The goal of business can easily be expressed in a few words – provide a product or service and receive compensation. Seems simple enough, right? But the reality of sending and receiving payments is slightly more complex. Countless payment options, client disputes and potential security risks transform your accounts receivables into an all-consuming vortex of time, money and man-power.
Enter AR Automation stage left.
Leveraging cloud-based technologies, AR Automation elevates the entire process (literally), removing friction and improving overall workflow management. Need more convincing of the superpower that is automation? We’ve gathered our top five benefits:
1. “To err is human…”
If the issue is prolific enough to be in a saying, it will eventually befall your company. Human error happens daily, from the small (a mistype) to the large (an invoice going unpaid). Automating these processes removes the risk of human error by simply removing the possibility.
When it comes to the dollar and cents of the situation, automation saves you on two fronts. Electronic invoice submission and payment receipt drastically cuts paper presentment costs, providing a simple (but effective) monetary savings. Add to that the reduction in both DSOs and disputes means you are getting your invoices paid faster and more efficiently.
3. Now for the 10-Day Forecast
It’s hard to plan for the future if your team is tied up in the present. Automation of routine, mundane tasks means your team is freed up to critically analyze both incoming and outgoing cash to forecast upcoming expenditures. What does that mean for you? Strategic decisions and enhanced process developments based on real-time payment data.
4. The Client
Your client relationship is only as good as your last interaction – so why not set up your AR process to be as seamless and efficient as possible, on your end and your client’s? As timeless as a paper process is, it can also be fraught with disaster. Invoices lost in stacks of paper causing missed due dates. Lengthy payment turnaround. Files upon files of receipts. Simply put, automating your receivables process removes the headache and improves the relationship.
5. Safety First
We would be remiss to speak of the countless automation benefits and not mention security. This hot-button issue is a mainstay for any and all topics relating to payment and customer data. While it may seem like the proverbial cloud is rife with data hacks and breaches, the opposite is actually true. Sending your customer and payment data up to the cloud provides one secure, safeguarded location to access your critical information.
The number one automation benefit? Transforming the fast-paced and complex AR landscape into an efficient, transactional process.
Automate. Simplify. Transform.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP customer service. It reduces the amount of time and paper used in processing AP, to save you money with no cost to your vendors. For more information, and tips on AP automation, contact us at (954) 510-3750.