The traditional process of handling invoices manually makes your accounting department susceptible to errors. Besides, you must be knowing how tedious and time-intensive manual accounts receivable processes can be. With the inception of AR automation software, businesses can do away with the repetitive and complicated manual processes altogether. Advanced tools such as Monite can help you receive payments much faster, deploying its advanced capabilities. This way, you can reduce manual intervention and prioritize higher-value work. In the end, the goal of every business is to do away with expensive human errors. No wonder, why successful businesses across different sectors are embracing AR automation tools.
With one of these advanced systems for your business, you can benefit in the following ways.
- Process invoices everywhere
- Automate your outreach
- Gain insights on payment cycles
- Ensure timely collection of payments
- Benefit from powerful analytics
- Optimize your ROI
Why do companies use accounts receivable software?
The purpose of an accounts receivable tool is to carry out financial and accounting reporting by eliminating human intervention as much as possible. The software provides a host of benefits to the users. These solutions encompass general ledger, invoice processing, and other accounting elements. The tool goes a long way in reducing human errors, while ensuring the accuracy of your accounts department.
As a business owner, you would be looking forward to expanding your business. This explains why you should deploy an accounts receivable automation software. It would be a logical decision to keep your financial and accounting records in a proper order. So, financial inaccuracies wouldn’t be bothering your organization, leading to wrong decisions later.
What are the benefits of using an accounts receivable software?
Depending on the respective goals of your business, you can benefit from the following processes when you deploy one of these tools.
- Automated collection emails
- Generating and distributing invoices
- Credit application automation
- Digital payment management
1.Automated collection emails
With an automated accounts receivable software, you need not manually remind your customers to pay their bills every time. Calling your customers for payment wouldn’t be the best way to go about the task. So, when you use these tools, the customers would receive an automatically-generated email, reminding them about the due date and amount. Moreover, you reserve the liberty to customize these emails with a specific template containing the logo or color of your brand. Once you set up these basics, the AR receivable automation tool would do the rest.
2.Generating and distributing invoices
Invoice generation can be a tedious task, considering that you need to carry out the same process every time you sell something. With a powerful AR automation software, you can integrate the APIs, so that you can quickly deliver the invoices and distribute them to the respective department. This significantly does away with the manual tasks and reduces human interventions in the process. Besides, you can use these tools, so that your customers can pay the bills from their end at any time they are comfortable with.
3.Credit application automation
One of the key benefits of using an AR automation software is its ability to move your customers through the application process in a quick time. With the automated system, it would be easy to compile third-party data. This way, you can make your decisions much faster.
4.Digital payment management
An AR automation software makes it easy to accept payments. Besides, you can deploy all the major channels to reconcile payments after accepting them from your customers. These include wire transfers, credit card transactions, EFTs, and ACH payments, apart from the other common modes for your business.
How can an AR automation software help you reduce costs?
In the end, you would try to make your internal operations productive. By eliminating the manual AR processes, you can save time and reduce human errors. This ultimately slashes down your unproductive endeavors. At the same time, it would be easier for you to resolve disputes and make the collections.
Moreover, when you embrace an AR automation software, you can do away with time-intensive tasks. These include manually printing and posting documents, credit reviews, and dispatching invoices through email. Apart from this, you no longer need to invest in hardware like paper and stationaries. Considering these benefits, you might think of getting one of the best AR automation tools for your business.
