News
Improving the Collection Process
March 20, 2024 Media, PA
Quadra
,
Tech Insight
For an organization in the alternative-risk market, having available funds to cover claims is dependent on an efficient payment collection process. A successful system streamlines invoice generation, distributes invoices quickly, and connects with banks to deposit payments to the correct funds. Ultimately, this automation reduces errors to avoid delays in payment reconciliation.
The Accounts Receivable module within Quadra® integrates with its Allocations module to manage the process of creating and distributing invoices resulting from charges generated by the allocation process. By integrating the A/R module with allocations, the process of cost allocation, invoice generation, and payment receipt is managed from start to finish. The Allocations module also facilitates asset changes that result in journal entries. Funds and general ledger codes defined in Quadra ensure that payments are directed to the correct place.
With version 9.6, we released a significant update to our A/R module which includes 1) a cleaner interface with easier navigation that is consistent with the data entry format used on other modules, 2) greater flexibility in how results are displayed when searching transactions, and 3) history details that provide answers quickly when questions arise regarding past transactions.
This overview shows the features of the A/R module, including how journal entries are recorded and how it interacts with Allocations:
Take a closer look at the various client settings used to customize the A/R module:
Maintaining healthy and stable funds from which claims can be paid is reliant on an effective A/R system. At AETI® we are continually working on new features to support workflows so stay tuned for additional updates!
About Quadra®
Quadra® is a SaaS solution used to manage over $40.1B in exposures across 11,700+ accounts. This one-of-a-kind solution can accommodate all types of insurance exposures and includes over 130 categories including vehicles, real estate, structures, and payroll. The allocation feature is unique in the alternative risk market for determining the true cost of risk. Advanced reporting capabilities provide risk managers and CFOs with an exceptional tool for finding insights that control losses and improve the bottom line. If you are interested in learning more about how Quadra can support your organization’s goals, please contact us!Subscribe to our newsletter
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