As long as there has been business, there have been AR processes. As times change, AR has to change, too—but is Software-as-a-Service the right change for you right now? As an alternative to the traditional process of building, installing and configuring custom software, SaaS is being embraced by an increasing number of businesses. From the perspective of AR in particular, here are six main reasons why.
1. SaaS makes sense, dollar wise.
If you’re considering automating AR, you already understand the time you can save by moving from a paper-based system to a faster, more accurate digital one. A cloud-based software-as-a-service will maximize savings, because there’s no upfront cost for hardware. Storage is off in the cloud, not taking up valuable space on your premises. The strain on your internal IT team is minimal too, since a vendor like Paybox handles installation, configures your business rules, maintains it and manages all the upgrades.
2. It’s about time.
The faster you can process a payment, the less it costs you in terms of both time and trouble. Cloud-based processing is about three times faster than traditional payment processing, so SaaS really frees up AR talent resources. It gives customers the ability to pay conveniently online, so late payments become less common. Revenue comes in more rapidly. Issues like short payments are quicker and easier to resolve. SaaS is also much faster than custom software to get up and running, so a solution like Paybox saves you months of development time.
3. You can work wherever, whenever.
Since SaaS is cloud-based, your team and your customers can access to up-to-date AR records and reports from any location, any time, using any device. The functionality benefits your workflow, and the flexibility adds to your employees’ job satisfaction.
4. The cloud is always behind you.
With cloud-based software, you have instant access to help and support 24/7, 365 days a year, the answers and solutions you receive are more complete and helpful than what you get from a local helpdesk. With a provider like Paybox, you are able to move to the cloud seamlessly.
5. It turns excess paper into yesterday’s news.
Imagine everyone in AR sitting at a clean, minimalist, paper-free desk. No overflowing inbox to sift through, no piles to process, no storage issues, no misplacing, no shredding, and no guilt about environmental waste. With your AR data in the cloud, your SaaS solution transforms paper clutter into a streamlined digital process, relieving your team members of redundant and repetitive tasks as well.
6. It makes you a better financial manager.
One of the main advantages of SaaS technology for AR is the way it helps you manage finances enterprise-wide. With automated reconciliation, you eliminate human error, so your accounting is more accurate overall. Your organization moves faster. And a system like Paybox is scalable, so as your company grows or contracts, whether seasonally or over time, the SaaS solution easily accommodates the changes. In addition, Paybox AR automation solutions provide visibility into payment status, so you can manage cash and working capital more easily and accurately. It also provides robust data and analytics, so you can analyze purchasing and payment patterns, and make corporate decisions with greater confidence.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP/AR customer service. For more information on SaaS, or for tips on AR automation, contact us at (954) 510-3750.