Accounts Receivable Automation by YayPay
In today’s blog post I would like to summarise a recent webinar product demonstration of YayPay’s Accounts Receivable Financial Automation by Sarah-Jayne Martin, Director of Financial Automation at YayPay by Quadient.
Mark D’Alessio, the North American Channel Director for YayPay introduces us to YayPay’s company history:
YayPay belongs to the Quadient organisation (formally known as Neopost). As part of Quadient, YayPay is part of a global organisation helping businesses create meaningful customer connections through digital and physical channels and is committed to outstanding customer service that spans 29 countries with over 500,000 customers.
Among Quadient’s Intelligent Communication Automation solutions, YayPay by Quadient’s core purpose is to revolutionise the future of work for finance teams. YayPay is a smart and modern Accounts Receivable solution that changes the game by vastly improving the order-to-cash experience for finance teams and their customers.
YayPay is at the forefront of back-office automation and machine learning.
Mark tells us an interesting fact that Quadient (Neopost at the time) was in the mail print stamp machines and electronic envelope stuffing business. As the world was going digital, Quadient did some research on where they would go next, and they realized that the majority of what they were mailing were invoices, and payments for invoices. So it makes sense that Quadient acquired a best-in-class and rapidly growing company at the forefront of SaaS accounts receivable (AR) automation solutions.
Mark also explains that YayPay maximizes the value of your ERP by automating the collections process. YayPay’s software streamlines the credit and collections workflows to make financial teams 3x more efficient by reducing manual tasks. The predictive technology can also help forecast cash flow and address the issues of collecting money faster, and much more efficiently. It’s easy to use, quick to implement, and most customers see improved DSO within just 30 days, providing quick value right out of the gate.
YayPay Accounts Receivable Automation is positioned for mid-market enterprises, with strength through a number of sectors and verticals such as the technology sector, media, and advertising tech, service companies, manufacturing, and distribution. YayPay is for anyone sending out a lot of invoices!
Why YayPay? The power of one platform
- Better visibility & reporting = More cash, less past due invoices
- Cross-departmental access = Better customer experience
- Machine learning and predictive analytics = Strategy instead of reactivity
- Holistic code base = Smart tool adapted to your needs, quickly build enhancements
The YayPay demonstration
Sarah-Jayne starts off by explaining that YayPay is an Accounts Receivable financial automation solution that is ERP agnostic, and will work with any ERP that you may be using for your accounting process. Some ERPs have a direct API connection, and others are accessed via a CSV file.
The dashboard gives you a clear view of all of your companies and your total AR balance. Built-in will be all your billing contacts, your internal contacts to your sales staff, client success representatives, and your AR specialists. All this information will land right on top of that ERP and present the information onto the dashboard. Everything on the dashboard is meant to be drillable and actionable, so you can come in and say “hey which nine invoices are overdue?” and very easily just click on overdue invoices to see which invoices make up that total, and the same for all the other statuses at the top of the dashboard. Giving you a high-level overview. You can track things such as DSO, Cash collected, open invoices, reminders opened, and accounts requiring calls.
On the dashboard, there are a number of other graphics giving you insights into your business, such as average days to pay, which companies have paid you, and you can toggle the dates to see month to date or quarter to date, this time last year, giving you a quick snapshot. There is even a colourful scoring system which is a proprietary algorithm that YayPay has developed that brings in at least a year’s worth of your history and runs the algorithm against your client’s payment history to assign a score on how well they pay you. This scoring system is influenced by their current behaviour and is shown with a trending arrow next to their score that moves up or down.
Other graphics on the dashboard are Email reminders, such as how many emails have been sent out, viewed, and failed, and it’s easy to action and remedy this.
Another exciting graphic is the On-Time Payment projection for current invoices, which acts as a cash forecast. It’s a measurement against invoices and determines the probability of payment. You can see projections for invoices that are projected to be unpaid, projected to be paid, and daily promises to pay. This allows the AR team to get ahead of those problems and reach out to customers to make sure your company is top of mind for payment when the check run happens.
Sarah-Jayne explains that arguably the most important dashboard graphic is located at the bottom of the dashboard and is the “Expected time of payment of past-due totals without a promise-to-pay”. This is for true risk invoices. Invoices that are already past due with no promise to pay. Sarah-Jayne points out that what’s interesting is that typically an AR department would sort their aging by the largest oldest balance and that’s how they plan their day, but by leveraging machine learning YayPay software is able to tell you which invoices are the most at risk for non-payment. So for example an invoice that may be the oldest, may actually be predicted to be paid in 30-60 days, whereas another invoice that is only 3 days overdue may be predicted to be pushed out to 90 days+. It’s a strategy your team can leverage to go ahead and work on those invoices at most risk as a priority so they can get paid sooner.
Accounts Receivable Automation by YayPay
KEY FEATURES & BENEFITS
- Comprehensive accounts receivable management
- AR dashboard
- Advanced reporting with Business Intelligence
- Instant credit application, decisioning, and scoring
- Predictive analytics in accounting
- Automated collections communications
- Streamlined payments
- Collections management
- Communications history
You might be interested in How to automate the purchase order process for business automation