Here’s a quick rundown of how Esker can automate the areas of AR that matter most to your business;

Manage your customer credit risk
Esker’s automated Credit Management solution optimises the entire credit approval and risk monitoring process, empowering credit teams with actionable data to make the best credit decisions possible. By transforming credit management into a more secure and efficient process, revenue is secured and customers are prevented from slipping through the cracks.

Deliver invoices efficiently
Our Invoice Delivery software solution was designed to automate the delivery and archiving of customer invoices via any media (e.g, paper, e-invoices, EDI, etc.) — all without forcing your customers to change or sacrifice compliance and all while providing real-time visibility into invoice delivery status.

Collect cash intelligently
Thanks to automated collections, all your AR-related documents can be automatically generated and sent according to your rules and/or your customer preferences. Meanwhile, tasks requiring action are automatically assigned to the right person at the right time — it’s that easy!
What’s more, enhanced collections capabilities ensure that your customers’ payment habits are permanently analysed to provide predictions on invoice most likely pay dates, priority customers to contact, accurate AR collections forecasts and more.

Quickly process claims and deductions
Esker’s Claims & Deductions automation solution helps businesses efficiently manage their claims and protect margins. Thanks to Al-driven data capture and electronic workflow capabilities, Esker manages both customer claims associated with products (product shortage, damaged products etc.) and customer financial deductions (e.g. trade and promotional invoices etc.)

Simplify payment
To get paid quickly, today’s businesses need online payment capabilities at different steps of the order-to-cash process — pre-order, deposit, at the due date or during the collection process. Thanks to Esker’s advanced online payment capabilities, your customers will have no reason not to pay and can even benefit from early payment discounts by paying before the due date.

Accelerate cash application
Managing multiple payment sources and formats (e.g. banks, lock boxes, emails, PDFs), not to mention the different levels of data in each document, can be a real pain for AR teams trying to allocate cash in a timely and effective manner. Esker’s AI engine automates the manually intensive process of matching payments received from all incoming payment information sources so your team can focus on higher value tasks and control cash flow in real time.

To find out more about how Esker’s automation solutions can optimise your AR processes download our new eBook here.

Here at Esker we know a ‘one size fits all’ approach to process automation doesn’t work, so whether you’re focused on a specific area of AR, or looking for a seamlessly integrated end-to-end automation solution contact us today, we’d love to hear from you!

Claire Barker

As Marketing Specialist for Esker UK, Claire is responsible for generating leads for Esker's business process solutions specifically within the area of Accounts Receivable through a variety of marketing channels. She has been part of the Esker family since 2019.

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I wonder if, many years ago, the way of collecting payments from customers involved someone riding their bicycle from customer to customer to ensure payment was received in full? Or have I just been watching too much Call The Midwife?

Even now Collections Management can still be a long, complex and frustrating process. Unpaid invoices, late payments, time wasted on collection calls and emails are a cyclist’s equivalent of pedalling squares¹; punctures, gear issues and the ultimate pain of falling off your bike!

For Trek Bicycle, the largest bicycle company in the US, the Global Director of Financial Services, Andrew St Clair, said, “We didn’t have a standardised collections tool before Esker. Everyday tasks, like sending reminder letters, were all done manually… there was no real consistency in our process.”

With automated Collections Management, Trek Bicycle achieved:

• Reduced past-due percentage by 4%
• Improved productivity; several staff members were able to be reallocated to more business-critical positions
• Higher satisfaction; customers now have access to a self-service portal to make payments, manage preferences and more
• Reduced Days Sales Outstanding (DSO)
• Improved collaboration; users can now go into Esker, choose an invoice and assign tasks to other departments (e.g., cash application, etc.)
• Enhanced visibility; customisable monthly management reports can be accessed directly from the dashboard

Automating the management of the collections process is the cycling equivalent of souplesse²; to cycle with high cadence and ease. Or perhaps, even, for those of us who are slightly lazy, a ride on the back of a tandem with someone else pedalling extremely fast in front, or an electric bike?

Summed up by Andrew St Clair at Trek Bicycle, “The discipline that Esker drives in the credit and collections process is phenomenal. In my 20-plus years, it’s the best product I’ve ever used based on its simplicity and ease of navigating.”

You can find out more about Esker’s Collections Management solution here. Or alternatively, I’d love to hear from you, and to help you on your journey to Collections success.

