Accounts receivable (AR) automation platform Invoiced on Thursday (Sept. 23) announced the release of an Advanced Reporting module as part of the Invoiced A/R Cloud.
Invoiced provides reports on general AR performance and tax and sales summaries. The Advanced Reporting module allows finance and accounting teams to answer most AR-related questions and scale their AR intelligence capabilities.
The solution allows customers to build custom datasets, generate reports with several format and filter options and tailor those reports with custom queries.
The new module is the next phase of Invoiced’s AR intelligence capabilities, which include a variety of pre-built reports as well as cash forecasting capabilities.
“Our new Advanced Reporting module is a significant and valuable addition to our industry-leading accounts receivable automation platform,” said Jared King, co-founder and chief executive officer for Invoiced, in the company announcement.
“As businesses grow and change, so do their reporting needs, especially when it comes to A/R. Now, with Invoiced Advanced reporting, our customers’ abilities to customize and refine A/R reporting can keep pace with their unique and evolving needs,” he said.
PYMNTS research found that firms realized seven benefits from digitizing their AR. Faster processing speed topped the list, with 87% of 500 firms from the advertising, technology, construction, energy and healthcare industries achieving this benefit.
Several other steps of the AR process can be automated, including cash application, collections, payment acceptance, invoice delivery and customer credit check.
Among the firms surveyed by PYMNTS that had adopted automated AR processes, 80% said they achieved improved team efficiency, and three-quarters of respondents said they saw overall customer experience improvement.
Firms also reported saving money on operational costs (72%), with almost 60% of businesses flagging an improvement in their days sales outstanding and headcount reduction, while half said they saw their overall collections improve.