Paper doesn’t work very well in the digital world of remote work, or with customers that are 100% automated. Manual processes that use paper invoices are inefficient, delay payments, increase DSO, and decrease cash flow. They result in problems and errors for your company and customer, and lead to a less favorable customer experience. You can eliminate the paper chase and get rid of paper invoices with AR automation to increase cash flow.
Eliminate the Paper Chase
With invoice automation you can eliminate paper invoices and the problems they cause at your company, including:
Lengthy processing and mailing time which delays cash flow.
Invoicing errors from creating billing documents manually which hold up payments.
Problems juggling manually created paper invoices in a remote work environment increasing your Order to
Cash (OTC) cycle.
At your customer’s office, invoice automation avoids problems which further delay cash flow, including:
Processing and approval delays due to manual handling and avoidable errors.
Lost or misplaced invoices which prompt requests for copies further delaying payments.
Difficulties processing and paying paper invoices in a remote work environment.
AR automation encourages prompt payment with
Electronic invoices with hyperlinks for electronic payment to increase cash flow.
Invoice automation and an online customer portal which make it easy for customers to access documents,
report disputes and make electronic payments, all of which increase cash flow.
Increase Cash Flow
The time saved with invoice automation at your company and customer translates directly into increased cash flow. Because electronic invoices are digital your OTC cycle can be reduced further with electronic payments and an online customer portal.
Eliminate the paper chase and get rid of paper invoices with AR automation including electronic invoicing to increase cash flow by reducing your OTC cycle. Investment in invoice automation and an online customer portal will yield substantial benefits from increased cash flow, more efficient operations, reduced costs and enhanced customer experience.
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep Collect, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Automated Communications
- Customer Self-service
- Collections Activity Management
- Reporting & Forecasting
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep at www.lockstep.io