Benefits of Accounts Receivable Management Platform

Receivable management will let you keep a close track on the payment schedule so that you can regularly follow up with your debtors and maintain optimum levels of cash flow. Digital payment technology evolves every day, and REPAY has the resources and expertise to keep you ahead of the changes. Rely on REPAY to simplify payments and manage the platform integrations for improved cash flow, streamlined internal processes and increased customer satisfaction. One of the best-kept secrets about a successful accounts receivable process is maintaining strong customer relationships. The more your customers appreciate the business, the more likely you will be paid on time.

• After the invoices go out, it’s time to think about the type of accounts receivable system you want.
• Good communication practices can enhance relationships and improve the overall customer payment experience.
• Standardize, accelerate, and centrally manage accounting processes – from month-end close tasks to PBC checklists – with hierarchical task lists, role-based workflows, and real-time dashboards.
• Not every customer will have a strong enough cash flow to make it work, but companies that do accept these discounts typically pay early on a consistent basis.

The misconception of payments being a technical one-step process and is only the finance team’s responsibility needs to be challenged. In reality, efficient cash collection is multifaceted and requires the intervention of different departments. Making all client-facing teams, including, for example, the sales team, privy to the process helps keep everyone on the same page and part of the management process of AR. It increases efficiency, avoids redundancies, and eliminates mistakes that could waste time or profitability. CollBox is a popular accounts receivable software with raving user reviews. CollBox seamlessly integrates with your cloud-based accounting solution to identify client or customer accounts with past due invoices.

What Are the Systems You Need for AR Management?

One of the toughest jobs in the accounts receivable process is getting payments in on time. Some customers simply need a little push and that incentive can come in the form of early payment discounts. After the invoices go out, it’s time to think about the type of accounts receivable system you want. While some small businesses are comfortable with an offline, manual setup (think Excel), the truth is it’s not an ideal method for modern accounting.

The other major drawback to hiring a service is a lack of transparency. These reasons are that it’s time-consuming, it’s a complex and tedious process that businesses don’t want to handle it. By making this mistake and removing the operational complexity, you are also losing out on the opportunity to create and foster a strong customer relationship.

Accounts Receivable Software is a technological solution that helps businesses track money owed to them by customers. But imagine sending out a bill to a customer and forgetting about it – it’s easy to see how money could get lost! It helps businesses extensively track the money that they’re owed, making sure nothing slips through the cracks.

Prioritize Credit Policy

F&A teams have embraced their expanding roles, but unprecedented demand for their time coupled with traditional manual processes make it difficult for F&A to execute effectively. Global brands and the fastest present value of an annuity growing companies run Oracle and choose BlackLine to accelerate digital transformation. BlackLine delivers comprehensive solutions that unify accounting and finance operations across your Oracle landscape.

With FreshBooks, you can send beautiful invoices, track billable hours, and track when a customer has opened an invoice. No company wants to deal with overdue invoices, but it’s often an inevitable part of doing business. It is important to measure the various inputs and outputs of accounts receivable to support actions and to evaluate their effectiveness. Payments for AR must eventually be collected, and an important element of effective management is a well-run collections process. Our global network includes leading consulting and technology organizations that enable us to deliver exceptional solutions to our shared clients. Stay up to date on the latest corporate and high-level product developments at BlackLine.

NetSuite

AR software should have the ability to scan orders, receipts, and requests right as they arrive. Any corresponding document needed for invoice processing should be uploaded in the system and paired with the appropriate documents. If a customer has always been on time, you can be lenient when an extension is needed.

Save on Labor Costs: An Affordable Alternative for Small Businesses

We’re dedicated to delivering the most value in the shortest amount of time, equipping you to not only control close chaos, but also foster F&A excellence. Centralize, streamline, and automate end-to-end intercompany operations with global billing, payment, and automated reconciliation capabilities that provide speed and accuracy. Ignite staff efficiency and advance your business to more profitable growth.

With robust AR management, an organization is able to better build and maintain customer loyalty. Allowing customers to make purchases on the basis of credit (in lieu of upfront payment) establishes a relationship of transactional ease. And strengthening that relationship happens by offering  easy, consistent communication, particularly when it comes to payment.

Make it easy for anyone in your business to determine whether to extend credit when a client requests it. It’s common for large corporations to hire employees to handle accounts receivable solely, but smaller businesses may not yet have the means. Preventing overdue payments and skillfully handling clients who pay late is an accounts receivable task. Schedule a demo with us and we’ll show you exactly how accounts receivable automation software can help you optimize accounts receivable performance. The processes and metrics mentioned above contribute to the overall management of accounts receivable. Relying on traditional, manual-entry applications can be detailed, time-consuming, and labor-intensive.