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6 Benefits for Automating Accounts Receivable Management

Publish date Feb 27, 2018

IODM

 

It’s no secret that most workplaces rely on technology to automate tasks. That’s the reality of living in the modern world – we are all reliant on innovative and intuitive systems to help us work faster, harder and smarter. 

But what are the actual benefits associated with automating your company’s accounts receivable?

Here’s the big picture: automation saves time and money. You can forget the distractions of handling documents manually or tracking ledgers the traditional way. Instead, connect with your customers at the click of a button. 

Now let’s get specific. It’s time to stop thinking about the number of invoices that remain on your ledger and consider whether the 6 benefits of accounts receivable automation are right for your business. 

Benefit #1 – Reduce Cost of Payment Processing

An automated workflow helps put money back into your wallet. No more seemingly endless and repetitive tasks, automation can handle it. Not only does this keep your accounts receivable to a minimum, it also cuts down on overall employee labour time.

Benefit #2 – Faster Payment

Who really has time to chase up every single payment? Customers will inevitably take their sweet time to settle their owed payments when they aren’t being consistently reminded to do so. But what if there were no excuses anymore? Automation delivers invoices directly to customers, reminds them when they are overdue, and (importantly!) keeps you in the loop about the status of all your customers’ payments.  

Benefit #3 – Save Time 

Time is money. Automating your accounts receivable means that your employees can now spend their time focusing on more strategic and high-level tasks. That’s always good for business!

Benefit #4 – Speak Directly to Your Customers  

Having an end-to-end customer centred experience keeps everyone happy. With more data made available through the AR process, you'll be able to find ways to build a more engaging and efficient journey with your customers.  

Benefit #5 – Reduce the Number of Mistakes  

Humans inevitably make mistakes  – especially when trawling through countless invoices, spreadsheets and other forms of data– and the cost to your business adds up. Automation solves this problem and helps keep your customers happy.

Benefit #6 – Create Transparent Relationships

You're going straight to the bank on this one. Reliable automation keeps customers accountable and creates a more transparent relationship between your company and theirs.

Why should you look at automation for your accounts receivables?

Nearly every aspect of invoice delivery, customer payment and collections management can benefit from an automated accounts receivable process – and it all starts with identifying the pain points and bottlenecks in your current AR process. 

Watch this video on the benefits of timing and automation below! 

Automation in Credit Management from IODM - Rein In Receivables on Vimeo.

Control at the click of a button is a win all around, so why not get started today?

Find out how we can help - Request Demo today!