Implementing An Automated Solution For Accounts Receivable Business
Software For Accounts Receivable Business
For executives in the finance department that are looking for an efficient and structured order to cash solution, automating accounts receivable processes can be useful tool when it comes to managing the workflow of invoices, payments and other financial activities. An automated accounts receivable solution can not only help with streamlining processes but also provide comprehensive view of customer accounts and can boost customersatisfaction with accelerated order processing. In this article, we aim to provide you with comprehensive and step by step guide to using an automated accounts receivable system.
Understanding the BasicsIn order to fully understand the process of automating your accounts receivable, it is important to gain an understanding of the concept. Accounts receivable automation essentially covers any process that helps manage the order to cash procedure in systematic manner. This includes activities such as entering customer information, sending customer invoices, tracking and applying customer payments, and ultimately, providing customers with accurate reports on their account. By automating these processes, you can ensure that the order to cash cycle is successfully managed with minimal manual effort.
Step by Step Guide
1. Streamlining the Accounts Receivable Process- The first step in using an automated accounts receivable solution is to streamline the process by configuring the rules and settings of the system. This includes setting up the necessary customer data, setting up the payment structure and any discounts/incentives, configuring the customer billing cycle, setting up automatic invoicing, integration with other systems, etc.
2. Entering Customer Data- Once the system has been configured, you must ensure that customer data is entered accurately. This can be done manually or by using advanced syncing techniques such as data extraction from third party sources like Salesforce and QuickBooks.
3. Automating Invoicing- The automated accounts receivable system should be used for generating invoices for customers quickly and accurately. This includes configuring the customers billing cycle, setting up payment methods, generating custom invoices, and setting up automated notifications for payment due dates, overdue invoices and other key details.
4. Applying Customer Payments and Refunds- The system must allow for efficient and accurate customer payments and refunds. This includes automatically identifying payments and applying customer payments to the customers account quickly and efficiently.
5. Generating Reports- The automated accounts receivable system should be able to generate reports offering insight into customer accounts and providing customer trends and other key metrics.
ConclusionBy utilizing an automated accounts receivable solution, you can ensure that the order to cash cycle is managed with minimal manual effort while still providing customers with comprehensive view of customer accounts and boosting customersatisfaction with faster invoice processing. This article provided comprehensive and step-by-step guide to using an automated accounts receivable system, outlining the benefits and key steps to ensure successful and streamlined process.
