Would you like to lower your DSO by 12 days or more, enhance customer experience, and keep your AR team happy? Accounts receivable automation will eliminate manual AR processes, increase cash flow, and keep your AR team and customers happy.
Manual AR tasks were a challenge for many companies before the pandemic. Valuable time that could have been spent contacting high priority collection accounts was needlessly diverted to tedious, time consuming, low-value manual AR tasks. As a consequence, collections suffered and DSO increased.
When the pandemic forced many AR departments to work remotely, companies with Manual AR processes had to scramble to find ways to perform the manual tasks handled at the office. Efficiency and collections deteriorated, customer experience suffered, and DSO increased further.
Collections automation can eliminate manual tasks, increase collections, reduce DSO, keep your AR team happy, and enhance customer experience. Automating just a few time consuming tasks can make a big difference in collections and cash flow.
Here are some ideas for automating time-consuming manual AR processes.
Electronic invoices save the time required to manually create, process and mail invoices. They reduce errors since much of the information needed is automatically drawn from data files and templates. The information on an electronic invoice also automatically updates your financial software and ERP, eliminating data entry and the opportunity for errors.
On the other side of the transaction, customer experience is enhanced with electronic invoices. Customers save the tine needed to process a manual invoice. It’s a win-win-situation for you and your customer.
Automatically generated payment reminders with electronic payment hyperlinks save the time needed to process reminders, and encourages prompt electronic payment increasing cash flow.
Reports and Forecasts
AR automation can save the time your team needs to manually gather, process, and present AR information for reports and forecasts. Automatically generated reports and forecasts are also based on real-time data increasing their usefulness, and they can be shared with internal stakeholders, facilitating communication.
AR automation can eliminate manual AR tasks, increase collections, reduce DSO, and keep your AR team and customers happy. Automating just a few manual AR processes can significantly improve your AR team’s performance and job satisfaction.
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 or visit us at www.lockstep.io