“API is the perfect complement to our product offering. Between both companies, we are delivering the first end to endplatform designed to permanently reduce cost in all segments of the order to cash process. We can work with any company to simultaneously reduce cost and improve financial performance in O2C,” said Chris Caparon, Chief Operating Officer at Cforia Software.
“Cforia’s workbench seamlessly integrates with API’s cloud-based automation platform which completes the O2C process including print/mailroom outsourcing capabilities, lockbox/ACH integration, online or eBilling (electronic billing) and payments, and online document archival and retrieval capabilities. We are truly excited about this partnership with Cforia,” stated Gary Halleen, President and CEO at API Outsourcing Inc.
Combining advanced Order to Cash Automation with Online Payments and Electronic Billing improves customer adoption of online technology beyond standalone EBPP (electronic bill presentment and payment). This solution directly addresses some of the issues stemming from separate data silos. The integrated platform leverages the Accounts Receivable (A/R) Department’s knowledge that already has email addresses for most customer contacts.
Common A/R Department activities can be leveraged to encourage customers to adopt online technology. For most companies, Order Hold Management currently involves collection calls to a customer to inform them that their order cannot ship until account delinquency is addressed. Combining A/R Automation with Online Payments changes the workflow to sending an automatic Order Hold email reminder that includes an invitation to customers to go online and make their account current with an electronic payment.
Every inbound call becomes an opportunity for A/R staff to educate and train customers to view and pay their bills online and to increase adoption of the Online Payments and Electronic Billing portal. Knocking down data silos between customer payments and the A/R Department makes bills and payments instantly visible. Common problems of not releasing held customer orders in a timely manner and scheduling dunning calls and letters for a bill that has been paid will now be avoided because of instant visibility of payments. The platform will also provide a means for customers to communicate problems with delivery of goods and services directly to their A/R department without having to wait in a phone queue, resulting in increased customer satisfaction.
About API Outsourcing
API Outsourcing, Inc.,is a leading onshore Finance and Accounting Outsourcing (FAO) provider of innovative state-of-the-art document management, Procure to Pay (P2P), Order to Cash (O2C), and accounting services headquartered in St. Paul, MN. API was voted a top tier FAO service provider by a leading global independent outsourcing advisory firm. API transforms manual paper-dependent payables and billing processes through its imaging, bill delivery and workflow systems to minimize the labor intensive work associated with back-office processing and enables customers to focus on their core business. Outsourcing benefits include maximized cash flow through improved DSO and controlled DPO. This combined with reduced processing costs, increased business intelligence and improved customer and vendor relationships; provides the ultimate value proposition around permanent cost reduction. API currently processes over one hundred million transactions annually, delivers world-class quality, provides exceptional customer satisfaction, utilizes Six Sigma practices and performs a SSAE 16 Audit annually. For more information, please call, +1.651. 675.2600 or visit www.apifao.com.
About Cforia Software
Cforia is a global company that provides industry leading Order to Cash Automation that is used by large corporations to manage over $186 Billion in open A/R. Some of our largest customers include Textron, Thermo Fisher Scientific, Citizen Watch and NAPA Auto Parts. Cforia’s software is driven by superior technology that includes real-time integration across disparate ERP systems, order hold management, separate clean and dirty receivables tracking, plus handles multi-currency, multi-languages and multi-business units. Our comprehensive software suite maximizes cash flow through an integrated system that includes Cash Application Automation, Credit Management and Collections Software, and an Online Payments and eBilling Portal. Cforia leverages Data Integration Connectors and in-house project resources to implement the entire platform in one to three months. Cforia Data Integration Connectors facilitate rapid real-time integration with your corporation’s existing ERP systems, Document Imaging, third party credit data, email and facsimile servers. Prepackaged real-time connectors keep Cforia’s Order to Cash Database continuously up to date to assure efficient functionality and greatly shorten project timing and risk by avoiding custom data integration. Cforia’s Order to Cash Software is designed to allow users to create automated dunning letters, change collection logic and create reports themselves. Finance department professionals have total control through setting changes and drag and drop wizards that perform complex tasks such as creating letters with data merges and reporting without programming. For more information, please call, +1.818.871.9687 or visit http://www.cforia.com.
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