Tag Archives: accounts receivable automation

Trek Bicycle Reduces DSO Thanks to Esker’s Global Collections Management Solution

Sydney, Australia — April 10, 2018 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced that Trek Bicycle, the largest bicycle company in the United States, has automated its global collections management process using Esker’s cloud-based solution powered by TermSync technology. The initiative went live in March 2017 and is currently being released to Trek customers in Europe and the United Kingdom. 

Trek has 16 international distribution centers and 5,000 independent bicycle dealers around the world, with 60 percent of its business coming from abroad. With Esker, the company finally has a global collections management solution, utilised by 32 collectors in 18 offices worldwide, to streamline critical accounts receivable (AR) activities such as payment reminders, account lookups, call logging, customer portal payments, collections forecasting, root-cause analysis and task management collaboration.

“We didn’t have a standardised collections tool before Esker,” said Andrew St Clair, global director of financial services at Trek Bicycle. “Everyday tasks, like sending reminder letters, were all done manually. We made it work, but there was no real consistency in our process. It was crucial that we had a true global solution and the other credit and collections vendors just didn’t have Esker’s international expertise.”

In an effort to meet its customer’s needs, Esker partnered closely with Trek to translate the interface into 14 different languages and even helpedin the design of a more user-friendly statement to send to customers. “Our worldwide rollout was a huge deal, and Esker kept up with us every step of the way,” added St Clair. “It was a true partnership.”

Benefits of automated collections management

Following the implementation of Esker, Trek has achieved numerous benefits, including:

  1. Reduced past-due percentage by 4 percent
  2. Reduced Days Sales Outstanding (DSO)
  3. Improved collaboration — users can now go into
    dashboards have helped in my day-to-day work, giving me access to indicators that greatly facilitate my daily monitoring.”
  4. Enhanced visibility — customisable monthly management reports can be accessed directly from the dashboard
  5. Increased productivity — several staff members were able to be reallocated to more business-critical positons
  6. Higher satisfaction — customers now have access to a self-service portal to make payments, manage preferences and more

“The discipline that Esker drives in the credit and collections process is phenomenal,” said St Clair. “In my 20-plus years, it’s the best product I’ve ever used based on its simplicity and ease of navigating. Esker has been extremely well-received within the walls of Trek and even with our customers. Everything we thought we were doing right before … Esker’s simply made it better.”

About Trek Bicycle

Trek Bicycle is a global leader in the design and manufacture of bicycles and bicycling-related products and accessories. From Tour de France-winning road bikes to tricycles designed to introduce the next generation of riders to the possibilities of pedal-power, Trek has a bike for nearly every rider. Trek believes the bicycle can be a simple solution to many of the world’s most complex problems, including obesity, traffic congestion, and climate change, and is committed to breaking down the barriers that prevent people from using bicycles more often for daily transportation, recreation, and inspiration.

You’re Trying to Manage What With Your Email System?

automated business process

3,352

That’s how many messages currently reside in my inbox at the start of this blog. I am not ashamed nor proud of this stat, but it’s a fact. I’m envious of those that can manage their mailbox like it’s a task or to-do list but, as much as I’ve tried, this simply hasn’t worked for me for a variety of reasons. And I know I’m not alone in this.

Many strategies have evolved over the years for me to efficiently find and manage my inbox. Key word in that last sentence…evolved.

New technology is great, but as it becomes more established in our everyday lives, both personally and professionally, it can morph into a solution it was never intended to address.

Email is not a workflow tool, business automation or document repository.

Organizations have come to me to optimize a variety of business processes that currently reside in their email system…sales order management, help desk tickets, master data requests, invoice approval, customer issue resolution — the list goes on and on.

Regardless of the process, where’s the visibility? Who has it, when did they receive it, what is the status, where does it need to go to next, how long did it take and why isn’t it completed?

No matter what industry you are in or department you report to you probably have encountered something similar.

As more and more emails are received, the potential for information being lost, misplaced, accidentally deleted, or unintentionally ignored increases.

