If you’re in the farming business, there isn’t a lot of time to be fretting over accounts receivable. A lot of hard work is put into growing and cultivating a farm, so nothing is more frustrating than when your customers don’t pay up. In fact, our experience is that most businesses take twice as long to pay as their terms causing significant delays in cash flow forcing agricultural, forestry, and fishing businesses to seek costly sources of working capital such as invoice factoring or high interest, short-term loans. Further, most agricultural, forestry, and fishing businesses must manage a variety of invoice disputes related to product quality, grade, and spoilage; freight or shipping issues; and more.
Don’t let all that “sweat equity” go to waste because time just isn’t allowing you to manage your accounts receivable.
The farming industry has a lot of unique situations when it comes to financials. For instance, you have specific seasons where you’re spending a lot of money to cultivate crops, but you may not see payment on it for a couple of months. You simply cannot afford to wait around to get paid from customers. The later you get paid, the less money you have to begin cultivating again.
Instead of keeping all of your customer information in spreadsheets and manually entering a lot of data, your time is better spent elsewhere. Enter the automated accounts receivable software. This software can do majority of the work for you, so you can spend your time producing the best product for your customers.
One of the most common issues with late payments usually relates to an incorrect of incomplete invoice. With automated invoice presentment, mistakes are far and few between. The correct information is automatically pulled into the invoice and supporting documents can be attached with the email. Time is not only saved during the actual invoice presentment process, but saved when you’re not getting numerous dispute calls that you have to go back and fix.
Improves Customer Service
There are quite a few features within accounts receivable software that can help to improve your customer service. The first is online bill pay. Where customers would usually have to wait for a paper invoice to be sent in the mail and then have to send a check back, they can now self-serve through a secure payment portal. In addition, they can also look back at previously paid invoices on their own time. The second feature is live chat. If a customer has a question about an invoice, they can immediately contact you through the live chat feature. They no longer have to wait or an email reply or phone call back, which helps you get paid faster and keeps the customer satisfied with a speedy response.
When a majority of previously mundane tasks are now automated, there is more time to get the important tasks done. No longer are you moving data from one spreadsheet to another system or individually mailing each invoice. This means you can spend more time calling the most delinquent accounts and actually collecting or spend this time improving your product. Either way, you have more time to get what is important to you done and less time dealing with mundane tasks.
An automated accounts receivable software simply makes your business run more smoothly. Especially in the farming industry, managing accounts receivable shouldn’t be a hassle. Lockstep Collect, an automated accounts receivable software, integrates with major ERP software publishers like Sage, Epicor and Oracle, as well as farming industry specific ERP such as Farmer Office by Datatech, FarmBooks, Farmbrite ERP, Harvest It, Crop Broker ERP and many more.