In today’s fast-paced, competitive business environment, it’s more important than ever to optimize your accounts receivable (AR) processes. One way to do this is by leveraging automated customer communications as part of your broader accounts receivable automation strategy. Automated communications can help you speed up the collections process and connect with more customers faster. In this blog post, we will discuss seven ways that you can use automated accounts receivable communications to improve your AR process.
Use email automation to send invoices and payment reminders
Email is a quick and easy way to communicate with customers. By using email automation, you can send invoices and payment reminders automatically. This will save you time and ensure that your customer communications are consistent.
Utilize built-in templates to save time and ensure consistent communications
Combined with email automation, templates automating the collections process save you time and help to ensure that your customer communications are consistent. AR automation software, like Lockstep Receivables, comes with a library of best-in-class templates that can easily be adapted to match your specific requirements.
Leverage data analytics to improve collections
Data analytics can help you to identify trends and areas for improvement in your accounts receivable process. By leveraging data analytics, you can make changes to your process that will improve collections and reduce DSO (days sales outstanding). This information is critical for collections managers and AR teams. AR automation software, like Lockstep Receivables, makes it easy to connect key stakeholders with this important information.
Integrate with other systems for a seamless experience
Accounting teams don’t work in a bubble and rely on technology to manage their day-to-day workload. Today’s accounts receivable teams need a system that not only integrates with their ERP / accounting software but can also integrate with powerful tools like Salesforce, Power BI, and Email. These integrations allow you to automate processes and eliminate manual entry into the ERP or spreadsheets.
Use automated payments to reduce manual processes
Automated payments can help to reduce manual AR processes. Leveraging a platform that allows your customers to set up automated payments can improve cash flow by reducing the time it takes for customers to pay invoices.
Implement a self-service portal for your customers
A self-service portal can give your customers 24/7 access to their account information. This includes the ability to view invoices, make payments, and track the status of their accounts. A self-service portal can help to reduce customer inquiries and improve customer satisfaction.
Implement a system that can easily adapt to your specific requirements
Every business is unique and has specific accounts receivable requirements. When choosing an AR automation platform, it’s important to select a system that can easily adapt to your specific requirements. Lockstep Receivables is a best-in-class AR automation platform that can be adapted to match your specific business needs.
Get started today with Lockstep Receivables
If you’re ready to improve your accounts receivable process, we invite you to get started with Lockstep Receivables today. Our team of experts will work with you to understand your specific needs and implement a solution that meets your unique requirements. Contact us today to learn more about how we can help you optimize your accounts receivable process.