Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
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
Doing AR automation by hand is a time-consuming chore that eats into your team's time. It also leaves the process vulnerable to human error.
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: Accounting Automation for Companies Like Yours
Bill360 was purpose-built for B2B companies and provides unique features and functionality not found in any other software. Our accounting automation platform requires minimal training, syncs with existing accounting software 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.
FAQ
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 AR (accounts receivable) automation?
AR automation is a type of accounting automation that automates invoicing, reconciliation, and payment processing, saving B2B companies time and getting them paid faster.
How does AR automation improve cash flow?
AR automation from Bill360 gets B2B companies paid an average of 36% faster, giving our clients instant access to the cash they need to grow and sustain long-term success.
