Accounts receivable automation software provides a disciplined workflow plus time-saving tools for peak labor productivity.
Fremont, CA: Essentially, an accounts receivable automation software offers a disciplined workflow plus time-saving tools for peak labor productivity best practice processes powered by an automation engine. This is a reason why Boards generally target accounts receivable as a critical driver of cashflow. After all, it is revenue waiting to hit the bank account. The problem is the waiting part of it. Despite the inquiries, regulations, and voluntary codes of practice, late business-to-business payments persist. But when a Board demands faster cash recovery, it is the right time to take control.[vendor_logo_first]
Growing businesses need efficient processes
Midsized companies are the perfect candidates for a technology-enabled solution. Often stuck in small business mode, their staff battle on with manual debtor management 'system' consisting of a several spreadsheets, outdated data, and minimal resources. It all leads to a haphazard collection process leading to the lost time and money. Without appropriate tools for the job, even the most proficient staff can run out of steam, for it seems like an endless chasing payment task.
Accounts receivable duties are ideal for automation
Workplace productivity enhances with automation technology. Accounts receivable tasks are suited to automation because they fit the following automation criteria:
• The task is rule-based.
For instance, if invoice payment is two days overdue, then send a reminder.
• Actions follow a consistent workflow.
For instance, send payment reminders at two days overdue, ten days overdue, then call the debtor, then send a demand letter by Day 30.
• Generates a high volume of output.
For instance, issuing hundreds of invoices and sending multiple reminders per invoice results in a high volume of communications.
• Can be customized from templates.
For instance, use the same format for reminder messages and customize them per customer account.
Automation technology speeds up collection times
The end-to-end nature of automation can massively reduce the reliance on someone’s hands-on time, which is notoriously interrupted, particularly in the busy seasonal trade. An automation engine will move via the process 24/7 while condensing the time between invoicing and collecting. And that is how cash recovery becomes faster, and working capital predictably improves.
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