Today’s world is highly automated, from the sales email in your inbox to the money that gets deposited in your bank account every two weeks.
Across every function from marketing to sales to HR and Support, automation has become a key to success. Now it’s time for finance teams to benefit from the cost savings, profit, and productivity that only automation can deliver.
Many accounting processes are ripe for automation. Some, like invoice reminders, are so easy and affordable to automate, you might wonder why you ever had your staff do it manually. Others, like automating reconciliation, can save you countless hours, cut operating costs, and reduce errors and redundancies.
In this article, I’m going to walk you through 4 AR processes you should consider automating in 2020.
Finance teams are reaping huge benefits by automating the labor-intensive collections process.
Automation helps controllers analyze data quickly, remove friction and make smarter business decisions, without adding any additional headcount.
It used to be that only large teams with deep pockets could afford automation, but now companies of all sizes are using software to eliminate manual AR tasks that open up their business to unnecessary costs, delays, and errors.
Companies that continue to shy away from investing in finance automation will ultimately pay a higher price than those who leverage it. Here are some key benefits you can gain from automating your receivables process:
Controllers usually spend too much time on manual processes and not enough time on forecasting and collections, which could translate into an unhealthy cash flow and increased DSO. Automating invoicing allows Controllers to spend their time wisely.
Every business wants to get paid on time. An automated collections process will methodically send reminders and notifications to your customers before, during, and after an invoice is past due. You will also be able to get an email list of debtors who have reached the stage of needing a reminder phone call.
How often do you communicate with your customers? Many AR teams only connect with customers when a payment is overdue and then begin to play catch-up once it’s time to fix a challenging situation. You have better things to do than to chase each company down until they pay out their invoice. It's better to automate these reminders.
Every business, regardless of size, needs to reconcile their invoices with their bank. Currently, this process can be a manual process that is often nuanced, and one tiny error can set you back hours, maybe even days.
But with automation, you can simply put these tasks on autopilot, giving you greater control over your time and resources.
Automation has quickly become one of the most powerful tools for finance professionals. By automating the tedious, low-level repetitive tasks that take up the lion's share of your team's time, you can turn your business into an efficient, paperless environment that makes managing receivable simpler and easier.
NetSuite Users: Want to learn how to save over 30 hours per month by eliminating manual accounting processes? Watch our Free On-Demand Webinar or speak with one of our experts today.