Managing and working off of aging reports has always been the tried and true way of accounts receivable departments. It lets you know who you need to collect from and how much and often lets you know how your team is doing in terms of collecting. Aging reports are still important; however, in the age of technology they don’t have to be static excel reports that have been downloaded, printed and disbursed among the collection team.
Thanks to advances in technology aging reports can become automated. No longer are you manually updating your spreadsheets. Instead, all the sorting, filtering and data entry is done for you. So, how do you know your company is in need of aging report automation?
SIGNS YOU NEED AGING REPORT AUTOMATION
- You’re constantly exporting data from your accounting system
- Different versions of the aging report are floating around the department, causing accounts to go overlooked
- Important data is missing from the aging report, forcing you to complete manual data entry
- You spend hours organizing and analyzing the data
- You’re forced to spend time performing manual calculations
BENEFITS OF AGING REPORT AUTOMATION
Aging report automation takes the manual work out of one of the most important areas of your accounts receivable process. In order to properly manage accounts and know who is past due on invoices, you need accurate and up-to-date data. Below are some of the greatest benefits to using aging report automation:
- Using aging report automation will help your team save time. Past due accounts will automatically be populated for you, which means you’re no longer exporting the data you need and organizing it every day
- Better insight into your accounts receivable team progress is available when using aging report automation because your entire team will have access to the latest information. No longer will accounts go uncontacted because someone is missing them on their static excel aging report
- With automation, you have the ability to access reporting tools which can help with managerial oversight. Instead of gathering all the data and putting it together into something digestible for the executives in your company, the reporting tools you need are all there for you
- When all of your data is on point, you’re able to collect your cash faster. Since everything is organized for you, all you have to do is worry about making your collection calls. More time is spent collecting, which means you’re getting paid faster