A step-by-step guide to System1A: Features, Benefits, and ERP Integrations

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You're not alone if you're a midsized firm needing to automate your accounts receivable (AR) function. According to this 2023 report, firms with annual revenues between $3.5 million and $15 million expect a 50% rise in payments made and a 46% increase in invoices sent in the next three years.

Are you shopping for a scalable, cloud-based AR solution to help your teams get on top of critical AR challenges? This guide looks under the hood of the System1A platform. We'll take you through all the features, nuts and bolts around integrating with your ERP system. (The entire set-up takes under 45 minutes, by the way.)

System1A features and benefits

System1A is designed to provide Financial Information Symmetry in One Application to enable stakeholders to make the best-informed business decisions.

How does this work?
 
Real-time insights into accounts receivables

System1A provides real-time updates, allowing teams to track key metrics such as DSO (Days Sales Outstanding) and collection rates on user-friendly dashboards. With minimum training, AR teams can identify and address issues promptly on our intuitive and super simple dashboard.

Up-to-date analysis of AR data for all stakeholders

System1A equips AR teams with the data to gain insights into customer payment behavior, identify trends, and assess the effectiveness of AR strategies. This data can then be leveraged to provide insights to all stakeholders for greater clarity about the entire AR process. Some key examples include:

  • AR teams can monitor overdue accounts as well as trends in payments received, and invoices sent
  • Sales teams can view which accounts are close to reaching their credit limits and who hasn't purchased for an extended period.
  • Management can monitor the collections KPIs of credit controllers, and point out any outstanding amounts that are missing supporting documentation.
This analysis is updated automatically in near real-time, eliminating the need for teams to manually prepare and update reports.

Macro and micro views of AR without the risks of IT integration

Traditional ERP systems can be customized to automate parts of the AR function, but not without investing time and resources; plus it usually involves contracting expensive, external expertise, given the complex nature of ERP databases. Over time, these can add up and cause implementation delays and budget overruns. For more on this topic, check out Common misconceptions about AR and your ERP system.

System1A integrates with leading ERP Systems like SAP in under 45 minutes, enabling macro and micro views of Accounts Receivable (AR) through its detailed reporting and drill-down functionality. The system also provides aggregated data views, such as by month or by individual account, allowing for a broad overview of AR performance.

Additionally, it can drill down into specific transactions, offering a detailed, micro-level view. This feature ensures that information is easily accessible and simplifies the retrieval process.

Exception and anomaly detection

System1A goes beyond the basic overviews of AR systems by finding exceptions within your financial data. With this feature, managers can uncover hidden patterns that might indicate errors, fraud, or inefficiencies. Examples can include unusual credit note activity, client concentration risk and indications of depressed sales activity or slowed collections.

By pinpointing exceptions, CFOs can proactively manage financial risks. Instead of reacting to issues after they become problematic, they can be addressed as soon as they're detected, significantly reducing potential damage to the company's financial health.

Streamline invoice distribution and payment tracking

The platform excels in handling bulk invoicing and payment scenarios. For instance, in cases where a client pays a substantial amount spread across multiple invoices, System1A allows for a simplified payment allocation process - through automating remittances and allowing for its nuances. This feature resolves common issues like unallocated payments appearing in statements, improving the accuracy of financial tracking and reporting.

More than just reporting

System1A integrates with businesses' ERP systems to extract accounts receivable data, which it uses for more than just reporting. By regenerating essential documents, data is transformed from the ERP into a restructured format with customized branding.

Automated financial statements and payment tracking

The cloud-based platform efficiently generates monthly statements that clearly outline what customers owe, the total amount outstanding, and what has already been paid. This automation streamlines the financial reporting process, ensuring accuracy and speed in presenting critical financial data.

This saves AR teams significant time come month-end, especially those with large customer bases where simply the process of statement preparation can often take several hours. But with System1A, this process gets completed in minutes.

Comprehensive documentation linking and retrieval

For AR teams, System1A is not just an analytical tool but also an enabler. It streamlines your AR processes and makes collections faster.

One of the ways it does this is by arming both your AR team and customers with a full set of information, reducing reason for queries and disputes.

A big part of this lies in the documentation - not just the invoice but the supporting pieces that come with it such as credit notes, proof of deliveries and purchase orders. Any of these may be requested during the collections process, often causing administration delays - and that's precisely why quick and easy access to these pieces is essential.

That's why, on every statement link sent out by System1A, every piece of supporting documentation related to that statement is embedded within the statement link, meaning that all parties have hands-on access to this documentation, preventing documentation queries from arising and obstructing the collections process.

In addition, to ensure a complete set of all documentation at all times, System1A provides exception reports to teams on any pieces of documentation that are missing and need to be investigated

Built-in, centralized communication facility

System1A provides AR teams with the opportunity to communicate and deal with queries directly on its platform, through its communication portal.

This enables all cross-team and client communication to take place on one, single platform, with records kept in a centralized location, reducing the risk of lost communication, miscommunication or errors. Naturally, this helps to strengthen client relationships as inter-client communication is easier to monitor, making it easier to act upon, thereby improving customer experience.

User Accessibility and Interface Design

The system features a straightforward 'click a button' approach, enabling users to communicate with all their clients instantaneously.

Our UX design philosophy is centered on reducing data complexity to enhance user-client interactions.

  • Essential information, like banking details and payment terms, is easily accessible and presented, simplifying the payment process for users and their clients
  • Clients enjoy well-organized and easy-to-navigate monthly statement links, with the ability to filter items based on duration as well as raise queries or make payment commitments directly on the statement link.
  • Clients interact with an effortless interface to manage their payments, emphasizing ease of use and straightforward access to critical information

What ERP systems does System1A support?

  • Batchmaster
  • Epicore
  • IFS
  • Infor
  • IQMS
  • Microsoft
    • Microsoft Navision
    • Microsoft Dynamics AX
  • Multiview
  • Oracle Netsuite
  • Omni Accounting
  • Palladium
  • Plex
  • QAD
  • Sage
    • Sage 100 / Pastel Express / Pastel Partner
    • Sage 200 / Sage Evolution
    • Sage 300 / Accpac
    • Sage One/Sage Cloud Accounting
    • Sage X3
  • SAP
    • SAP Business One on SQL
    • SAP Business One on HANA
    • SAP ECC6
  • Syspro
  • Xero

System1A's interaction with each ERP is unique. We're continuously expanding our support for more ERPs and developing specific capabilities for each ERP system.

Start your free trial today

System1A transforms accounts receivable management from a function to a strategic asset. Chat with our sales team to see it in action or request a free trial.

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