REDEFINING THE SCIENCE OF ‘ACCOUNTS PAYABLES AND RECEIVABLES
The rate of digital transformation is outpacing both automation and transformation over the preceding year. In fact, the last two years have seen a decade’s worth of change. The pandemic has highlighted the shortcomings of manual, paper-based systems and the growing awareness among businesses of how the payment process nurtures consumer loyalty. The function of accounts receivable has found itself forced into the limelight as one that is receptive to change. Although most businesses have strived to automate the process to curtail manual effort, the internally driven mentality misses many common pain points and causes a lot of friction in the payment process.
However, by simplifying the interface between buyers and sellers through systems that enable data transparency, real-time cooperation, and varied payment alternatives, businesses can benefit from a digitally engaged model that reduces human interventions while increasing the likelihood of being paid on time and early. These enhancements further pave the way for strategic customer engagements that are key to higher retention rates and revenue expansion. EIPP Solutions is a fully-fledged technology firm for digitalizing accounts payables & receivables (AP/AR).
The firm is led by Mr. Ram N Ramamurthy (Founder & CEO). He is a seasoned technologist, running multiple businesses. He is well-versed in document imaging and indexing services, as well as coding, offshore services, SaaS, online repository, and AP workflow. But above all, he is a passionate agriculturist, running multiple farming channels under his name. The following account provides insight into the EIPP’s user-friendly services that not only drive transformation but also help businesses surpass the manual criterion and create a futureproof and durable payment model.
AN OVERVIEW OF THE FIRM
EIPP Solutions offers fully automated B2B customer billing and payment services. It’s a PCI DSS and SOC 2 certified firm which is rare and crucial for processing credit cards and ACH payments. While it primarily excels in offering IT services for AP & AR, it offers benefi ts across many areas. This includes:
- eCommerce applications to optimize customer’s online shopping experience and ROI
- web portal development to help clients be a blazing star in a competitive market
- CMS development services with focus on best-in-class quality
- application and process optimization through holistic consultation
EIPP Solutions also offers software testing services, indexing services and Quadient Inspire Designing to repurpose legacy applications for risk-free, cost-effective, and highly modernized communications. The firm’s wide range of services has helped it gain recognition as a seasoned IT partner. However, it has set a benchmark by pursuing continuous excellence in AP & AR for more than ten years.
The firm serves clients across North America and Europe, meeting needs with value-driven services. Its offshore delivery centre in Chennai is incorporated with state-of-theart infrastructure and run by a team of 150+ professionals 24×7. Most of its clients are referral prospects, and the firm takes pride in keeping its customers happy at a profit if it can — and at a loss if it must.
EPITOMIZING MODERN FINANCE
Modern payment operations place a deep emphasis on solutions that boost productivity, cut expenses, and streamline information access and internal resource use. Since the pandemic, these innovations have been highly valued and produce scalable value in everyday operations. A wide range of technologies, such as electronic reporting, digital payment, and others, enables a business to have a complete turnaround and build an effective digital environment.
EIPP Solutions is aware of the significance of prudent financial planning and management to maintain the viability and progress of a firm. Its automated AR system streamlines clients’ entire financial operations, unifying sales, accounts, and execution to boost enterprise-wide performance. The system offers clients control over payment processing and enables organized electronic invoicing, receipt creation, and receivable tracking.
On the other hand, its account payable system automates the arduous paper-based accounting procedures to boost overall business efficiency and acceleration. It is in charge of the complete workflow, including third-party integration, purchase order workflow, invoice workflow, and invoice administration. Together, the solutions automate the entire accounts payable workflow management through a single platform, precisely routing bills, viewing and approving invoices, resolving disputes, managing exceptions, and performing other crucial tasks that are a part of the AP cycle. Furthermore, clients can set up workflow to consider assignments, deadlines, and escalations as necessary.
WELL-VERSED IN ADVANCEMENTS
With modernizing AP and AR being its top priority, EIPP Solutions has bundled itself with the most updated technologies. This gives it full-fledged accounting capabilities and further allows integration with other ERP tools. The company can handle any bottleneck, from workflow automation and releasing time-consuming tasks to data capture automation with fewer errors. The advancements speak highly of its efforts in scouring the market to stay abreast of trends and innovations. Mr. Ram adds, “We go to every length in R&D to amass all that is latest in AP & AR to increase productivity and improve quality”.
One great example of its efforts is its cloud-based ERP system, which integrates with widely used ERP packages like Oracle, SAP, AX, etc. The platform can resolve, prepare, and map the ERP’s invoice data. Based on client needs, it is a proactive solution that can go live in 30 days. With this, EIPP Solutions is supporting one of North America’s forerunners in payment cycle management to support their end-to-end Account Receivables solutions.
HOUSED WITH DEDICATED TALENTS
Regardless of the strategy or technology, it’s teamwork and similar mindsets that help a firm rise from plinth to paramount. On that note, EIPP Solutions boasts a seasoned assemblage of people driving its progress. While most of the associates are well-trained and industry experts, the firm further nurtures them with in-house training. The team collaborates to excel, but it needs no justification to understand; the leaders play an integral role. While Mr. Ram oversees everything, he is supported by Mr. Senthilkumar M, who has worked for the company for more than 16 years and manages the delivery of the accounts receivable team.
Mr. Viji N is in charge of the ACH and credit card payment team, which processes more than 2000 payments per day. Finally, Mr. Yuvaraj B, an ex-serviceman in charge of networking and certification. Aside from individual roles, the leaders meticulously monitor their teams’ performance and encourage improvements as necessary. While it’s not micro-management, keeping a close eye ensures teams are active at all times.
“Our indexing team follows the double key, compare and deliver method, which ensures 99.99% accuracy”
says Mr. Ram. Employees also enjoy attractive performance incentives along with attendance rewards. Team members and their families also enjoy an outing every quarter. To sum up, while the firm has an eagle’s eye for innovations and strategies; it ensures its core pillars are always strong to the core.
NOT SUPPRESSED BY COVID-19
“No matter how much falls on us, we keep plowing ahead. That’s the only way to keep the road clear.”
This has been, in fact, the way EIPP Solutions outweighed the implications of COVID-19. The USA has been amongst the worst affected nations by the pandemic. It has been challenging for its industrial space since the implications have affected across the financial chain. As for account payables and receivables, business leaders dealt with significant changes within and around their organization. As per surveys, 28% of AP leaders reported a significant impact, while only 71% faced a small degree of impact. The in-between difference came down to the level of technology adoption within their functions.
A good proportion understood the implications and adopted process automation and workflow efficiency to prosper. EIPP Solutions partnered with these wilful organizations to help them overpower this novel adversary. By shifting the paper-based model into automation, the firm helped businesses work with higher efficiency and reduce operating costs associated with data errors and workflow approval. The firm has had a solid 100% growth since the pandemic.
PACING TOWARDS NEW STRIDES
With disruptive solutions, adaptive resources, and the ability to outpace challenges and uncertainties, EIPP Solutions has made great strides. Its solutions process more than 45,000 invoices per day from its offshore delivery centre. It has the infrastructure to cater to 200+ nodes. The firm is also among the trusted vendors of Caterpillar (North America’s Largest Invoice Process Unit in the B2B sector). With such prominent milestones in its kitty, EIPP Solutions plans to build a team of 400 people in the next two years and further expand its footfalls by the end of this year.
AN ADVICE FROM THE LUMINARY
“Focus on and work towards absolute customer experience; they will respond favourably.
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