Embedded B2B Payments
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AR (accounts receivable) automation is a type of accounting automation that performs manual tasks like invoicing, payment processing, collections, and reconciliation.
Considering AR automation? This blog explains its top five benefits.
1. Stronger Cash Flow
Cash flow is the amount of money that moves in and out of your company over a period of time. It's the best way to gauge financial health, and companies with a higher volume of unpaid or overdue invoices are more likely to struggle with cash flow.
AR automation helps businesses strengthen cash flow by reducing the time it takes to get paid by sending out payment-ready electronic invoices immediately after goods or services have been provided. Bill360 features batch invoicing, which enables you to send out multiple invoices rather than one at a time. The faster your customers receive invoices, the faster they're able to pay you, increasing cash flow and providing the money you need to grow a business.
2. Reduced Costs
Running a manual AR process requires you to spend funds on paper invoices, envelopes, receipts, stamps, and other supplies. You may also have to hire temporary help to get your team through busy seasons.
AR automation not only emails invoices but automatically matches them to payment and stores the information in a secure, digital platform. Your days of spending money on paper products are done. Accounting automation is built to scale and seamlessly handles an uptick in business. That way, you won't burn out your team or spend money on seasonal help.
3. Increased Efficiency
Managing accounts receivable manually is a time-consuming process that eats into your team's time and increases the risk of errors.
E-invoicing and auto reconciliation from Bill360 saves B2B companies like yours up to 16 hours per week by eliminating repetitive accounting tasks. Our accounting automation enables you to set up automated workflows that send digital payment reminders to whomever, whenever, and how often you choose. That way, your employees won't have to waste time making phone calls or chasing down delinquent customers.
4. Improved Insight
Having a strong cash flow is crucial. However, it won't do your company much good if you're unsure how to manage it.
Bill360 provides full transparency into your customers' invoice and buying histories, and our clean dashboard gives you real-time updates for crucial data like AR aging. Access to this information enables you to accurately manage cash flow and gives you the opportunity to make sound, well-informed decisions. The guesswork is done.
5. Improved Customer Satisfaction
Your customers have no choice when it comes to whether they want to pay bills. However, a confusing payment process delays collections and may drive your buyers into the arms of the competition.
Bill360 simplifies payments by giving your customers access to their own portals where they set up and manage their digital wallets. This enables them to make secure, speedy digital payments via credit cards and ACH by just clicking a button. They can also set up AutoPay, where you draft recurring fees from your customers' preferred method of payment. You get paid faster while your customers enjoy a simple, frictionless process.
Customers can also use their portals to access up to 18 months of their buying history and see which invoices they've paid or are outstanding and due soon.
Bill360: Accounts Receivable Automation for B2B Companies
Bill360 was purpose-built for B2B companies and brings invoicing, payments, reconciliation, customer communication, and AR visibility into one platform. Our AR automation platform is designed to reduce manual work and work alongside existing accounting systems like QuickBooks and Xero, and gets you paid an average of 36% faster than your current process.
Check out our video library to see our platform in action and hear testimonials from real Bill360 customers.
See how Bill360 can simplify your AR process. Schedule a personalized walkthrough.
Frequently Asked Questions
What is the difference between cash flow and profit?
Cash flow is the movement of cash in and out of your business while profit is what's left after you subtract expenses from revenue.
What is accounts receivable automation?
Accounts receivable automation uses technology to reduce manual work across invoicing, payment reminders, payment collection, reconciliation, and reporting. It helps B2B teams manage receivables more efficiently while gaining better visibility into outstanding payments.
How does AR automation improve cash flow?
Accounts receivable automation can help improve cash flow by reducing delays in invoicing and follow-up, making payments easier for customers, and giving AR teams better visibility into outstanding balances.
