Accounts receivable management (1)
FinFloh
Collect accounts receivable faster with AI-powered automation.
Tool Information
FinFloh is an accounts receivables (AR) automation software designed to streamline AR operations and improve collections efficiency. This AI-powered tool helps in automating multi-channel follow-ups, which are tailored according to the buyer's credit risk and payment behavior. It features a collaborative platform to facilitate closer communication between buyer and seller teams, allowing disputes to be resolved expediently and payments to proceed more swiftly. The tool is also equipped with an automated cash application that enables swift invoice-cash reconciliation, minimizing manual effort and errors. One of its key features is the incorporation of buyer intelligence and data-based credit decisions, which allows for an informed, data-driven approach towards credit decisions and cash flow forecasting. FinFloh is known for easing the integration process with other platforms, creating a centralized data hub, and facilitating seamless management of AR. Additionally, the software ensures data security by maintaining compliance with SOC 2, GDPR and ISO standards.
F.A.Q (20)
FinFloh is a global accounts receivables (AR) automation software powered by AI. It is designed to streamline AR operations and improve collections efficiency. The key features of FinFloh include automated multi-channel follow-ups, a collaborative platform for buyer and seller teams, automated cash application, and the incorporation of buyer intelligence for data-based credit decisions.
FinFloh automates the AR process by providing features like AI-powered multi-channel follow-ups tailored to the buyer's credit risk and payment behavior, and an automated cash application for swift invoice-cash reconciliation. It also incorporates buyer intelligence and data-based credit decisions to allow a data-driven approach towards credit decisions.
FinFloh enhances collections efficiency using its AI-powered automation to reduce Day Sales Outstanding (DSO), manage aging accounts, and improve working capital. It offers features such as prioritized collection worklists, multi-channel payment reminders, predefined dunning templates, and real-time risk alerts to manage unpaid invoices, reduce payment delays, and decrease DSO.
AI plays a significant role in FinFloh's operations. AI is used to automate and tailor multi-channel follow-ups based on the buyer's credit risk and payment behavior. It is also used to make data-based credit decisions and to foretell future payments and cash flows based on previous data and trends.
FinFloh facilitates communication between buyer and seller teams through its collaborative platform. This platform brings together finance, accounts receivable, sales, and customer support teams to help resolve issues and disputes efficiently, ultimately leading to increased cash flow.
The automated cash application feature of FinFloh enables same-day invoice-cash reconciliation. It auto-matches invoices with incoming payments, thereby minimizing manual effort and errors. This feature optimizes manpower hours and allocates resources to more strategic functions.
FinFloh uses buyer intelligence in credit decisions by leveraging market insights and receivables data. It enables users to know their buyers better and make informed credit or contract decisions using AI. Payment and cash flows predictions are based on actual data and trends for better credit decisioning.
Yes, FinFloh can aid in cash flow forecasting. It uses AI to forecast payments and cash flows based on actual data and trends, helping B2B finance teams make more accurate and data-driven decisions.
FinFloh eases the integration process with other platforms. It breaks through complex infrastructures and connects systems together, creating a centralized data hub for easier management of accounts receivable. FinFloh can integrate with any ERP/accounting system, including Netsuite, SAP, Microsoft Dynamics 365, Oracle, and more.
FinFloh ensures data security by maintaining compliance with SOC 2, GDPR, and ISO standards, ensuring that user data is protected and secure.
FinFloh reduces manually intensive tasks in the AR process through features like automated cash application that enables swift invoice-cash reconciliation and an AI-automated multi-channel follow-up system that varies in tone and frequency according to the buyer's credit risk and payment behavior.
FinFloh boosts collaboration in a financial team by offering a collaborative platform that brings together internal teams (finance, sales, IT) with clear owners, Turn Around Times (TATs), and Key Result Areas (KRAs). This platform helps break organizational silos, resolves disputes, and ensures faster payment collection.
Specific AR operations that FinFloh can automate include multi-channel follow-ups, invoice-cash reconciliation, and credit decisions. It can also systematically manage and follow up on AR collections, collaborate between buyer and seller teams in case of disputes, and forecast cash flows.
Yes, FinFloh does offer trial versions and demos of its software. Potential users are provided with options to book a demo or try the software for free.
FinFloh's multi-channel follow-up system is AI-driven and designed to vary in tone and frequency as per the buyer's credit risk and payment behavior. This system is powered by predefined workflows and worklists to help manage accounts receivable collections effectively.
FinFloh uses data such as buyer's credit risk, payment behavior, and receivables data to tailor its approaches. It uses this data to inform its automated multi-channel follow-ups, to make informed credit decisions, and to make accurate predictions for future payments and cash flows.
FinFloh can reduce decision making time in accounts receivable management by utilizing AI to analyze market insights, receivables data, and buyer behavior, enabling faster and data-driven credit decisions. Plus, its collaborative workflows between internal teams help in swift resolution of disputes, further decreasing decision-making time.
FinFloh can help increase collections efficiency by using its AI-powered automation. It offers features such as prioritized collection worklists, multi-channel payment reminders, predefined dunning templates, and real-time risk alerts to manage unpaid invoices, reduce payment delays, and decrease DSO.
Yes, FinFloh can help identify and resolve disputes swiftly in the accounts receivable process. Its collaborative platform fosters clear communication and interaction between the finance, sales, and customer support departments. This coordinated approach accelerates the resolution of disputes and issues leading to faster payment collections.
FinFloh can be integrated with other systems. It is not proprietary and can connect with any ERP or accounting software, payments, CRM, communications, and other systems. This creates a single source of truth for data across all platforms.
Pros and Cons
Pros
- Streamlines AR operations
- Improves collections efficiency
- Automates multichannel follow-ups
- Follow-ups tailored to credit risk
- Tailored to payment behavior
- Collaborative communication platform
- Speeds up dispute resolution
- Facilitates swift payments
- Enables swift invoice-cash reconciliation
- Minimizes manual reconciliation effort
- Incorporates buyer intelligence
- Enables data-based credit decisions
- Eases integration with other platforms
- Creates centralized data hub
- Ensures data security
- Complies with SOC 2
- Complies with GDPR
- Complies with ISO standards
- Better cash flow forecasting
- Automated cash application
- 30% Reduction in DSO
- 20% Increase in Cash Flows
- 70% Reduction in Decision Making Time
- 50% Increase in Collections Efficiency
- Quickly connects with all platforms
- Reduced manual errors
- Application of OCR in cash application
- Better market insights
- Improved credit decisioning
- Efficient receivables data management
- Seamless system integration
- Offers multi-channel payment reminders
- Provides predefined dunning templates
- Yields real-time risk alerts
- Fosters collaborative workflows
- Optimises resource allocation
- Customised pricing options
- Enhanced collection efficiency
- Suitable for all ERP/accounting systems
- Secured data management
- Prioritized collection worklist
- Reduced bad debt
- Supports invoice-to-cash automation
- Effortlessly handles disputes
Cons
- Lacks real-time customer support
- No mobile application
- Complex integration process
- Overly automated
- less user control
- Might overwhelm smaller businesses
- Reconciliation issues with OCR
- Dependent on buyer's data quality
- Lengthy setup time (2-6 weeks)
- One-time setup fee
- Customized pricing can be unclear
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