Integrating accounting automation can set your B2B company up for success – especially if you choose a platform that satisfies your holiday wish list.
You know your company best. You know its pain points. However, regardless of business or industry, AR (accounts receivable) automation must have a certain set of features to be truly effective.
This blog explains five things you cannot do without when putting together your accounting automation holiday wish list this season.
Feel free to check it. Twice.
Accounting automation was created by fintech experts but not specifically for fintech experts. Its purpose is to make life easier for companies that do things like put together clever marketing campaigns, provide reliable IT support, or manage finances.
AR automation should require no more than an hour of training and won’t make you ditch your current accounting software. Rather, AR automation syncs in minutes to what you’re using and enhances it with a suite of features you won’t get from QuickBooks® and Xero®.
Most importantly, AR automation should be simple to use and serve as a tool that saves time – not wastes it.
A recent study by UJET found that 72% of consumers considered chatbots a waste of time while 80% said a chatbot did little more than raise their level of frustration.
Wasted time and frustration are precisely what AR automation is supposed to eliminate.
You place a call, and it should be answered by an expert. That simple. No ineffective chatbots. No outsourced answering service. No voicemail boxes that are too full to accept messages.
At Bill360, we give clients access to a live, U.S.-based support team that has a deep knowledge of AR automation. When you call, you speak to a person that is qualified to fix your issue with accuracy and efficiency. That way, you get the information you need when you need it, enabling you to ditch the waiting game and return to running a business.
Some fintech companies offer combination platforms that streamline their customers’ AR and AP (accounts payable). This may sound enticing. But it does more harm than good.
Solving AR-related pain points is only possible with a platform dedicated solely to AR. These platforms have dashboards and other functionalities that enable you to measure crucial metrics like AR aging in real time, which helps to better manage your cash flow, and communicate with customers at any time. AR-only providers can also process payments and save you thousands on swipe fees. You may not find these features in platforms that do AR and AP.
AR automation specialists have the staff to match, guaranteeing you call for support and speak with an AR expert rather than someone who knows a little about AR and a little about AP.
Delinquent payments aren’t always the fault of the customer, especially if the customer doesn't have the necessary information or can’t get a question answered.
Bill360 enables your customers access to self-service portals where they can set up and manage secure payment wallets. Instead of constantly re-entering credit card or banking information when making a payment, they simply store it in their wallet. That way, they can literally pay a bill by just clicking a button. You get paid faster while customers appreciate a simple, one-touch payment process.
B2B companies face different challenges than their B2C counterparts. Their accounting automation platforms should be different too.
The executive team at Bill360 interviewed more than 2,000 representatives from B2B companies to learn all about the strengths and weaknesses of their AR process. That is why our platform is completely scalable and eliminates you having to spend time and money hiring and training new staff for seasonal or sudden surges. You also won't overwhelm your team as you bring on new and bigger clients.
Bill360 checks all the boxes on your accounting automation holiday wish list. We don’t dabble in AP. Our innovative accounting automation was created specifically for B2B companies looking to streamline their AR process. It requires less than an hour of training and syncs with QuickBooks® and Xero.®
Check out the Bill360 video library to see our platform in action and hear testimonials from real Bill360 customers.
No. It was designed to make life simpler. That is why Bill360 requires minimal training and syncs seamlessly with QuickBooks and Xero.
Make sure you have access to an in-house, full-time support team. You want a person to answer the phone. You don't want to talk to a machine, waste time with a chatbot, or leave messages with an outsourced answering service.
These platforms focus their technology and data on solving pain points specific to a B2B's AR process. They were also built and are maintained by a team of AR experts. You won't find such technology or functionalities with platforms that are split between AP and AR.