This post is not a magic pill that is going to solve your overwhelming inbox. It is simply a statement that there are many great tools developed to help streamline business processes such as:

  • Accounts Payable Automation
    Allows businesses to eliminate the manual pains of traditional AP invoice processing thanks to intelligent capture, touchless processing and electronic workflow capabilities. The end result? A simpler, more efficient way to manage cash flow and generate new revenue.
  • Order Processing Automation
    Automation with workflow tools, customizable dashboards and self-service portals allowing customer service leaders to bring accuracy and security to every order processed and can eliminate backlogs from one day to the next.
  • Accounts Receivable Automation
    Completely automates the sending and archiving of invoices according to customer preferences and regardless of media type – postal mail, fax, email, EDI and publication on a web portal.

Now, it’s just a matter of doing your research to find the right automation tool for what you are trying to manage that best suits your organization’s requirements.

3,361…time to get back my email.

How Technology Plays a Role in Order-to-Cash Success

Whether its customers calling in about late shipments or your warehouse accidentally shipping incorrect items, sales order disputes can impact customer satisfaction. Order disputes can arise as a result of several different situations, such as:

  • Price variations of the goods that appear on the order vs. the invoice
  • Sales tax and shipping costs inaccuracies
  • Keystroke errors from manually entering orders
  • Differences in the terms of sale on the PO and the invoice

As a consequence, payment delays occur because customer service teams have to reprocess the orders and exceptions. Customer service is strapped for time as it is, and it’s challenging to take the time needed to adequately review all customer purchase orders for accuracy before processing.

Unfortunately, inaccurate orders result in inaccurate customer billing. If customer service had the time to manually review orders line by line for accuracy, there would be any number of exceptions found (e.g., PO with the wrong price or unacceptable terms and conditions of sale). No matter the exception so begins the tedious task of rejecting or reprocessing the order. Emails back and forth, requests made for an updated order to be re-sent, inventory put on hold, credits applied, verification for price adjustments … and this can go on and on for weeks.

Getting orders entered right the first time shortens the timeline to billing. By streamlining your entire procedure for customer communication, order processing, invoicing, and collecting payment for an order you’ll speed up cash flow, cut costs and serve your customers better in the long run. So, where is this Utopia found?

In the world of inbound customer sales order automation. From having visibility of all received sales orders into a single queue (by email, EDI, fax orders) to automatically extracting data from the document (e.g., customer name, PO number, ship to address, quantity, etc.) and comparing the data against information stored in your ERP, automation provides customer service a streamlined approach to approve orders or handle exceptions.

Technology like sales order automation has a role to play in implementing best-in-class strategies for order-to-cash (O2C) success. No need to avoid new technology from fear of costs, effort or change — these investments are necessary to remain competitive. Order automation can be implemented at a reasonable cost for companies processing as few as 500 orders a month and scalable to handle over 500,000. Speeding up the overall O2C process means speeding up your cash flow, reducing costs and running your business more efficiently overall.

Efficient O2C processes play a large role in the customer experience and company success —  unfortunately, they can be a challenge to attain when you have different teams working towards different goals. Download your copy of this eBook to start creating a positive customer experience with a proactive solution.

 

How to Start Building a Successful Customer Experience Program

By the year 2020, customer experience will overtake price and quality as the key brand differentiator. In other words, brands that don’t work on improving their customer experience will be left behind.

Customer experience is more than a trend or buzzword — it will play a pivotal role in the future of marketing and has an insightful ability to predict where a company will be 5-10 years down the line. What should you be doing, if anything to prepare for this change?

First, what is customer experience?

On a basic level, customer experience (CX) refers to how a customer perceives their interactions with your company. How does your customer feel at every touchpoint they have with you, from marketing to sales to support? CX is ultimately defined by the consumer, which means businesses need to actively adapt and set themselves up to exceed expectations.

Should you be investing in this?

