specific to you by incorporating our knowledge of the Accounts Receivable process and the solution selected.  We can either hand these documents to your internal training team or we can also be your training team.
  20. You find after you Go-Live that you would like on-going support not just from your solution provider but also from us.  Even if we weren’t part of your full journey, we have team resources who have experience with the solutions to be able to jump in and be a valuable resource to you and the teams.  
  21. Depending on the solution selected and potentially limited internal resources to manage the solution we can also provide you with System Administration Support.  In this role we serve just as an advisor all the way to being your full System Administrator.  Sometimes we find the lack of your own internal resources and system knowledge can cause challenges with your teams along with not keeping up with the most recent solution enhancements.

 

Overall, at the end of the day we want your success to be our success.  We have been part of projects that missed out on opportunities or what they thought were getting short.   Let us join you on your Accounts Receivable journey.

You just onboarded a new solution but may not have the resources needed to keep up with the demands of the teams, the latest tools from the current solution, or the ever-changing Accounts Receivables & Financial B2B technology landscape. Or even find with the new solution you are short-staffed but aren’t ready to commit to a permanent position yet

HighRadius is a robust solution but with the ever-evolving technology and changes it’s a solution you can’t just sleep on. Their team is always making advancements and changes to the system and with any solution things are bound to break. Kim and Roger have over 15 plus years using HighRadius, helping others implement HighRadius, and have continued supporting HighRadius clients.

Kim and Roger were first exposed and early adopters. Our Shared Services team was in a project to enhance the then current Accounts Receivable process with the focus on the Deductions piece. We developed a paper process to manage our activities, retain customer documents, and where the deduction was at in the process. Our process was very paper-intensive and with Deduction volume increasing we knew that wasn’t sustainable without adding more analysts.

We found HighRadius fit our needs at the time, so we started using the Claims aggregation agents they had developed. We quickly grew their list by providing information on how to capture claim documents, read those documents, and then populate the document attributes for use by analysts further downstream. Shortly after we jumped on board their Deduction management module and converted all our papers into the system. This began Roger’s journey into learning more about how HighRadius worked and working with HighRadius support.

Since we were early adopters, we knew HighRadius was still in the infancy stage of a fully developed Deductions solution. This proved to be a valuable advantage as we helped with laying the groundwork for the core basics of Deductions processing and develop new ideas and tools into the solution. Due to that we were able to learn how the system worked without having the deep IT background or education (except for using the old-fashioned library books and personal trial and error).

This helped Kim and I move on into the consulting space helping others on their journey into a Deduction Management system. Our early years found us focused on HighRadius implementation projects with new clients for Claims, Deductions, and Cash Application We grew our base of clients by being a trusted partner who lived and breathed Deductions that they included us in a new space of Credit and Collections.

Working side by side with the client and HighRadius during implementation we broadened our scope to include Credit and Collections that we didn’t even think about in the early days of our company. We learned the core functions and processes that a client needs in both those spaces and how they impact the entire process. Overall, we went deep into the entire Accounts Receivable process.
Because of our background in Accounts Receivable and Deduction especially we have been sought by not only clients but solution providers themselves. The other solutions found gaps in their Deduction offerings that their clients wanted before they signed on. We have now been working with Esker as an implementation partner mainly with their Collections solution. And most recently Emagia reached out to us as part of their discussions with a potential client to assist in reviewing the client needs and how to best utilize in the tool.

With the knowledge we gained from our days of using the product to becoming implementation partners with multiple solutions we found new opportunities. Those opportunities are:

  • Develop client specific/solution training materials
  • Provide team and individual training sessions
  • Develop and create test scenarios and steps specific to client needs and requirements of the solution
  • Work side by side with the team during testing to assist with questions aand quickly troubleshoot if it is a user or system error
  • Develop email templates used in the Accounts Receivable process including Deduction Invalid Request, Deduction Backup/Document Request, Collections Past Due Notices, Collections Account Statement, Collections Reminders, and Internal correspondence

One significant opportunity we found was most clients lack the resources to keep up with the solution they selected, handle changes, and work with the users when issues/questions arose. That opportunity was Administrative Support.

In this Administrative Support service suite we can provide different levels of support depending on the solution selected and the resource available at the client. Each client and the solution support needs is different.

If you are client that has resources available to manage the solution we can be involved as much as you want. We have worked with several clients now who have utilized our team in more advisory role. They reach out to us to ask questions or present us with a challenge. Our team then steps in to provide those answers or direct them on how to solve the challenge. In this capacity we may schedule periodic calls as check-ins or they can simply submit via email or thru our Help Desk option.

However, we have also worked with clients who don’t have the resources available to manage the solution at all or have staff turn-over and the knowledge transfer didn’ t get completed prior to the person transferring. This where we can help the most especially for HighRadius clients. We can fulfill the role of being the client Solution Administrator and take on all the tasks related to the solutions including:

  • Monitoring system releases,
  • Work directly with the solution and internal teams
  • Answer user questions
  • Identify solutions to system challenges and issues
  • Manage available actions such as
    • Modify owner/processor rules,
    • Modify approval workflows
    • Update layouts
    • User setup and security
  • Monitor key system functions such as:
    • Auto resolutions
    • Interfaces
    • Claims aggregation agents

Overall we can provide many levels of service to our client needs and tailor those services based on client assessments, process knowledge, and solution offerings. It would be our privilege to serve your needs. Email inquiry@optimizereceivables.com or call 507-402-3669.