Tungsten Network, which provides finance software products, has added accounts receivable dashboards to its analytics platform. In 2016, the company released an accounts payable feature.
Through a company-led survey, Tungsten found that 65 percent of firms said that they would see value in gaining more insights into their invoices. The new accounts receivable service consists of four modules to address this need:
1. Overview – a high level look at how accounts receivables are progressing, including spend by customer and country, and trends by month based on volume and value.
2. Credit control – allows businesses to identify how their invoices are progressing and fix any issues on rejected invoices that arise.
3. Tax reporting – helps businesses assess whether the correct tax rate has been paid for their invoices, including a breakdown by country to monitor cross-border discrepancies.
4. Deep dive – enables businesses to build and download customizable, detailed invoice reports, helping them to track their invoices at the most granular level.
“When you can’t track invoices in real-time, real issues arise,” stated Andrew Nichols, head of Tungsten Network Analytics. “Data becomes irrelevant, trends become traps, payments can’t be processed on schedule and cash flow dries up. These are all causes or friction in the supply chain that can lead to major problems. As our customer survey showed us, a huge proportion of businesses are still using basic tools to analyse complex, rich data sets. SMEs don’t have the band width or disposable cash to invest in their own in-house analytics function and will often turn to time consuming or ineffective methods to manually visualise their data.”
