YayPay: Data-Driven Accounts Receivable Management

YayPay: Data-Driven Accounts Receivable Management

CIO VendorAnthony Venus, Co-founder & CEO, Eugene Vyborov, Co-founder & CTO
Aserial entrepreneur, Anthony Venus, in the course of his business experience has realized that it’s daunting to prioritize a complex workflow of communication with customers about payment and getting paid on time. “Being able to accurately forecast when we would get paid was a challenge that resulted in poor working capital management and even financial crisis,” notes Venus, Co-founder and CEO, YayPay. Lack of operational efficiency within the finance team and dearth of automation in account receivables and workflow capital management often result in high Days Sales Outstanding (DSO). Having researched on technologies to alleviate these business challenges, Venus soon realized the potential of AI in accelerating account receivables. “I co-founded YayPay in 2015 along with Eugene Vyborov to make account receivables faster, easier, and more efficient through cutting edge technology,” informs Venus, CEO, YayPay.

According to Venus, account receivables lie at the intersection of finance and CRM, and it requires more functionality than that general ledger-centric ERPs offer. YayPay partners with several ERPs and accounting platforms such as Netsuite, Intacct, and Quickbooks through a well-documented API to provide enhanced functionality in account receivables management. Besides allowing ERP customization pertinent to the account receivables workflow–based on clients’ individual needs, YayPay provides automation across the workflow. CFOs, Controllers, Account Receivable Managers and collectors yearn for visibility in knowing the accurate time of receiving payments. To this end, YayPay predicts cash inflows by integrating with client’s receivables data source, which can be an ERP or accounting platform.

An ERP-agnostic platform, YayPay, allows users to set up automated workflows that send and track email communications to customers about payment while allowing manual intervention as required. YayPay’s dynamic Ageing Report provides users with optimum workflow for the day helping them to improve their pending payment collection process. “YayPay informs you of an ordered priority of customers to contact and what actions to take,” says Venus.

We provide comprehensive analytics that gives you the information you need to make decisions about working capital performance

“We provide comprehensive analytics that gives you the information you need to make decisions about working capital performance,” explains Venus. Besides, YayPay is also building integration with Salesforce to enable sales people to have better collaboration with finance teams and greater visibility across interactions with customers on payments, and be part of the workflow when needed.

“To illustrate, Sharethrough–a native advertising software company –had issues in managing their increasing receivables and collections with its small team. YayPay provided them with automation workflows, templated custom emails for clients, and a user friendly AR CRM. The result for Sharethrough is improved time efficiency and greater focus on accounts that need more attention.

Venus adds, “Our software improves business process efficiency and automates the AR process so your own finance team can spend time on the high value added jobs such as dispute resolution, calling large accounts and coordinating with sales.” “We also aim to lead best practice and benchmarking for AR as we provide consulting – training, receivables policies and manuals.”

“We rely on constant innovation driven by customer’s needs, so you can expect continual upgrades from us,” adds Eugene Vyborov, CTO, YayPay. “We excel at improving product usability and data-based decision making, workflows and cash predictions.” Vyborov has been working on machine learning applications for over 12 years and preparing for the company’s next major product upgrade. He is working on YayPay’s algorithms such as time series analysis, anomaly detection algorithms, natural language processing and segmentation algorithms. By leveraging machine learning, YayPay looks forward to optimize workflows and improve cashflow prediction.

With their passion for transforming accounts receivables and reinventing the back-office with smart technologies, Venus and Vyborov bring fresh perspectives and new approach to receivables management.