Joe Hanousek, Esker’s Customer Experience Manager, believes that every company needs to be tracking their customer touchpoints and working towards continually improving that process. He often says that: “Seventy percent of senior executives in companies believe that CX is important. In my opinion, the other 30 percent shouldn’t be executives.” So much of the B2B focus is on lead generation instead of improving customer experience, although most people are well aware that it is less expensive to keep existing customers than it is to acquire new ones. Companies mistakenly start looking into customer experience as a last resort once they’re suffering, but customer experience is best as a proactive approach, taken when business is growing versus lagging behind. The graph below shows just how valuable an investment in improving customer experience could be.

How do you begin?

If you’re just getting ready to work on improving customer experience, aim for C-level sponsorship. It won’t go very far unless there are people at the top behind it, so do the research you need to convince someone to back you up. Most executives are aware of the importance of CX, but still aren’t taking active steps to improve upon it. If you haven’t already started in a few years, it’ll be too late.

Next, be sure you’re ready to invest a significant amount of time and human resources into building a solid customer experience program. At Esker, the process took a full year to go from conception to having a Customer Experience manager and a team in place. It’s a good idea to have at least one person fully devoted to customer experience and multiple people from different departments committed to being a part of the CX improvement process; otherwise, CX can easily become a task that is swept away on an already busy to-do list. This will also depend on executive buy-in, as far as whether the need to have a customer experience manager or team is understood.

Finally, it is important to communicate the goals of the customer experience program throughout the organizationEveryone should be on board and kept up to date. As Joe puts it: “It’s not C-Level people or managers that make customer experience better — it’s the staff working directly with them.” Educate, train and update all those who interact with customers at any level on what needs to be done to improve those important touchpoints.

The beginning stages of our customer experience journey.

Joe’s biggest recommendation for those starting to work in CX? Change your perspective. “It is not an area for problem customers to go to, but rather a way to prevent customers from ever having the problem in the first place,” he explained. As staff focus on offering solutions to immediate problems, the CX team should be looking into why those problems happened in the first place, and if there is anything that could be done to fix that.

Customer experience goes beyond customer satisfaction or happiness. A successful customer experience program will work to prevent problems before they arise, delighting your clients past the point of mere satisfaction. CX has become more of a trend in the past two years, but it is definitely here to stay for the long haul. If you have any questions about the process we went through to build our customer experience program at Esker, or about customer experience in general, leave a comment below and we will respond to you!

Promega France Enters the E-Commerce Era with Esker’s Accounts Receivable Solution

Sydney, Australia — February 27, 2018 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced it is working with Promega France, a leader in providing innovative solutions and technical support to the life sciences industry, to automate its accounts receivable (AR) process in anticipation for the e-invoicing to public administration requirements scheduled to take affect in 2019. Thanks to Esker’s cloud-based Accounts Receivable solution, Promega France has been able to modernize its invoice processing process and improve customer service efficiency.

“By automating our AR process, we have taken an essential step into the era of e-commerce,” said Annick Dahlem, customer service manager at Promega France. “Esker has not only enabled us to improve and simplify our accounting process, but has also allowed us to prepare for upcoming changes. We particularly appreciate the collaboration with Esker France which facilitates our relationship with the support team.”

Benefits of AR automation

The solution was implemented in just six weeks and has enabled Promega France to send customer invoices as soon as they are prepared by email (in PDF format) or postal mail from Esker’s production facility. Fully integrated with Promega France’s SAP® ERP system, Esker’s solution also facilitates invoice tracking and archiving via an intuitive web interface available to all company stakeholders.

Since implementing Esker’s solution, Promega France has achieved numerous benefits, including:

  • Improved customer service representative (CSR) performance, freeing them up to spend more time on higher-value tasks
  • Increased efficiency when searching for invoices thanks to electronic archiving
  • Better information sharing — everyone involved in the process can collaborate on the same invoice
  • Improved activity tracking through customizable dashboards
  • Implemented sustainable development in the invoice routing process

“Over a quarter of our private sector customers now receive their invoices in PDF format, a welcomed approach that will most certainly continue to increase,” said Dahlem. “Esker’s customizable dashboards have helped in my day-to-day work, giving me access to indicators that greatly facilitate my daily monitoring.”

