The accounts receivable (AR) process presents challenges of all kinds for businesses both large and small. Always under a significant amount of pressure to improve methodically and increase cash flow, managers in charge of accounts receivables need all the help they can get to keep their business’ financials shipshape. For many, the solution to AR-related headaches can be found in automation.
The benefits of accounts receivable automation are impossible to ignore, especially once you experience them firsthand—here are just five reasons to implement today.
1. Reduced Costs of Payment Processing
At the end of the day, everyone wants to save money on those repetitive tasks that software can do. Costs associated with payment processing can often be reduced simply by automating your accounts receivables, which will flow back to the company in the form of enhanced productivity. When attempting to reduce overhead, AR automation can often serve as the most effective starting point, and it will allow your team to focus on more strategic tasks.
2. Faster Payments
Are you used to dealing with customers and customers who take their sweet time in paying your invoices? If so, you’re not alone, and this is just one more reason to consider automating your accounts receivable (AR) processes. With automation in place, invoices can be made available for customers to pay immediately, eliminating gaps and delays in payment that might otherwise be the norm. If speedy invoicing is a need you’ve been overlooking, automation can help get you there quickly.
3. Saved Time
Time truly is money, especially when it comes to managing accounts receivable processes. If you currently have an accounting staff or—even worse—a single person juggling daily accounts receivable processes manually, there’s a good chance you’re wasting countless hours each month that could be saved via automation. This frees up your employees to focus on other aspects of their jobs, improving their operational efficiency, as opposed to backtracking and dealing with process-oriented headaches.
4. Enhanced Customer Service
You want to be there for your customers, and when it comes to AR-related customer data, the more you can do to consolidate things, the better customer service you can offer. This is especially true when it comes to misplaced or inaccurate invoices, which can fortunately be dealt with in a swift and immediate manner when you incorporate accounts receivable automation into the fold. By creating a better environment for strong customer service, you can expect enhanced customer retention and a reduction in the need to put out CS-related fires.
5. Reduced Human Error
People will always be involved in accounts receivable processes, but human error adds a significant margin of cost and can complicate things dramatically. Automation can help to reduce the occurrence of potential errors, ensuring that all of your invoices are tracked carefully and prepared appropriately. Reducing the amount of manual work reduces the time needed to correct mistakes, along with the number of unhappy customers affected by those mistakes. Note that automation technology works best when human management is incorporated into daily processes to handle exceptions—don’t assume you can rely on the technology alone to get through the work week.
Billtrust offers accounts receivable solutions for companies across all spaces and industries. With Quantum Payment Cycle Management, we can help you to achieve a streamlined, stress-free workflow for invoicing, payment processing and cash application. We’ll work with you and your organization to develop a plan that suits both your needs and your budget, answering any questions about AR automation you may have along the way.
With minimal effort, you can experience all the benefits of AR automation. Streamline your accounts receivable processes and create a more relaxing approach to the workday with the help of automation technology.