5 Steps to Digitize Collections for Businesses

Businesses these days look for accuracy and efficiency by saving time and operational costs. What if we could add an edge to this? What if we could provide them with data-driven operations that give them back time, control, and cash flow?

The gap between modern businesses and outdated collections processes is widening. With instant communication and real-time data, let’s not leave the collections process behind to be done the traditional way.

We will take you to the next level of financial management with Hylobiz, and it begins with a powerful shift towards digitized collections. Here are 5 essential steps to transform your collections into a source of cash flow and operational clarity.

About Hylobiz

Hylobiz is the industry’s first B2B solution that provides connected banking and connected ERP to automate a range of financial operations. It is a single platform that streamlines collections, trade, and working capital requirements.

For businesses, Hylobiz offers invoice process automation, real-time tracking of collections via various modes like virtual accounts and cards, and automated reconciliation. The platform also provides real-time transactional dashboards and other customized workflows to help you manage your finances efficiently.

The 5 Steps to Digital Collections

Let’s now look at the quick steps that would help businesses automate their collections process, enhance cash flow and help them make informed decisions with Hylobiz.

Step 1: Implement Automated Statement of Accounts (SOA) & Payment Reminders

With Hylobiz, businesses can automate their Statement of Accounts. They can set up a robust rule engine to send automated, multi-channel payment reminders via email, SMS, and WhatsApp. The platform even enables them to add a digital payment link directly to the invoice, allowing their customers to pay instantly. These consistent automated collections process gradually improves the Days Sales Outstanding (DSO) of the business.

Step 2: Integrate Systems for Seamless Data Flow

Hylobiz acts as the central hub for all financial data of the business. Through deep, seamless ERP integration through APIs, our platform automatically pulls invoices and pushes payment statuses back, ensuring the data is synchronized to the ERP. Businesses can gain access to a single, unified view of their entire receivables’ ecosystem.

Step 3: Enable Multiple Payment Options

Hylobiz’s connected banking and multi-mode payment gateway adds an edge to the flexibility for businesses. The solution allows digital collections across a wide range of channels, including credit cards, debit cards, net banking, and virtual accounts. All offline cash and cheque collections with real time acknowledgement to the customers can be recorded as well.

Step 4: Automate End-to-End Reconciliation

The platform allows real-time reconciliation of customer accounts with reverse sync to ERP. Every transaction is automatically logged and matched with its corresponding invoice. This end-to-end automation drastically reduces manual effort, improves accuracy, and gives the finance team the confidence that every transaction is accounted for.

Step 5: Leverage Real-Time Financial Insights

Businesses opting to digitize collections with Hylobiz, gain access to powerful, real-time dashboards and reports. This helps them get an idea of their financial health and simultaneously plays a major role in informed decision-making. They gain instant visibility into collections performance and aging reports to support in risk mitigation and strategic growth.

Hylobiz offers omni channel collection dashboard with connected ERP and Bank accounts by enabling real-time view of cash, cheque, bank transfer, cards and other modes of collection.

Major Collections Challenges Addressed by Hylobiz

Every business is acquainted with various challenges when it comes to managing their invoices, reconciling payments, cash flow handling and accessing real-time visibility. Here is a note down on the struggles faced by the finance team and their leaders while handling collections:

• Chasing invoices and delayed payments are one of the most common challenges faced by businesses.
• Fragmented data spread across excel sheets, e-mails, invoices, bank statements, etc. slows down the process efficiency.
• Traditional payment methods like bank transfers or cheques create friction and slows down business cash flow.
• Manual matching of bank statements to invoices one by one is a tedious and error-prone process.
• Lack of a clear overview of the business financials, leaving only guesswork on cash flow, outstanding amounts, and payment trends.

Digitized Collections with Hylobiz: Benefits for Businesses

Hylobiz offers a suite of potential advantages to businesses by helping them transform their financial operations:

• Improved Cash Flow: Faster, automated collections and real-time visibility lead to immediate improvements in their cash position.
• Significant Cost Savings: By eliminating manual tasks and reducing administrative overhead, businesses can reallocate resources to more strategic initiatives.
• Enhanced Customer Relationships: A modern, seamless payment experience is a key part of customer satisfaction and loyalty.
• Bank-Grade Security: The platform is built on a robust, scalable infrastructure that ensures the data is secure and always protected.

Transforming the Collections Process with Hylobiz 

Every advantage counts. By using Hylobiz, businesses are not just digitizing their collections process, the level of operational efficiency and real-time insight is adding a strategic edge over their competitors. It allows businesses to be more agile, make faster decisions, and operate with a level of financial clarity.

Automating the collections process with Hylobiz is a strategic decision to build a more efficient, resilient, and intelligent business. By following these steps, financial leaders can transform the collections process from a reactive chore into an automated engine for growth.

Ready to take control of your collections? Partner with Hylobiz today!