Thanks to Esker’s solution interoperability with Chorus Pro, the French public administration platform, Promega France can confidently anticipate mandatory e-invoicing to public administrations in January 2019. The public sector represents close to 70 percent of Promega France’s order volume.

About Promega

Promega Corporation is a leader in providing innovative solutions and technical support to the life sciences industry. The company’s 3,500 products enable scientists worldwide to advance their knowledge in genomics, proteomics, cellular analysis, drug discovery and human identification. Founded in 1978, the company is headquartered in Madison, WI, USA, with branches in 16 countries and over 50 global distributors. Promega France has been present in the Lyon region since 1992 with 45 employees, and many distributors in overseas France, Maghreb, Egypt, Greece and sub-Saharan Africa.

 

8 Accounts Receivable Management Strategies That Might Just Get You Promoted

Despite what a lot of accounts receivable (AR) leaders may still believe, “We have an ERP/accounting system” is not a viable credit and collections management strategy. Not in 2018, anyway.

Other departments (sales, marketing and accounts payable to name a few) have been more open to adopting complementary digitized solutions that provide added value beyond the traditional systems. It’s no great wonder why: They’ve proven to be effective tools for maximizing time, money and resources while creating a more transparent and collaborative work environment.

Nevertheless, AR appears content to settle for the status quo. Manual invoice delivery. Using sticky notes and spreadsheets for post-sale collections. No real analytical analysis. To put it in style terms, AR is out here in 2018 still rocking a mullet and mustache — and not in some hip ironic way, either.

Want to be the savior your behind-the-times AR department so rightly deserves? Here are 8 simple and sensible strategies that will get your team on the path to improved AR performance and maybe, just maybe, lead to a well-deserved promotion in the process.

Strategy #1: Greet technology as a friend.

Contrary to what’s commonly believed, automation is not some technological wrecking ball designed to wipe out and replace all of your existing people, processes and technology. AR can’t and shouldn’t be fully automated. The idea is to automate what should be automated.

Think of today’s best-in-class AR solutions more like a highly specialized team member. Except, this employee not only helps you get paid faster, keep costs down and improve customer relationships, it doesn’t take any time off. If that’s not an idea to get behind, I don’t know what is.

Strategy #2: Think beyond DSO.

Using metrics to improve performance is not a new or radical concept. But in AR, besides “DSO” and “Amount written off” the data analysis pool is laughably shallow. AR departments that find ways to go beyond DSO are able to effectively track performance, hold their teams accountable, and ultimately get the results they desire.

Want specific examples of these key metrics? Download the eBook found at the end of this blog post.

Strategy #3: Make e-invoicing a priority.

Switching to e-invoicing is in everyone’s best interests — both company and customers alike. It’s just a matter of creating a specific plan to facilitate the transition to e-invoicing. This can include strategies as simple as:

  • Setting defined goals (e.g., increasing e-invoice delivery via email by 20% over four months)
  • Collecting accounts payable (AP) email addresses from all new customers
  • Reaching out to existing customers in order to convert them from paper to email

Strategy #4: Confirm invoice receipts.

“I never received the invoice.” How many times have you heard this from a late-paying customer? With the right AR automation solution in place, this problem disappears. Users can track invoices from beginning to end and know exactly when the document was received.

Taking it a step further, the solution gathers data that your team can also use to set up workflow rules. For example, your team could be altered to any unopened invoice (based on when it was sent, dollar amount, customer group, etc.) and reach out to the customer. Simple, easy and effective.

Strategy #5: Get a clear follow-up plan.

Most companies would love to contact their customers before 15-20 days past the due date. In reality, that’s a tough ask … especially in a manual environment that’s strewn with bottlenecks. Automated AR solutions have a better way of doing it. Their slick payment reminder capabilities ensure that friendly emails are sent out automatically to notify slow-paying customers. No human intervention necessary. No manual headaches or hassles.

Strategy #6: Focus on team efficiency.

