Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
Accounting automation is highly effective in getting SMB B2B companies paid faster while helping them save time and strengthen cash flow.
However, AR (accounts receivable) automation benefits more than just your bottom line. It impacts all facets of your business and puts you on the fast track toward growth and longevity.
Here are 10 additional benefits of AR automation that go beyond financial gain:
1. More time
A manual AR process chews up hours of your team's time, especially when it comes to payment reconciliation and making follow-ups to delinquent customers.
Bill360 combines e-invoicing, auto reconciliation, and payment processing into a secure platform, streamlining your AR process while saving clients an average of 14 hours per week. That's more time you can devote to serving customers and growing your business.
2. A simpler process
If you're doing AR by hand, chances are information is spread across multiple notebooks, ledgers, and PCs, making it difficult to access. Collaboration is a also challenge under these conditions, especially if your office allows remote work or uses a hybrid environment.
AR automation filters everything into a cloud-based platform that is accessible to anyone authorized to do so. Whether your employees are sitting next to each other or separated by thousands of miles, all they need to collaborate is an internet connection. That way, your collections process isn't delayed, cash flow remains strong, and your customers' questions are answered in a timely manner.
3. Fewer mistakes
Generating invoices and tracking payments manually can lead to errors such as typos and duplicates. These errors hurt your reputation and get in the way of customers paying you on time.
Automation minimizes these mistakes by filling in important customer and payment information and making sure it syncs with the correct invoice. Fewer errors make for timely payments and a better overall reputation for your brand.
4. Enhanced scalability
While you want your business to grow, you don’t want to ramp up to the extent that it exhausts your team.
AR automation grows with you and is designed to seamlessly handle an uptick in volume and complexity, enabling you to expand without sacrificing efficiency. You also won't have to spend time and money hiring temporary help to get you through the busier seasons.
5. Compliance and security assistance
Your customers’ financial information must be secured. If you're a B2B company that relies on checks, you're putting your data and your customers' data in harm's way.
At Bill360, we provide your customers 24/7 access to their own portal where they can manage and store payment information in their own wallet. This enables your customers to ditch checks and pay digitally via ACH and with credit cards by simply clicking a button.
Using AR automation helps do away with paper files and/or emails that can easily be misplaced or fall into the wrong hands. Bill360 covers the cost associated with earning PCI DDS compliance and simplifies the process to where you’re answering just a handful of questions rather than filling out dozens of forms.
6. Stronger customer service
Most of today's B2B buyers were born after 1980 and are accustomed to a simple, one-touch payment process.
AR automation strengthens your relationship with customers. Using the digital wallet gives buyers the convenient payment process they crave, while our portal enables customers to reach out instantly with invoice questions. That way, you can answer them immediately and ensure they have the information to pay you on time.
7. Deeper data insights
More than 80% of small businesses that fail cite poor cash flow management as a primary reason. Your company may be profitable on paper - but that does no good if cash isn't coming in or you don't know how to manage it if it is.
AR automation from Bill360 takes the guesswork out of running a business. Our trademark dashboard shows real-time updates of crucial metrics like AR aging while showing you which invoices are due, which are outstanding, and how much cash your company can expect over the next 30 days. That way, you can make sound, financial decisions that help grow your company.
8. Allocating resources
Manually processing an invoice can take up to 30 minutes. How can you take care of other areas of your business - or properly serve customers - if processing a single invoice eats up half an hour?
Integrating a platform that automates mundane tasks frees up members of your team. Rather than preparing and mailing out invoices, your employees can focus on serving your customers or other strategic projects geared toward growing your organization.
9. Easy customization
Every business is different and AR automation is not a one-size-fits-all solution.
At Bill360, we take pride in providing our clients with choice. Whether it's establishing credit card thresholds for specific customers and invoices, enabling AutoPay, or adopting surcharging, Bill360 enables you to do what's best for your company and your customers. It's your business. We just help you run it more efficiently.
10. Environmentally sound
ESG is continuing to gain traction in the B2B space. A recent study by Bain & Company found that 26% of companies are leaving suppliers that don't meet their sustainability needs - and that number is expected to climb to 49% by 2028.
From the use of e-invoices to accepting payments via ACH and credit cards, AR automation is effective in making your B2B more sustainable and environmentally sound. It also does the same for your customers, who no longer need envelopes, stamps, and paper checks, or wastebaskets to hold piles of paper invoices.
Bill360: AR automation for B2B companies
AR automation can be a boon to your business if you’re integrating the right platform. Bill360 was purpose-built for small to medium-sized B2B companies and provides innovative solutions not found in any other software. And it takes less than 30 minutes to sync to your existing accounting system. Schedule a demo and learn how Bill360 simplifies your accounts receivable processes and helps ensure the long-term health of your organization.
FAQ
What is AR automation?
AR automation automatically handles the time-consuming tasks that go into your AR process, saving you time, accelerating corrections, and strengthening your cash flow.
How can AR automation strengthen cash flow?
AR automation from Bill360 gets you paid an average of 10 days faster than your current process, giving you faster access to the cash required to grow your business. Being profitable on paper doesn't matter if you don't have the money in hand to purchase new equipment or hire talent.
How does AR automation save a B2B time?
By seamlessly handling invoicing, auto reconciliation, and payment processing, AR automation completes time-consuming tasks in minutes and frees your team to do more satisfying work that spurs growth.
