Faster Time to Cash
3 Ways Telecoms Can Automate Faster Time to Cash
Communication services providers often operate with tight margins, so managing cash flow is important. Late customer payments can significantly affect service delivery, investments, and payroll.
According to a recent Tipalti research report, 76% of CFOs agree that manual tasks still consume too much of their time and effort. Nearly 70% of finance executives are investing in digital technology for financial automation.
They are focusing more on achieving new efficiencies and embracing how automation technology contributes to their goals. Key areas where they're applying digital tools include billing, tax compliance, automated payments, and dunning.
Using Integrated Tools for Billing, Dunning & Payment Processing
Optimizing customer billing through automation is a key aspect of managing cash flow and driving growth for the future.
With TimelyBill, you can significantly streamline your invoice-to-cash cycle. Our software ensures timely billing and automates invoicing and payments, improving cash flow management. Here's how:
3 Tips to Get Paid Faster
Implementing these three automation strategies can significantly reduce outstanding balances and improve profitability.
- Automate and Send Monthly Statements
- Configure Terms with Late Fees
- Send Payment Reminders via Email
Automate and Send Monthly Statements
Monthly statements remind customers of their outstanding balances. Automating this process will save time and ensure clients are consistently aware of their fees, resulting in faster reconciliation and payment.
Our billing app can
automatically email customer invoices weekly, monthly, annually, or according to the billing
cycle you set up in our system.
See Related Post: "Sample VoIP Invoice for CSPs"
Configure Terms with Late Fees
Setting up payment terms and including late fees is a proactive strategy for managing your cash flow. Before any contracts are signed, your payment terms should be clearly spelled out. This way, both parties know when payments are due and what happens when payments are late.
Define each customer's payment terms upfront using our integrated quoting tool and include your terms and conditions. Both parties can electronically sign these quotes via DocuSign.
See Related Post: "Revenue Protection for Telecoms"
Send Payment Reminders via Email
Automate payment reminders based on due dates to ensure timely payments. This can significantly increase on-time payments. Our built-in dunning engine can send out emails, so you get paid faster!
By using our built-in dunning templates to notify customers about late fees, you can prevent late payments and avoid billing surprises.
Of course, you also want to make it easy for customers to make payments. We have you covered there, too! All TimelyBill implementations include a customer payment portal where customers can securely log in, view invoices, and make payments, including all major credit cards and ACH payment methods.
TimelyBill speeds up the time to cash process, allowing you to focus on sales GROWTH and service delivery.