It’s not uncommon for as much as one-third of an AR rep’s time to be spent on prioritizing contacts and searching for contact-related information. That’s a lot of time/money/production lost, my friends. Automated AR management solutions have an elegant solution to this problem — giving staff members a clear snapshot of their day via customized to-do lists. Not only will they know what to do and when to do it, managers are also aware, and can make decisions accordingly.

Strategy #7: Evolve with your customers.

You may have noticed that people nowadays seem to prefer interacting with small, glowing rectangles than actual human beings. Your customers are no different. Instead of speaking to a rep or getting put on hold, they would rather make an invoice payment or get a question answered online, often from their mobile device, and on their own time.

Self-service tools offered through automated AR solutions help customers do things like:

  • View invoice information online
  • Make payments electronically
  • Apply credits to open invoices
  • Sign up for auto-pay functionality
  • Get questions answered rapidly

Strategy #8: Use root-cause analysis.

How do problems like late payments, customer disputes and deductions happen in the first place? Good question. With an automated AR solution, you can finally get the answer. Users can identify, track and categorize the root causes of some of the most common payment-related issues, and over time, even help them pinpoint customer patterns as to help avoid them in the future.

Care to learn more about these 8 AR management strategies? Download the eBook, 8 Accounts Receivable Management Strategies to Make Your Process Best-in-Class. It goes over the same strategies covered here … just in a bit more detail. If you liked this blog post, you’ll love the eBook. Enjoy!

How Listening to Bob Dylan Might Just Make Your Business More Agile

As you may have heard, Bob Dylan recently received a Nobel Prize in Literature for, as the Nobel Committee put it, “having created new poetic expressions within the great American song tradition.”

He is the first musician to ever receive the prestigious honor.

Predictably, the news ignited a firestorm of response. Dylan enthusiasts, who have long maintained that his lyrics have transcendent artistic value, were tickled by the recognition. Many literary purists, on the other hand, were borderline outraged that a songwriter had infringed on the hallowed territory of poets and novelists.

As a diehard Dylan-ite since my early 20s, I have my own thoughts on the matter … but that’s a discussion for another time.

What the announcement of the Nobel Prize really got me thinking about was the enduring nature of Dylan the artist; specifically, something he once said about being successful, and how, in my opinion, a lot of today’s businesses would be better off if they took the old troubadour’s advice.

Embracing a “State of Becoming”

Those who get Dylan never really give him up. I can personally attest to this. And one of the biggest reasons he has such a devoted fan base is his seemingly endless capacity to recreate himself. From protest singer and electric bard to Nashville crooner and ethereal love lyricist — every version of Dylan is the same yet, somehow, entirely original.

And so it goes with Bob … always one step ahead, demanding that his audiences catch up with him and not the other way around. It’s no wonder he’s still going strong — gravelly voice and all — after all these years.

This brings me back to the quote I mentioned previously. In the 2005 Martin Scorsese-directed documentary No Direction Home, Dylan laid out the philosophy behind his elusive nature (emphasis mine):

“An artist has to be careful never to really arrive at a place where he thinks he’s at somewhere. You always have to realize that you’re constantly in a state of becoming, and as long as you’re in that realm, you’ll sort of be alright.”

It could be argued he said essentially the same thing 40 years earlier, albeit more succinctly and inauspiciously, in his song “It’s Alright Ma (I’m Only Bleeding)” when he sang, “He not busy being born is busy dying.”

Ok, so maybe success in the business world isn’t quite equitable to success as an artist. Still, it raises an important question: How many of today’s businesses, because of their past or present successes, feel as though they arrived somewhere — to a kind of real or imagined destination that they merely work to sustain rather push beyond?

It’s the Way We’ve Always Done Things

In Esker’s realm of document process automation, over and over again we encounter businesses that are reluctant to adopt new technology because they see their current processes — despite their obvious flaws — as being somehow tied to their identity. It’s the way we’ve always done things.

That’s not to say resistance to change is necessarily a bad thing. Changing solely for the sake of change is not in anyone’s best interest, and there are certainly legitimate variables that prevent change from occurring (e.g., bad timing, limited budget, etc.).

But where Dylan’s advice can really work its magic is within components of document processes that normally are considered inconsequential or too essential to a company’s identity to change in any way.

