Corcentric Launches Accounts Receivable Management Solution in France

10 Sep, 2023

Corcentric Launches Accounts Receivable Management Solution in France

Procurement and billing solutions provider Corcentric has introduced its Managed Accounts Receivable (AR) solution in France, aiming to tackle common challenges faced by AR departments. Xavier Pierre-Bez, Vice President of Business and Operations, EMEA South, at Corcentric, emphasized that the Managed AR solution will empower companies to concentrate on strategic growth initiatives instead of being burdened by manual invoice deliveries and follow-ups, especially in today's economic climate.

This launch is timely as new digital invoicing regulations are scheduled to come into effect in France next year, presenting a significant opportunity for Corcentric's Managed AR services to play a vital role in companies operating both within the region and globally.

Key features of the new solution include streamlined invoice delivery through a single channel and increased flexibility for customers to choose payment timelines, with Corcentric guaranteeing full payment. Moreover, Corcentric takes on collections risk by ensuring timely payment for all customer invoices, thereby eliminating bad debt or credit risk. A non-recourse agreement also protects customers from liability for late payments.

Additionally, the solution is designed to release working capital by converting funds within a customer's AR ledger into cash on the balance sheet. This cash infusion can be employed to enhance liquidity or fund business expansion.

Corcentric's Managed AR solution is part of its comprehensive suite of services addressing various business challenges in procurement, AR, accounts payable (AP), and treasury, providing businesses with the means to streamline processes, mitigate risk, and access previously locked working capital.

In a recent study conducted jointly by PYMNTS and Corcentric on "Why CFOs Recognize the Need to Automate AP/AR Workflows," it was revealed that automation has significantly streamlined AP workflows, with eight out of ten CFOs who have adopted automated AP/AR processes reporting substantial reductions in friction and disruption. However, the study also highlighted that despite recognizing the need for automation, many CFOs have not made significant investments beyond the early adoption stage, indicating a lack of urgency among a significant portion of finance professionals regarding these process enhancements.