Tesorio's Quarterly Highlights: Accounts Receivable Innovations


Q2 2022 Highlights

The Tesorio team has been busy this quarter innovating in Accounts Receivable Automation. Here are some quick highlights that were released this quarter.

Forecast and track your collections with more accuracy, less effort, and higher confidence with Tesorio's newest product: AR Forecast.

  • Automate your forecasting process and save yourself from the traditional tedious manual exercise.
  • Use AI powered predictions to provide accurate and automatic insights, then augment with customer feedback.
  • Track cash real time and help prioritize follow up activities for your team.
  • Set goals for subsidiaries, individual collectors, and more. Measure your collections against your forecast and goals to help your team focus and prioritize.
Forecast & track your collections with more accuracy

Communicate with your customers in the way that makes the most sense for them regardless of how customer and invoice data is structured in your ERP.

  • Advanced grouping in Campaigns and Email Manager allow you to create emails across customers using shared criteria like ‘Bill To’, ‘Partners’, or other custom fields on your invoices.

  • Generate and attach statements that consolidate invoice data across customer records, so that you can send a single statement.

Work more efficiently in workspaces with new:
  • Combined aging & invoice balance filters that allow for granular targeting and analysis.
  • Multi-level sorting and search within columns & filters.

  • Bulk actions across all workspaces - additional action options, as well as ability to apply updates to all records that match the search in addition to the manually selected records.
  • Visibility into Customers and Invoices in Action Center

Early Access - Cash Application: Quickly apply cash directly in Tesorio. Reach out to your CSM if you’re interested in learning more and participating in our early access program for Cash Application.

*Note: Cash Application is currently only available for NetSuite customers

Q3 2022 Highlights

The Tesorio team has been busy this quarter innovating in Accounts Receivable Automation. Here are some quick highlights that were released this quarter.

AR Forecast

Three new features in AR Forecast give teams the ability to interact more deeply with their forecasts and compare their forecasts against historical performance.

  • Group your forecasts by quarter for an overall view of forecasted and actual collections

  • Augment your forecasts with manual adjustments, positive or negative, to account for information like future billings that are not yet invoices in your ERP, so not yet included in Tesorio’s automated forecast.
  • View a rich breakdown of your historical collections performance by aging bucket. And,
    in a given period, understand how current forecasts and collections stack up against historical trends.

Financial Care Center

Streamline payment acceptance with AutoPay. Your customers can now configure invoices for auto payment on the due date, ensuring you get paid on time, and they do not need to process each invoice manually.

Also, users can now configure the expiration timing of portal links that are shared with customers. By default, links expire after 14 days, but you can increase or decrease this by subsidiary to ensure the portal is accessible whenever it’s needed.

Workspace Efficiencies

A number of new filters and workspace features enable you and your teams to work more efficiently and configure workflows that are tailored to your business.

  • Configure default columns for Invoices and Customer Payments workspaces, so that each time you create a new workspace, your favorite columns are pre-selected.
  • New filters related to promise to pay dates let you easily identify invoices with or without promise to pay dates, as well as those where the promise to pay date is in the past or the future. Use the filters in workspaces as well as campaigns to identify invoices that are more or less at risk, and communicate with your customers accordingly.

NetSuite Integration Enhancements

NetSuite customers now experience faster sync times following our upgrade to NetSuite’s newest SuiteQL technology for integration. To take advantage of these performance improvements, customers must update their NetSuite bundles. All customers must migrate by December 30, 2022. You can find more information and instructions here.

Inbox Assignment Logic

To continue streamlining the process of communicating with customers, additional logic is now available in the Inbox in order to automatically link incoming emails with invoices and/or customers in Tesorio. When an invoice number is present in the email subject, the email is linked to the corresponding invoice and customer. When the sender or a recipient of the email is an invoice or customer level contact, the email is assigned to that invoice and/or customer. If the contact is associated with multiple customers, assignment is not done automatically. Contacts with the ‘Internal Contact’ label and contacts with the company’s internal domain are ignored.

Cash Application

Tesorio continues to expand our new Cash Application product with the support of CAMT53 files for customers with international bank accounts.

Q4 2022 Highlights

Monitor Your Collections Progress Against Goals and Extended Forecasts

AR Forecast, including collection goals, now available to all customers

With the base level of access, all customers can view Tesorio’s proprietary forecast for the current period and track collections progress against this forecast and company-defined goals.

New 13-week extended forecasting for better planning and cash flow predictability

Customers can upgrade to the full AR Forecast product to access a rich set of forecasting tools, including our new extended forecast with 13 week forecasting functionality which allows companies to build forecasts that include AR that hasn’t yet been billed. Enter expected billing amounts and collection assumptions, and Tesorio calculates the projected amount to include in the overall forecast. As new invoices are created, Tesorio automatically removes duplicates to ensure that your forecast is as up to date as possible.

