Losing a customer can result in a hit to your profits and shareholder value. Finding new customers can be difficult and expensive. Companies are increasingly recognizing the importance of customer experience and its impact on customer retention. From onboarding through accounts receivable (AR), companies are looking for ways to improve customer experience and retention.
Here are three ways AR automation improves customer experience.
Improves Business Transactions
If you have manual invoicing and accounts receivable processes, it is more difficult for a customer to do business with your company. Customers have to receive your invoices and statements through the mail, and manually process them, increasing the likelihood that you will not be paid on-time. Manual processing can increase both errors as well as costs for customers, while hampering the customer experience with your company. Your company will score lower in vendor ranking systems and risk losing future business opportunities.
AR automation with an online customer portal eliminates the need for manual processing by your customer, while reducing costs and increasing efficiency for them. Customers will get the experience they expect in 2021, and your company will score well on transaction processing in vendor rankings.
Facilitates Remote Work
Many companies have had their administrative staff work remotely to comply with public health restrictions, over the past 18 months. If you have manual invoicing and AR, and your customer has automated processes, it makes it more difficult for customers working remotely to operate efficiently and pay you on-time. Manual paperwork often requires access to mail and physical files at the office, and personal interaction with other office staff to resolve issues and complete processing, which is next to impossible for a remotely staffed customer.
AR automation makes it possible for you to transact business with customers regardless of where they are located enhancing customer experience.
Simplifies the Payments Experience
AR automation makes it possible for you to accept all forms of payment including electronic payments. An online portal facilitates reporting and resolution of disputes and makes it easy to obtain copies of invoices and statements. AR automation with an online customer portal enhances customer experience and increases on-time payments.
AR automation enhances customer experience and improves retention by making it easier and more efficient for customers to do business with your company. Automation also improves your AR team’s efficiency and reduces late payments.
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 back 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 tools and robust collections activity management automation.