14 Practices To Reduce “On-time, In-full” (OTIF) Charges and Deductions

Posted

What is “On-time, In-full” (OTIF) It’s the mechanism, the exacting metric, and penalty scheme that large retailers are using to rate and penalize their suppliers for non-compliance with purchase order quantity and delivery requirements. Accounts receivable deduction management software and compliance systems are more important than ever to counter the profit leakage due to OTIF… Read more »

8 Key Accounts Receivable KPIs and Metrics

Posted

Since accounts receivable management and working capital are critical to your business, it is important to monitor the KPIs and other metrics that tell you how you perform. As business operations have become more complex and even often performed globally, metrics and analytics become increasingly important. There are dozens of possible KPIs but a few… Read more »

SMYYTH Achieves HIPAA Compliance

Posted

NEWS RELEASE February 5, 2021 SUMMARY: Smyyth LLC and Smyyth Technology LLC (“SMYYTH”) are pleased to announce that it has taken all necessary steps to achieve compliance with the Health Insurance Portability and Accountability Act (HIPAA). Through the use of Compliancy Group’s proprietary HIPAA solution, The Guard™, SMYYTH can track its compliance program and has… Read more »

“Wash” Credits and Debits = lost money

Posted

What is a “Wash” of accounts receivable credits and debits? An accounting “Wash” is a process of taking a series of credit and debit transactions of roughly equal dollars and mass-matching them (the “wash”) to clear the books, resulting in a zero balance. In accounts receivable, this refers to unapplied cash and credit memos vs…. Read more »

Curing Slow Pay Customers

Posted

Training Chronic Slow Paying Customers  Debtor psychology is that if their debt is 180-360 days old, they figure they’ll never have to pay it, certainly not the full amount. Chronic slow-paying customers can be re-trained to be profitable, long-term relationships, but they require constant attention so that they do not age out to the point… Read more »

Accounts Payable Overpayments Auditing

Posted

Recapturing Accounts Payable Payment Errors Accounts payable overpayments cost billions every year, and most are due to routine manual, computer, or other processing mistakes. Some are systemic; for example, vendor master errors go on forever. After all, who is going to advise you that you are not taking your cash discount? Smyyth’s Carixa AP Match… Read more »

Vendor Compliance Management

Posted

Vendor Compliance Management chargebacks often total more than 1% of supplier revenue because of failure to comply with customer order, billing, and shipping requirements. “Vendor optimization” software has made generating deductions an automated process based on pre-set order guidelines and procedures, making it more critical than ever to ensure that your shipment accuracy is on-point… Read more »

August 7, 2020 Update Covid-19

Posted

Updated Agust 7, 2020 To Our Customers, We continue operational, enable by our cloud, work-from-anywhere automation. To support our employees, most operations are being performed remotely, and we are fully “open for business” to serve you. Our technologies are built for 24×365 access from anywhere, and so it is possible to maintain services without losing… Read more »

Improving your bottom-line with AR automation

Posted

Advanced technologies, including robotic process automation (RPA), will forever change accounts receivable, collections, and deduction management. Like most other back-office functions, receivables management was a manual affair as recently as twenty or thirty years ago, working off printed agings, typing reconciliations and letters and mailing or faxing. It’s hard to believe that tools MS Excel,… Read more »

Statute of Limitations for Contract Debts

Posted

The Statute of Limitations for lawsuits varies by state, and runs anywhere from 3 to 15 years, after which the debt is “time-barred,” and you will be unable to sue.  You should use every legal means at your disposal, of course,  but if you wait too long and rely on a last-minute lawsuit as a… Read more »