Those that either develop or sell computer software are aware of the benefits of automation and using software to complete manual tasks. Chances are, you are constantly preaching this to customers. We are always telling them that automation is the most efficient way to run a business and to never store information on disparate systems. Despite knowing that this is the best way to work and run a business, not all computer software companies are following this mantra.
Especially in the accounts receivable department, we see many people still using aging reports and highlighters. Even though these computer software companies are automating their accounting processes, accounts receivable is usually lacking. Below are the four reasons that computer software companies should be using an automated accounts receivable software.
For a computer software company, the benefits of automation are clear. Less time will be spent organize information and more time will spent calling specific customers to request immediate payment. The software is able to send out past due notices and collection letters for you and alert you when customers are late, meaning your time is no longer wasted on redundant, manual tasks.
Lockstep Collect, an automated cloud accounts receivable software, is able to integrate with any business software of ERP system, including Sage, QuickBooks, Epicor and Intacct. Customer and accounting information is pushed back to Lockstep Collect and account information is automatically updated. This way there is no toggling between screens just to find out which accounts have been paid.
When all the manual tasks are automated, your accounts receivable representatives have more time to focus on what is most important – building relationships. Lockstep Collect offers self-serve online bill pay, where customers are automatically sent a link via email to access their personalized and secure online portal. From there, they are able to pay bills and historically search their invoices. Additionally, customers have the option to live chat with collections representatives to get their questions answered and disputes resolved immediately.
Peace of Mind
Lockstep Collect has a direct integration with NACM Trade Credit Reports. This allows credit managers the ability to look up potential customer credit ratings before extending credit, allowing for more stable relationships. Credit and collections managers also have the option to check on representative’s work and accounts to ensure work is getting completed. Automating the process and getting it into the cloud allows for peace of mind.
Computer software companies are constantly preaching the benefits of automation, direct integrations and cloud access. It’s time that we take our own advice and apply it to one of the greatest assets in our businesses – the accounts receivable department.