Accelerating Operational Performance With Accounts Receivable Billing Software
Accounts Receivable Billing Software
Every business in the order to cash (O2C) process would be well-advised to evaluate their operational performance as it relates to accounts receivable (AR) billing. Senior executives can take certain steps to ensure that the AR processes are running smoothly and efficiently, one of which may be the integration of software for complete automation. The utilization of such automated AR billing software can lead to decrease in costs, discrepancies, and manual errors, as well as an increase in customersatisfaction.
At the most basic level, automated AR billing software packages are designed to help companies process invoices quickly, accurately, and reliably. Depending on the specifics of the operation and average invoice volume, the software package can be adapted to generate bills and support customs reports, eliminate paperwork filling processes, and ensure that customer accounts are up-to-date and correct. With this capability, companies can expect number of tangible benefits.
The first is streamlined integration. By integrating the automation package with the companies existing O2C process, critical customer records, invoicing data and customerservice information can be effectively and quickly shared between departments. This kind of integration helps to eliminate redundancies, miscommunication, and incorrect entries, creating one efficient and continuous service life cycle.
Another related benefit is time savings. Automated AR billing software allows for electronic invoicing, thereby reducing the number of employee hours expended by not having to process documents manually. This not only increases efficiency but encourages reporting and forecasting accuracy within the company. Authorized personnel within the company, or the customer, can quickly review and access current statement information and appropriate historical data, speeding up the process and obtaining the information needed in timely fashion.
Increased cash flow is also another advantage of automated AR billing software. By streamlining the collection process and their payment document review, companies can reduce invoice-processing delays and improve the cash-to-cash cycle. This further allows the automatic printing, sending, and tracking of customer invoices and account-reminder notices in lieu of sending them manually. Also, by attaching rules and limits to an accounts receivable system, customers can also receive automatic payment reminders when collections exceed or exceed payment terms or when other specific rules are triggered.
Finally, automated AR billing software also ensures accurate data capture of critical customer information and helps streamline effective, customer-oriented collection practices at the same time. This is possible due to the automatic synchronization, capture and storage of customer information and the elimination of manual entry errors, further eliminating document re-examination and manual adjustments.
In todays corporate climate, organizations increasingly find themselves in the position of having to do more with less. Automated AR billing software presents real opportunity for C-suite financial executives to improve operational performance while optimizing their current resources. By incorporating such solution into an existing O2C process, companies can dramatically improve cash flow, streamline collections, and increase customersatisfaction.
