5 benefits of turbocharging your accounts receivable management
On paper, the accounts receivable process is downright easy: money comes in, you mark that the client has paid, and you deposit the money into the business bank account. Those of us who work with it daily know that accounts receivable management is rarely that easy. Clients may forget to mention the invoice number or pay from another account than you are used to. If you are handling all this in a manual system, there’s a lot of work that comes along with it. How can you speed up the accounts receivable process, while also reducing errors and improving cashflow?
Read on to discover five benefits of automating the accounts receivable management.
1. No more need for spreadsheets
Spreadsheets are difficult to keep updated. They can get unmanageable if there’s too much information at hand, and with an accidental click of a button or mistype of a formula your overview contains misinformation. By using an automated system, you can lose the spreadsheets all together.
2. Gain time
The accounts receivable process can be a monotonous process that requires a lot of data input and searching for information. Let your computer do the heavy lifting for you so you can free up time for other valuable tasks such as customer service.
3. Always work with the latest data
When working with an automated accounts receivable management tool you can link all the data to the customer. Does the company’s address change? The information is just a couple of clicks away and will change in all the necessary places at once.
4. Save costs
When you start invoicing electronically, you never want to go back. You will save money on printing costs and postage and your client is prone to pay quicker.
5. Analyse results
By automating your AR-management, you are more likely to run reports and analyse data. By doing so, you can help prevent defaults and identify risks before they become problems.
Curious to discover how you can optimise your processes? Request a free demo here.