1 / 9

What is Accounts Receivable Automation & Why You Should Consider It?

The accounts receivable department handles invoicing, customer communication, reconciliations, and collection reports. This process is critical yet repetitive, often draining resources. <br>Visit: https://qxglobalgroup.com/uk/services/qxfa/outsource-accounts-receivable/<br>

QXFnA
Download Presentation

What is Accounts Receivable Automation & Why You Should Consider It?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What is Accounts Receivable Automation & Why You Should Consider It for Your Business?

  2. Introduction • The accounts receivable department handles invoicing, customer communication, reconciliations, and collection reports. • This process is critical yet repetitive, often draining resources. • Many finance leaders are now adopting accounts receivable automation to streamline these processes. • Let's explore how technology can optimise accounts receivable and why it's beneficial for your business.

  3. What is Accounts Receivable Automation? • Accounts receivable is a multi-step process starting with invoice generation and ending with insightful reporting. • Steps include: • Invoicing • Dunning (Follow-ups) • Payments • Reporting • Automation optimises each step, enhancing efficiency and accuracy.

  4. INVOICING • Traditional invoicing involves creating and mailing paper invoices, taking 3-5 business days, and is prone to errors. • Automation Benefits: • Instantly generates accurate invoices. • Initiates immediate communication with customers. • Increases the probability of faster payments. • Eliminates postage costs.

  5. DUNNING • Traditional follow-ups require manual reminders, risking delayed payments or strained customer relationships. • Automation Benefits: • Schedules communications efficiently. • Sends professional reminders about payments and documents. • Streamlines the follow-up process.

  6. PAYMENTS • Goal: Ensure timely customer payments. • Automation Benefits: • Provides a flexible and user-friendly payment system. • Supports various payment modes (credit cards, ACH). • Enables automatic recurring payments for customers. • Ensures faster payments.

  7. REPORTING • CFOs and business owners expect detailed collection reports. • Automation Benefits: • Generates timely, customised reports. • Facilitates informed decision-making. • Opens the door for further optimisation.

  8. Benefits of Accounts Receivable Automation . . Reduced Operating Costs Healthier DSOs Reduces Days Sales Outstanding, speeding up cash flow. Saves up to 50% by automating repetitive tasks. Efficient, Accurate Collections Happier Customers Minimises human errors and standardises processes. Ensures accurate invoicing, user-friendly interfaces, and frequent, automated communication.

More Related