For example, a lot of companies take great pride in the personal touch of their customer service. A recent TermSync study found that over 80 percent of distributors believed their quality of customer service differentiated them from the competition; yet, only 30% of them offer their customers a self-service online portal (something 3 in 4 customers actually prefer).

Just think of all the value and opportunities within customer service that companies have lost due to not embracing a “state of becoming.”

Another example of this is in order processing, where many companies have EDI systems as part of their infrastructure. The problem is, exceptions — which can affect up to 35% of incoming EDI orders — can cause a lot of serious workflow issues. Still, a lot of business professionals feel as though EDI is the end-all-be-all and wind up missing out on the benefits that automation can bring, such as reducing EDI processing time by an average of four days versus when manual intervention exists in an EDI environment.

Fostering an efficient, agile business has never been more important than it is today. Yes, change can be a scary thing, but it’s always better to be proactive than reactive. As Dylan once sang, “May you have a strong foundation when the winds of changes shift.” Indeed, Bob.

Document process automation has been that foundation for thousands of companies — not only as a solution to address short-term problems, but as a driving force behind long-term business improvement strategies.

Parts Town Awarded Order-to-Cash Department of the Year at Inaugural AR & O2C Spotlight Awards

 

Adoption of Esker’s business process automation solutions improved cash conversion cycle and customer experience leading to recognition.

logo Parts town

 

 

Sydney, Australia — August 2, 2016 — Parts Town, a leading parts distributor in the food service equipment market (www.partstown.com), was named the AR & O2C Spotlight Awards’ Order-to-Cash Department of the Year winner. Hosted by The AR Network (TARN), the inaugural awards are an expansion of the Institute of Finance and Management’s (IOFM) Spotlight Awards and recognise outstanding achievements in financial operations.

Parts Town earned this distinction by successfully automating its manual cash conversion process, improving customer service and increasing productivity and efficiency while reducing days sales outstanding (DSO).

Last year, Parts Town’s O2C team recognized the need for a new process to sustain its high annual growth rates while increasing workflow efficiency and visibility, high-quality customer care and turnaround time. They decided that a cloud-based solution would enhance their productivity and enlisted the help of Esker, a leading document process automation solution provider.

Esker’s solution automated the entire order processing cycle starting with the reception of the order, scanning of the order and creation of the order into the ERP application, as well as creating and processing invoices for collection. With this implementation, Parts Town is steadily making progress toward its goal of processing 60 percent of its orders by 3 p.m. every day.

“Parts Town is growing rapidly and we need solutions that put us in a position to continue that growth, as well as streamline the processes to maintain it,” said Amy Argentine, Director of Technical Service at Parts Town. “Providing excellent customer service was the driving force behind our decision to partner with Esker, and we are now able to provide an improved process from start to finish in less time.”

With the automated order processing solution, Parts Town’s Distribution Center (DC) benefited greatly as well. The DC has full visibility using this platform, which allows the data to be allocated and used to forecast supply chain and staffing demands.

“The O2C cycle is crucial to the success of a business because it affects customer satisfaction and the company’s bottom line. Parts Town was awarded this honor due to its commitment to prioritising the customer experience while sustaining growth and improving visibility,” said Brian Cuthbert, executive director at IOFM.

About Parts Town

 
Parts Town (www.partstown.com) supplies genuine OEM replacement parts for commercial cooking equipment to the restaurant industry. For over 20 years, Parts Town has been focused on delivering the highest level of customer service for food equipment replacement parts, commercial kitchen accessories and selected food equipment. By recruiting and retaining the industry’s leading talent and living its core values, Parts Town has been able to achieve the unique combination of providing the industry’s most complete set of value-added capabilities while continuing to provide enthusiastic and expert customer service.

 
Parts Town has been named to the Crain’s “Fast 50” list, recognising the fastest growing companies in the Chicagoland area for six consecutive years as well as the “Inc 5000” list of fastest growing privately held companies in North America for eight consecutive years.

