AR teams with manual systems struggle to keep up with calls and emails to take payment details, answer application questions, request document copies, report disputes, or handle a host of other matters. These manual activities do not leave them the time needed to collect AR and increase cash flow.
Automating AR processes and providing customers with a self-service portal can help to solve this problem. Here is how to streamline your AR process with self-service.
Communicate with Messaging
Using a self-service portal to message, eliminates the need to make phone calls or write separate emails. Messaging online saves time for both you and your customer. Time that can be better spent on priority collections.
Disputes reported online save everyone time and facilitate dispute resolution. Clearing up disputes helps to increase cash flow, and identify issues before they result in more problems.
Customers can use your self-service portal to make electronic payments instead of calling with payment details, which have to be keyed into your system. This saves time and eliminates errors entering data.
Payment Application Questions
Questions on payment application or receipt can be take a lot of time and distract your team, particularly during the end-of-month AR close. Customers who make payments through your self-service portal know when a payment was applied and what invoice(s) it was applied to, eliminating needless calls and emails.
Customers can access copies of invoices, statements and other documents with a self-service portal, eliminating calls or emails, and the time spent to retrieve and send the copies requested.
Customers want the convenience of self-service. It gives them the ability to work wherever and whenever they want. They don’t want to be limited by your office hours, or need to reach your AR team to get answers, make payments or request document copies.
Self-service is a logical extension of AR automation. It gives your customers a stake in the business process, and saves time for everyone. Automating credit and collections activities helps to increase profits and cash flow.
With a connected accounting solution for your AR and AP teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Digital Onboarding – Collect master data directly from your customers and vendors
- Accounting Inbox – Make it easy to divvy up work and track progress
- Smart Automation – Automate menial task with accounting integration
- Online Accounts – Give customers and vendors online access to their accounts
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