January 23, 2021
Armatic -- an industry leader in Quote-to-Cash automation, payment processing, invoicing, and AR innovation -- reached a new milestone today, over $1 billion in year to date aggregate invoice return volume. Currently, Armatic's strong focus on speed, efficacy, reliability, and automation garners over $120 million in new invoices created by Armatic's users each month. With an emphasis on the entire revenue and payment lifecycle, Armatic's Accounts Receivable solution reduces time-to-invoice, increases invoice accuracy, and reduces touchpoints with full AR automation.
"We connected Armatic to our accounting and CRM system and now leverage the data insight and business process automation functionality within Armatic to optimize our quote to cash process and our collection process for outstanding invoices. Getting all of our customer and invoice data into the Armatic platform provides us more utility and insights versus managing them just from within the accounting system", said Alexander Tereshenko, COO of Helpware Inc.
Accomplishing such a breadth of invoicing is a massive feat, and Armatic has developed an AR solution worthy of that title.
Accounts receivable involves many working parts, which introduce room for late payments, human error and invoicing mishaps. Analysts from Medliminal Healthcare Solutions found medical billing error rates to be around 80%. And, an estimated 2% of all freight carrier invoices are processed incorrectly. The business space has a growing invoicing error and late paying problem that's costing brands billions a year.
In an effort to combat these trends, Armatic's AR Module uses fully automated invoicing that leverages existing customer profiles and smart sequencing to eliminate human errors and increase time-to-receipt. Armatic's AR solutions have helped brands around the globe cut their AR costs in half or increase their time to get paid by 50% with Armatic's machine learning algorithms and autopilot AR capabilities.
Armatic AR syncs directly to your existing account systems to minimize setup, increase the value of data, and unlock invoicing value trapped inside your other solutions. Speedy automation and machine learning improvements make Armatic a reliable AR automation companion.
A additional component of Armatic's AR solution is the integrated recurring billing engine, which allows customers to automatically convert proposals into subscriptions after being electronically signed. With an easy-to-use API interface, Armatic can rapidly automate subscriptions and integrate them with businesses invoicing and billing solutions. Plus, Armatic's Customer Subscription Software provides subscription lifecycle management including coupons, trial periods, sign-ups, conversion solutions, and more that are all synced back directly into existing accounting systems.
In addition to its AR automation capabilities, Armatic provides customers with a payment processor agnostic payment options ranging from credit cards and ACH to international wire transfers and checks. The ability to change payment processors unlocks unique payment avenues for users and increased agility for businesses. With integrated payment solutions like Stripe, QuickBooks, BlueSnap, PaySimple, and many others, Armatic's invoicing solution ensures that customers remain happy and satisfied with their payment options.
Another layer of value that Armatic has added to its payment processing solution is real-time customer financial information. By giving customers immediate insights into their subscriptions and payments, Armatic adds optics for both businesses and their customers -- which increases the scope and visibility of invoicing operations. This leads to happier customers and faster paid invoices.
Armatic has a suite of business tools and processes that go beyond the departmental barriers. This incredible portfolio of tools has helped Armatic leverage unique features into each of their solutions. For example, Armatic's AR solution has integrated calling features and task management features -- both semi-unique to the AR space.
Here is a list of additional features packaged in Armatic's AR solution.
With over $1 billion in invoices generated just this year, Armatic now has a wealth of invoicing data. When aggregated and anonymized, this data is incredibly valuable for predictability, business intelligence, and analytics. Armatic is using all of this data to predict risks in every customer's AR portfolio as well as improve the accuracy and speed of their existing automation capabilities.
AR requires incredible data flow and predictability. Armatic provides this predictability through data aggregation that seeps into every layer of their service -- boosting efficiencies and improving the quote-to-cash process.
"Our goal in building Armatic was to provide customers with a platform that has every utility needed to reduce the time it takes to get paid with less effort and a better customer experience.", said Casey Griswold, Co-Founder of Armatic.
BY Casey Griswold
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BY Max Golovnia
Alyssa is handling content development and content planning for Armatic and works closely with our product and development team.