Your customers want to pay you how they want, when they want, and where they want... And of course, they want the process to be as easy as possible. Whether it's choosing to accept Apple Pay, allowing customers to pay invoices by ACH or credit card, or introducing simple financing options for larger ticket items, the more opportunities that exist to generate sales also presents the threat of increased manual processes and potential for more human error for your finance teams. Automation, however, eliminates these threats and allows you to offer a more customized user experience, in which your customers pay you according to their terms. Your Accounts Receivable process is a great place to start when looking to increase efficiencies across your business, while giving your customers what they want.
What Your Business Gains from AR Automation Tools
The right AR automation solution will transform your collections process and enable your team to do more with less, better serve your customers, and better manage your cashflow. Here are just 4 of the ways AR automation will benefit your company:
1. Reduction in Human Error
Invoice dates and amounts, supplier names, and payment information are all prone to containing mistakes, but when your solution is integrated with your ERP and automated, your team can more feel secure in knowing they are always working with accurate information.
2. Faster Collection
Most AR automation tools in the market today enable businesses to accept a wider variety of payment options. With preferred payment options, your customers will feel empowered, and appreciate the ease of use your payment experience provides, allowing you to collect faster on invoices.
3. Cash Flow Optimization
By driving faster payments, you free up money that would otherwise be tied up in late paying or overdue accounts. This will help your business optimize its cash flow, enable you to be more competitive in the marketplace, and ultimately, make you better suited to invest in projects that will further grow and scale your business.
4. The Ability to Navigate Economic Uncertainty
For many businesses, the current economic environment has created shortfals lin cashflow, leading to significant new challenges. With continued uncertainty surrounding COVID-19, businesses need to make processes digital where and when they are able to. Automating pieces of your invoicing process will enable you, your team and your customers to continue transacting while working remotely, and leaves your business better equipped to navigate future economic uncertainties.
There are many options in today’s market that will automate the entire AR cycle, which is especially crucial for companies that send out large volumes of invoices. Similarly, there are steps you can take using the systems you have in place today to start automating your processes. In NetSuite, Solupay's eInvoice-2-Cash and eStatement-2-Cash enables customers to select their desired payment terms and methods, speeding up the collection process and getting you paid faster. Watch our video to see how Solupay solves the invoice jam and minimizes DSO: