10 Additional Benefits of Automating Accounts Receivable

  • October 23, 2023

Accounts receivable (AR) automation is highly effective in improving cash flow, especially for small to medium-sized B2B businesses who prefer to be paid on time, all the time. 

However, AR 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

Spend your work week running your business while AR automation provides set-it-and-go features and automated invoice and payment reminders that effortlessly keep you and your customers on schedule.

2. A simpler process

AR automation manages all your accounts receivable and stays on top of payment dates with a secure solution that tracks, processes, reconciles, and records your payments. Arduous tasks that took your team hours to do in the past now take minutes.

3. Fewer mistakes

Generating invoices and tracking payments manually can lead to errors such as typos and duplicates. 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.

5. Compliance and security assistance

Your customers’ financial information must be secured. Using AR automation helps do away with paper files and/or emails that can easily be misplaced or fall into the wrong hands. At Bill360, we cover the cost associated with earning PCI DDS compliance and simplify the process to where you’re answering a handful of questions rather than filling out dozens of forms.

6. Stronger customer service

Ironically, AR automation strengthens your relationship with customers. The billing and receiving process is smoother and more accurate when automated, leading to fewer mistakes and less confusion. Real-time payment tracking promptly notifies you of delays from typically punctual customers, enabling you to proactively reach out and learn of any issues you can assist with.

7. Deeper data insights

AR automation takes the guesswork out of running a business, providing enhanced visibility into historical payment behavior, patterns, and trends. This enables you to better predict your cash flow, leading to sounder, more data-driven business decisions.

8. Allocating resources

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. It is flexible and can easily adapt to the unique needs and requirements of any organization and industry. You can easily tailor AR processes to seamlessly integrate with your existing workflows to increase efficiency and streamline your operation.

10. Environmentally sound

As more of an emphasis is placed on ESG (environmental, social, and governance) initiatives, AR automation helps cut down on the amount of paper used for statements, envelopes and receipts and is powered by energy-efficient servers.

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  

 

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