Choosing the right AR automation for the Acumatica ERP platform is crucial. You want to select AR automation software that has the must-have features you identified to address the pain points of your industry and company. The automation software you choose for Acumatica should also be scalable, flexible and cloud-based, and have the reporting and data analytics functions needed for the future.
Industry and Global Pain Points
The pandemic radically altered the challenges facing companies. You need to be sure that the AR automation software you select addresses the pain points in the new normal.
- Communication – You will need automation software that supports remote work, mobile communications, customized automated email, and an online self-serve portal to ensure you are able to communicate easily with your customers and vice versa.
- Automated processes – AR processes need to be automated from credit approval through cash application in order to function effectively in the new normal. A mix of manual and automated solutions will detract from your customer experience and hamper your ability to meet AR goals.
- Competition – AR automation is needed to enhance customer experience from onboarding through cash application and credit reviews. It costs less to retain customers than acquire new ones.
Company Specific Pain Points
- AR resources – If your AR team is overwhelmed then you need to choose time saving AR automation features such as an online self-serve portal, customized automated email, and collection activity management.
- Collections – Successful collections depend on customer contact, easily identifying priorities and well-timed, customized email reminders. In these cases you need to include collection activity management, automated email, and an online self-serve portal in your AR automation features.
- Dispute resolution – If disputes are a major pain point, you need to learn about them early, instead of after a customer takes an unauthorized deduction. An online portal with dispute reporting and communication features can ease this pain by facilitating early reporting and quick resolution.
Whatever the pain points are for your company and industry, make sure the features you choose for Acumatica AR automation will address them.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can make collections more effective, and improve cash flow 31% or more, request a demo.