New York: 05.15.17 -
One-third of the businesses in the United States, Canada, Mexico and Brazil
report that 20 percent of the value of their client invoices is more than 90
days overdue, according to the Payment
Practices Barometer Americas report, a survey conducted by the trade credit
insurance company Atradius.
This liquidity squeeze affects more than just the immediate suppliers whose
cash flow is restricted by the late payments, but also affects supply chain,
multiplies risk for the buyer and, ultimately, drags down the local and
global economy. To solve this problem, businesses are partnering with IT
experts to automate accounts payable processes.
Across travel, healthcare, telecom, manufacturing, and banking industries,
businesses are updating financial and accounting processes and, in turn,
widely increasing efficiency and timeliness when it comes to compensating
suppliers. With the help of IT solutions providers, organizations are making
these improvements by implementing solutions such as standardized accounting
and reporting practices and a common mid-office system.
Bhupender Singh, CEO of global BPO Intelenet® Global Services, comments: “It
is imperative that companies now regulate their financial and accounting
processes through automation. Through deploying the proper solutions to face
business challenges like late payments, not only have on-time payments
improved from 80 percent to 98.5 percent but processing costs were reduced
from 69 cents to 30 cents per invoice.
To help minimize the occurrence of overdue payments, Intelenet
has seen direct results to organizations by developing dashboards to
highlight dependencies to their business, team restructuring, and implement
effective work force management processes.”
Singh added: “Through implementing Enterprise Resource Planning (ERP),
businesses are significantly increasing their percentage of bills paid on
time, and reaping the benefits of transforming company processes from manual
invoicing to E-invoicing. Assisting companies in cost-effective solutions
like Optical Character Recognition (OCR), which allows for the electronic
translation of data into an automatic machine-editable text, and introducing
e-bill templates for electronic upload to their finance systems, Intelenet has helped businesses across industries to
solve this widespread challenge, and those who have automated already are not
Intelenet® Global Services is
a large global Business Process Services player, committed to delivering its
client's strategic goals and helping in enhancing, broadening, and deepening
the relationship to add value.
Backed by The Blackstone Group, a leading Global Private Equity player, with
a current portfolio of clients that includes several Fortune 500 companies, Intelenet® Global Services is a 55,000 people
organization spread across 70 global delivery centers across America, UK,
Europe, Middle East, Philippines and India; supporting 100+ clients in over
25 languages. Intelenet® provides innovative,
cutting-edge solutions, supporting customers across Contact Center solutions,
F&A, HRO, IT solutions and security & compliance across Banking and
Financial Institutions, Healthcare, Travel and Hospitality, Telecom, Retail,
Manufacturing, Logistics and Utilities & Energy verticals. Intelenet® Global Service's range of integrated BPM
services deliver transformational benefits to clients through reduced costs,
ongoing productivity improvements, and process re-engineering.
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