_{¹ Pedalling squares means the cyclist is floundering, pushing a big gear with no élan and generally struggling, https://cyclinguphill.com/cycling-terms-explained/
² Souplesse means to pedal at a high cadence and with seeming ease, https://cyclinguphill.com/cycling-terms-explained/}

Johanne Musson

Johanne is an Internal Account Manager for Esker UK. She has been part of the Esker family since 2022.

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There’s no doubt that the last few weeks have been a bit of a washout with grey skies and torrential downpours blighting many of our staycation plans: but forecasters are cautiously optimistic that a return to sunshine is on the cards with some much needed blue skies and warmer days ahead.

I think the same holds true for the UK economy. Businesses have weathered some frankly, stormy economic conditions over the past 15 months, but thankfully there are some positive signs of recovery emerging on the horizon.

And so now companies must adapt again; move their focus away from surviving the storm and instead prepare to seize opportunities for growth. To succeed, whilst maintaining healthy cashflow and driving sales, it is essential that they take action now.

Persuing these 5 key strategies will help companies to minimise their credit risk, optimise their collections process and fuel future growth:

Key Strategy #1: Refine Your Credit Policies
The first step to implementing a first-rate credit-to-cash process. The basis of your process should be to make sure that your plan is in line with your needs and objectives, from credit-granting procedures to knowing how and when to begin collections proceedings. Your requirements may evolve over time, be it following a business expansion, merger or even an economic upturn, so it’s a good idea to regularly review the situation and adjust your policy as needed.

Key Strategy #2: Know Your Customer
Now that you have defined a comprehensive credit and collections policy that provides guidelines on decision-making for different customer types, you need to get to know your customer in order to accurately apply them. What better way to do that than collecting information directly from the customer? Customer onboarding is key to creating strong and successful customer relationships.

Key Strategy #3: Keep an Eye on Existing Customers
Once a credit assessment has been completed it is not set in stone. A regular review of all parameters needs to be done to adapt to changes in situation – the customer’s as well as your own. Evaluating risk and customer behaviour is critical when selling on credit so that payment defaults can be avoided. Customer risk should be continuously monitored in order to implement the most up-to-date credit and collections processes throughout the entire customer relationship.

Key Strategy #4: Be Flexible
The last year has shown just how greatly businesses are impacted by unexpected events. In order to succeed and overcome fluctuating conditions, flexibility is key when it comes to credit and collections procedures. Standardising rules and guidelines will ensure functioning processes, flexibility and adaptability, allowing you to easily respond to a customer’s changed situation (e.g., solvency, risk, payment behaviours, etc.). Your credit and collections strategies need to be adapted accordingly.

Key Strategy #5: Break Down the Silos
Often the teams involved in the process have access to different, yet relevant, customer information: A sales agreement can influence the customer’s payment behaviour, while erratic payment trends noted by the collections team affects the account manager. Facilitating communications between O2C teams encourages information sharing and ensures that all stakeholders have the right data at their disposal to make the best decisions at every level of the process. The collective vision and ultimate goal is to maximise sales while minimising cashflow risk.

Interested in finding out more?

Download the eBook and discover more secrets to these 5 key strategies for best-in-class process for credit and collections.

Claire Barker

As Marketing Specialist for Esker UK, Claire is responsible for generating leads for Esker's business process solutions specifically within the area of Accounts Receivable through a variety of marketing channels. She has been part of the Esker family since 2019.

Read more insights from Claire Barker

By selecting Esker’s Invoice Delivery and Collections Management solutions, the client can reduce repetitive, low-value activities associated with traditional collections. This will enable the company to increase effectiveness of its order-to-cash cycle, while gaining end-to-end visibility over the entire process.

Esker’s Invoice Delivery solution streamlines the sending and archiving of invoices according to customer preferences and in compliance with local regulations, whilst Esker’s Collections Management solution combines process automation and CRM properties to streamline the entire collections process. The customer can define their own automated collections strategy to organise collections tasks lists and automate the delivery of reminders by email or mail.

All post-sales related information is stored centrally and dashboards, customisable reports and key performance indicators (KPIs) provide complete visibility and control. A web portal facilitates communications, providing full visibility on all invoices, account statements and offers the ability to send messages or raise queries quickly and efficiently.

Alistair Nicholas, Managing Director at Esker Northern Europe said, “We are delighted that this Financial Services customer has selected Esker solutions and we look forward to working closely with them to streamline their order-to-cash cycle”

Throughout the implementation process Esker teams apply an Agile methodology to ensure success and once live will continue to work closely with the customer and provide post-implementation support and advice.

Read the full press release here.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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