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.
The right platform provides direct access to a live, U.S.-based support team that has a deep knowledge of AR automation. 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 the functionalities that enable you to measure crucial metrics like DSO (Days Sales Outstanding) and 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.
Find an AR automation platform that provides customer-centric features like self-service portals, secure payment wallets, and real-time chat features. These enable customers to view their entire invoice histories and pay balances by simply clicking a button. Customers also have instant access to you if they have a question or concern about a statement.
You can send gentle reminders through customized workflows that automatically send payment reminders to whomever, whenever, and as often as you choose. You can even select which customers get their alerts via email or text based on their preferences.
B2B companies face different challenges than their B2C counterparts. Their accounting automaton platforms should be different too.
The right AR platform seamlessly handles the large transactions and volumes associated with the B2B space. It is also completely scalable and eliminates you having to spend time and money hiring and training new staff for seasonal or sudden surges or worry about exhausting and overwhelming 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 in minutes. We also have a U.S.-based, live support staff standing by to address any issues or answer any questions.
Contact Bill360 today and make this your most joyous holiday season yet.