Key takeaways
- From billing and invoicing to payment collection, cash application and reporting, each step in the receivables process presents its own set of challenges
- Modernization and process efficiency are two common accounts receivables problems faced by businesses
- To help manage these complexities, companies are partnering with J.P. Morgan for advanced solutions to create operational efficiencies and a better customer experience
Every business that manages receivables faces its own unique obstacles; however, there are some universal complications. This applies to companies that sell directly to consumers and to those who cater to other businesses. From billing and invoicing to payment collection, cash application and reporting, each step in the receivables process presents its own set of challenges.
Among the many complications, two stand out as most common and troublesome: incorporating and integrating new technologies. To manage receivables in a landscape where customer preferences are always changing, a company typically needs to make a significant investment in technology and human capital. As we examine these issues, find out how partnering with a global bank like J.P. Morgan can help deliver the solutions you need.
Meeting customer preferences
Being able to reach customers easily and repeatedly can drive loyalty and earn repeat business. From a receivables perspective, companies need to bill customers and receive payments in a frictionless way. Offering multiple payment channels and methods helps increase customer loyalty by meeting their payment preferences.
Investing in these solutions can be costly and organizationally complex. Allocating resources to maintain and upgrade billing systems, accept multiple payment methods, train staff and ensure compliance with ever-changing regulations can divert attention and funds from core business activities and strategic initiatives.
The time and cost of building or working with multiple vendors for these receivables solutions can add up quickly, which is why many organizations choose to partner with J.P. Morgan for holistic solutions.
Modernization challenges
Advanced reconciliation tools, as part of an end-to-end solution, can help move your organization closer to straight-through processing, enhance internal visibility and help free up receivables personnel to other value-added initiatives.
Many companies struggle to adopt and integrate these receivables solutions with existing systems due to the complexity of aligning technologies, user experiences and business processes.
That is why we continue to invest in and build flexible, scalable tools that leverage APIs and file integration capabilities, along with providing you with teams to help you find and implement the right solutions.
The path to efficient receivables processes
At J.P. Morgan, we empower our clients to transform their business. With 31,000+ clients in Payments and a $17 billion firmwide technology budget,1 we invest in world-class solutions that can help you no matter where you are on your journey, so that you can efficiently manage your receivables and streamline your reporting and reconciliation processes.2
As a trusted leader in providing treasury management services to large corporations and multinational companies around the globe, we are committed to developing and offering end- to-end receivables solutions to help support your needs and objectives.2
To learn more, please contact your J.P. Morgan representative or visit our receivables page.
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