 

Parts town

 

 

Esker’s New Supplier Self-Service Portal Enables Smarter Accounts Payable Interactions for Fit Processes and Healthy Businesses

Sydney, Australia — June 2, 2015 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced the launch of a new supplier self-service portal to complement its Accounts Payable automation solution. The new tool improves the way organisations interact and collaborate with their suppliers. Esker’s portal provides suppliers with real-time status information on their invoices, strengthens supplier relations and increases the buyer’s productivity.

Esker’s portal provides both suppliers and buyers with a single view of data which enables the two parties to improve their ability to share information, enhance supply chain performance and facilitate dispute resolution. The use of electronic exchanges also leads to lower transaction costs.

The portal reduces supplier inquiries by providing them with the status information on all their invoices, (e.g., received, approved, paid, etc.), without ever having to pick up the phone. Suppliers have visibility into when they will be paid and can therefore better manage their working capital treasury.

Our new supplier portal reinforces our commitment to building a network of business collaboration, enabling meaningful connections between organisations, suppliers and customers,” said Jean-Michel Bérard, CEO at Esker. “Our goal is to connect companies with each other so they can do business more efficiently. Our new portal, combined with our solution dashboards, delivers the perfect platform to enable effective and intelligent interactions.

Simplified Process for Suppliers, Minimised Workload for AP Staff

In addition to looking up the status of any of their invoices, suppliers can also submit invoices directly and electronically on the portal. This allows buyers to reduce unnecessary paper handling, improve the timeliness of payments and lower their Days Payable Outstanding. By accelerating the payment cycle, buyers can benefit from early payments discounts. Suppliers get paid faster and are able to reduce their Days Sales Outstanding.

Based on Esker research, AP staff performing their tasks using manual methods can spend as much as 30% of their time responding to supplier calls, impacting both costs and productivity. On average, it takes an AP clerk five minutes to manage one invoice status inquiry. This equals approximately $2.5 per call, which can add up quickly and cause unnecessary expenses that would otherwise be used more productively. With fewer supplier calls to manage, an AP department is able to focus on more value-added tasks, increase its efficiency and reduce costs.

Improved Communications

Designed to optimise the buyer-supplier interaction, both parties can conveniently exchange information and chat directly via the portal, removing communication barriers. All conversations are kept together and always available for reference when needed. With improved relations, suppliers feel more informed and confident on what is happening with their invoices and when they will get paid, and buyers can negotiate greater payment discounts.

The portal features an intuitive, easy-to-use interface, which helps maximise supplier adoption rates. Suppliers can also contact Esker to take advantage of a wide range of beneficial e-invoicing features, such as automated invoice submission via the portal.

As an integral part of Esker’s Accounts Payable automation solution, the new portal enables Esker customers to offer their suppliers a valuable, free-of-charge service that’s available 24/7 year-round.

Esker Acquires American Cloud Company TermSync

TermSync’s collaborative platform reinforces Esker’s Accounts Receivable solution for U.S. customers and paves the road for future Esker solutions.

Sydney, Australia — January 29, 2015 — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announces the acquisition of TermSync™, a cloud-based accounts receivable (AR) platform.

Based in Madison, Wisconsin, which is also home to Esker’s U.S. headquarters, TermSync develops and markets an innovative, collaborative portal enabling businesses to modernise their AR processes. Fully developed on cloud-based technology, TermSync optimises invoice management by reducing costs, accelerating payments and reducing DSO (Days Sales Outstanding). Today, TermSync connects thousands of companies on its network, including the U.S. National Association of Credit Management (NACM), which has selected the solution as a preferred partner.

Following the success of an intense development and market validation phase, but with limited resources, TermSync was looking for a strategic partner to support its commercial development throughout the U.S. At the same time, Esker sought to strengthen the capabilities of its existing AR solution in order to meet the expanding needs of U.S. companies. Combined, Esker’s Sales and Marketing capabilities and TermSync’s platform will generate growth for their respective offerings.

Beyond the operational aspect, Esker will build on TermSync’s experience and technologies to enhance the collaborative aspect of all its solutions.