Automating Your Accounts Receivable Process The PayTrace Blog

Automating this workflow enhances consistency, accuracy, efficiency, and transparency across your AR operations. For example, set up automated workflows to send email reminders to customers at 15, 30, and 60 days past the original invoice due date, ensuring timely payment reminders. materials science The right automation software can drop invoice processing costs by 80%. And businesses that invest in accounts receivable automation software get paid faster, too. Paystand customers can see up to a 60% decrease in DSO and improve cash flow bottlenecks in the AP processes.

Our cloud software automates critical finance and accounting processes. We empower companies of all sizes across all industries to improve the integrity of their financial reporting, achieve efficiencies and enhance real-time visibility into their operations. Working with Merchant Services, you’ll be able to quickly analyze your statement and see a dollar total of how interchange optimization can impact your bottom line. Reduce Days Sales Outstanding (DSO) and improve your working capital with Centime’s automated AR software. Our tools simplify the customer payment experience to reduce your total number of overdue invoices and improve key financial metrics like your Collection Effectiveness Index. Most automation solutions provide interactive analytical dashboards.

Electronic invoicing software helps your team spend less time managing accounts receivable and provides customers flexible payment choices. An EIPP platform also enables your customers to self-service as well as providing a range of payment options such as faster payments, ACH, credit cards and all forms of online payment. Ultimately accounts receivable process automation leads to more a more efficient order-to-cash workflow, reduced overheads, and improves both cash flow and profitability. By automating accounts receivable processes, you reduce the time it takes for invoices to reach customers – enabling faster customer payments. Electronic invoicing ensures invoices reach customers wherever they are, and can directly integrate with their AP systems to simplify payment processing through 3-way matching.

Multiple points of payment.

Solupay Consulting, LLC, d/b/a Versapay, is a registered Independent Sales Organization of
Wells Fargo Bank, N.A., Concord, CA, Fifth Third Bank, N.A. Stay up to date on the latest corporate and high-level product developments at BlackLine. BlackLine Magazine provides daily updates on everything from companies that have transformed F&A to new regulations that are coming to disrupt your day, week, and month. If you recently attended webinar you loved, find it here and share the link with your colleagues. Finance and accounting expertise is not only needed to prevent ERP transformation failures, but F&A leaders are poised to help drive project plans and outcomes.

Periodically conduct surveys to gather candid feedback from customers regarding their experiences, pain points, and suggestions for improvements. Accelerate the processing and deposit of customer check payments by integrating your AR tools directly with bank lockboxes. This integration allows automatic pulling and reconciliation of high-volume check payments, bypassing the internal mailroom. Maintain the security of sensitive customer information in your AR data by allowing granular control of data access through customizable role-based permissions. Different teams or individuals within your company should have specific access levels based on their roles.

  • But pulling your own reports on a frequent basis makes your head spin.
  • Companies that invest in accounts receivable automation tools also get paid quickly.
  • These teams often possess unique insights into customer friction points and operational challenges.
  • You’ll make better use of your employees’ skills and time, which also translates to greater cost savings for your business.
  • And businesses that invest in accounts receivable automation software get paid faster, too.

Once you have your workflow set up, give it a quick test run to ensure it’s working the way it should. That’ll give you some added peace of mind when you step away and let that automated process run on its own. To state that simply, RPA is the category of software that’s used to automate manual processes, and it’s becoming more and more popular. Accounts receivable automation entails more than just introducing digital payment choices and hoping your customers pay on time.

By automating more repetitive tasks – which tend to be lower-value – AR automation allows you to make better use of your receivable team’s efforts. When you automate your accounts receivable, you can rest assured that the numbers you have are the correct ones. You’ve got peace of mind, allowing you to make better business decisions in the long run.

Reduced cost of payment processing.

Improve productivity and morale while reducing costs by eliminating manual and error-prone processes. Elevate control, gain visibility, and measure all parts of the process while achieving global standardization. Rising labor costs and shifting expectations are contributing to unprecedented change in the labor market and altering the way companies and their executives think about talent management.

Automated emails.

It’s time to embrace modern accounting technology to save time, reduce risk, and create capacity to focus your time on what matters most. Automatically process and analyze critical information such as sales and payment performance data, customer payment trends, and DSO to better manage risk and develop strategies to improve operational performance. Accelerate dispute resolution with automated workflows and maintain customer relationships with operational reporting.

Get Real-Time Data and Save Time With AR Automation

All in all, managing your AR with manual processes is inefficient – and frankly a little boring, too. Automation helps you free up your time to focus more on higher value-added tasks. The great part about automating a process like accounts receivable is that you’ll be able to see the impact relatively fast. Some companies even get their money back in as little as four months.

See how accounts receivable automation is just the

Automate the creation and delivery of invoices in any conceivable format – electronic or printed – and manage through one easy-to-use interface. Powerful APIs allow ingesting, classifying, and pre-processing of any document ranging from PDF, Excel, JPG, and more with more than 99% accuracy. Billing for Ongoing Services- Serves ideal for ongoing services such as subscriptions and software plans. Focus on what matters most by monitoring critical actions against your volume of work and allocate resources to managing risk and collecting cash. Our API-first development strategy gives you the keys to integrate your finance tech stack – from one ERP to one hundred – and create seamless data flows in and out of BlackLine. Explore our schedule of upcoming webinars to find inspiration, including industry experts, strategic alliance partners, and boundary-pushing customers.

It centralizes and automates accounts receivable through a user-friendly platform, eliminating the need to access multiple systems for manual handling. With Cashflow.io, effortlessly manage invoicing, payment plans, and reminders, saving valuable time and effort. By eliminating the need for duplicate data entry and manual reconciliation between billing and accounting, you streamline your AR process. For instance, a direct integration between the AR automation system and QuickBooks Online ensures instant syncing of invoices, customers, payments, cash balances, and accounting journal entries, reducing manual work.

Evaluate your technology

Personalize the content and dynamically insert customer details using merge fields for names, invoice numbers, amounts due, etc. These personalized notifications improve customer engagement and contribute to on-time payment rates. The first step in asking for payment professionally is to send a courteous email reminder. The first step is to phone or send an email or snail mail reminder to inform them of the past due status of bills.

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