Q4 Extended Forecast
Q4 Extended Forecast

Understand Customer Behavior by Score Category

Quickly assess payment risk across your customer base with Tesorio's new Customer Collection Score. The Customer Collection Score categorizes customers into 5 groups based on past payment history, allowing your collections team to benchmark your customer's payment performance as well as understand your overall collections health. Learn more about best practices for incorporating the Customer Collection Score into your outreach process here.

Q4 Customer Score Release IG
Q4 Customer Score Release IG

Share the Right Information with the Right Contact

Customized Statements

New statement template functionality allows you to finely tailor the data and layout of the statements that you send to customers - ensuring that the most important information is available to them. Add additional columns into your statements, including custom fields, to help customers identify the invoices, credit memos, and payments on their account. Use filters to exclude certain records from your statements when they are not relevant. When different types of customers require different information in their statements, create multiple statement templates and update your email templates to use different statements in different scenarios.

Tracking & Streamlined Manual Tasks-Tesorio_files
Tracking & Streamlined Manual Tasks

Contact Management

Upgraded contact management functionality gives you complete visibility into the source of contacts and additional control over which contacts are used in email communication. New source tags identify the specific field of origin in the ERP, including the role if one is defined, and can be used in email templates, ensuring that only the contact data that is confirmed up-to-date is used in your outreach. Create custom tags to further augment and categorize contacts in Tesorio. New contact functionality is rolling out to customers in batches. Reach out to your CSM to learn more about the timing of this feature release in your account.

Streamline Manual Tedious Tasks

CSV Import functionality allows customers to add customer tags, invoice tags, and assignees in bulk.

Use @mention functionality in notes to ensure that your team members see updates and know to respond. Add notes directly from workspaces, without opening the record drawers, for added efficiency as you’re reviewing a list of invoices or customers.

Q1 2023 Highlights

The Tesorio team has been busy the first quarter of 2023 innovating in Accounts Receivable Automation and building functionality that empowers AR Managers and Collectors to gain deep insights into their customers, track the overall Collections process, and streamline day-to-day workflow activities. Here are some quick highlights that were released this quarter.

Monitor Collections & Team Activity more effectively with our upgraded configurable dashboard

New Dashboard updates allow users to more easily monitor collections & team activity. Get a comparative view into how team members or subsidiaries are performing or measure activity across different time periods by applying filters to individual widgets. Measure what matters most to your team by rearranging widgets into your preferred order and choose metrics from our growing Widget Library.

Accelerate your Cash Application process with new mapping rules & reporting

New mapping rules ensure that new transactions that sync to Tesorio from your bank are automatically coded correctly, eliminating manual, tedious, and error prone clicks for each payment. Over the course of the quarter, automated rules for the following fields were introduced:

  • Class, Department, and Location based on the bank account

  • Payment Method Mapping for BAI and CAMT53 files based on transaction codes

Additionally, new Cash Application reports make it easier for your team to monitor the performance of your posting process.

Prioritize campaign communications for customers who have multiple invoices

For customers with many open invoices, our new 'oldest invoice for customer filter’ allows you to minimize the number of notifications customers receive and reduce the risk of overwhelming them with too many reminders. By communicating about only the most relevant and oldest invoice, you ensure that your customer is focused on your highest-priority open invoice with them.

Compare your collections against historical trends to understand whether you’re behind or ahead

Daily Trend Analysis allows users to see how collections are tracking against historical daily averages. You can now compare daily collections against historical trends to see how far behind or ahead collections are tracking.

Streamline manual tasks

Collection teams are busy juggling many competing priorities. Tesorio is always working to improve the experience of the day to day activities that teams are completing in the application. Here are a few of our favorite efficiency updates we’ve introduced this quarter:

  • Add notes directly from the workspace tables. Notes are one of the most commonly used features in Tesorio, and collections teams are constantly reviewing & adding notes to invoices and customers while working through their accounts receivable portfolios. By adding notes directly from the tables, collections teams are able to document their activities even more quickly.

  • Bulk Import. Building off of the release of our popular CSV Bulk Import functionality last quarter, we’ve extended support to allow import of Promise to Pay Dates, Customer Notes, and Invoice Notes. This is in addition to being able to import customer tags, invoice tags, customer assignees and invoice assignees.

  • Campaign Step Preview. Ever need to quickly verify which invoices meet a specific campaign step’s criteria today? Step Preview capability gives users this answer in one click.

Write better emails, more quickly and with higher confidence

This trio of email enhancements allows your team to breeze through their emails without sacrificing quality.

  • Tesorio AI Email Assistant: Tired of writing responses to emails and determining next steps? Our assistant utilizes GPT-3, OpenAI’s language model, to analyze your incoming emails in real time, provide insights into the sender’s sentiment, and suggest responses that you can send as is, or edit as needed.

  • Drag & drop attachments when drafting emails. Eliminate the need to browse through your file folders to locate the attachments you want to include.

  • Contact validation. Have you ever drafted an email and accidentally sent it to the wrong contact? Validation in the email editor now flags any email with unrecognized recipients for additional review, making it easy to double check that you’re sending your email to the intended recipient.

If your organization is ready to gain a better understanding of your customers and collections processes, contact Tesorio today.