Armatic Reaches Over $1 Billion in Invoice Volume, Automating the Accounts Receivable Process

IRVINE, Calif., July 24, 2019 (Newswire.com) - ​​Armatic — an industry leader in Quote-to-Cash automation, payment processing, invoicing, and AR innovation — reached a new milestone today, over $1 billion in the year to date aggregate invoice 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 life-cycle, 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.

Winning With AR Automation

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.

Integrated Recurring Billing Engine

An 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.

Agnostic Payments

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.

Real-time Customer Financial Information 

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.

Other Armatic Features

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.

• Businesses can add multiple user accounts to each solution.
• Brands can manage, monitor and assign tasks to your entire team from within the Armatic AR platform.
• Postcards reminders and invoice letters can be sent out instantly via Armatic.
• Automation workflows can be edited to tweak performance and workflows to your liking.
• Payment plans can be offered to customers who have been approved.
• Calls and call recording are available straight through your Armatic customer and vendor manager, reducing time spent jumping between applications to perform mandatory business functions.
• Payment requests have integrated eSignatures for speedier signing, processing, and delivery.
• Dashboards and in-depth reporting give brands insights into their customer data, as well as necessary AR information such as outstanding payments.
• Armatic's AR solution provides a customer portal that allows them to view plans, download invoices, make payments or choose payment plans.
• Automated invoice reminders keep customers informed and up-to-speed on outstanding invoices.
• and many more

More Data Creates Better Opportunities

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 better customer experience," said Casey Griswold, Co-Founder of Armatic.​

Learn More About Armatic

AR, AP, Billing, and HR are among the many unique tools that Armatic offers to businesses. This latest AR milestone highlights Armatic's incredible stance in the industry and their continued emphasis on full-cycle quote-to-cash lifecycle automation. Armatic's keen attention to outcome-focused solutions has landed them over $1 billion in yearly aggregate invoices processed — an incredible feat in the AR industry.

If you're interested in learning more about Armatic's AR solution or you want to join Armatic on their way to $2 billion, contact them at (949) 424-2875 or at [email protected]. If you're interested in their other solutions or you would like to chat with them online, click here.

Source: Armatic Technologies, Inc.