Unleashing Automation Within Accounts Receivable Processing
AUTOMATED THE ENTIRE ACCOUNTS RECEIVABLE PROCESSING
Accounts receivable (AR) processing plays an essential role in the effectiveness and profitability of any organization. As transactions in receivables increase and become more complex, manual processing and reconciliation becomes both costly and time-consuming. Many finance organizations are realizing significant financial, efficiency and productivity gains through automation, reducing errors and capitalizing on scalability advantages that manual processing cannot.
AR automation, enabled by order-to-cash (OTC) software, can offer solutions for organizations under pressure to streamline their back-office operations, optimize their AR processes, and gain greater transparency of their business finances. The associated technology can help companies with their invoicing, collections, billing, and payment processes. Providing more data-rich business insights, automation solutions provide financial executives with an update to the real-time financial health of their business.
Failure to implement AR software automation can wreak havoc on organizations. Expenses associated with overstaffing and additional resources devoted to manual or part-automated processing not only cost companies unnecessary money but can also cause order delays, customer dissatisfaction, misallocated payments and collections, and other losses. Without reconciling accounts on regular basis, errors and discrepancies can cause financial disasters.
Organizations that make the leap to digital-based automation solutions can improve the customer experience and create better platform for optimizing activities such as cash collection, discounts capturing, as well as receivables-related analytics. An automated OTC platform can transform clunky, manual workflow into an integrated, digital process, connecting customers, sales teams, buyers, and vendors. With specialized software solutions, companies can combat receivables aging and lost value from late payments and focus on transaction optimization with the help of pre-defined rules.
Integrated OTC platforms can generate real-time reports for high-level executives, giving them direct visibility into their accounts receivable processes. In turn, the executives get actionable insights into the financial performance and profitability of their business, helping them adjust their strategies accordingly.
Overall, automated AR software solutions will help finance executives to reduce manual efforts, reduce staffing costs and complexity, improve collaboration and streamline costs, restructure invoice processing, and integrate customer touch-points all of which help position the organization better for success in the long-term. Lack of automated AR processing can leave organizations exposed to financial, operational, and customer service risks that could have been avoided by the implementation of OTC software. As such, it is essential for finance executives to consider investing in an automated environment for their accounts receivable processes.
