Late Payment Prediction
Effectively managing receivables is important to the overall financial health of a business. The Late Payment Prediction extension can help you reduce out-standing receivables by predicting whether sales invoices will be paid on time.
The extension uses a machine learning classification model that gives you out-of-the-box benefits from artificial intelligence, without having to be a data scientist. If you are, though, you can swap out our model for yours in just a few steps.
The extension also lets you continue to train your model as you accumulate data which will sharpen predictions about the payment habits of your customers. The more you use Business Central and the more data you feed the model, the more accurate predictions become.
How, and when, you generate predictions is up to you:
- You can analyze all sales invoices in the Customer Ledger Entries window, where you can also dig deeper into each posted in-voice. The Late Payment field shows the outcome of the prediction.
- You can predict late payments up-front. In the Sales Quotes, Sales Orders, and Sales Invoices windows you can use the Predict Payment action to generate a prediction for the sales document you’re viewing.
You can turn these insights into proactive action. For example, if a payment is predicted to be late, you might decide to adjust the terms of payment or the payment method for the customer.