We are all too familiar with coming into the office during the flu season to find many members of the accounts receivable team out sick. With the advent of the coronavirus in China this may be a bigger problem than usual this year.
Internal communication among your accounts receivable team is difficult under any circumstance when accounts receivable are not automated. When members of your accounts receivable team are out sick, the lack of accounts receivable automation makes it very difficult to fill in for absent employees and get up to speed on the status of an account.
Rummaging through files and trying to decipher hand written notes drags down productivity. Ultimately accounts go uncollected, orders remain on credit hold and cash flow suffers. With automation, it is much easier to keep credit, accounts receivable and collection operations running because automation makes information easier to access, disseminate and share.
Here are some ways you can use automation to improve communication among your accounts receivable team.
With online notes you can keep up to date on an account and easily access the information whenever you need it such as during a customer call. And, since the notes are online, members of the accounts receivable team and other authorized stakeholders can access the information easily and be up to date on the status of an account quickly.
Work flow capability makes it easy to disseminate information and copies of documents to internal and external stakeholders. This feature helps to facilitate the quick resolution of credit holds, credit approvals, disputes and collection matters and distribution of important documents. Accounts receivable team members can easily access needed information and keep up to date on an account when needed.
Having a customer portal makes it easy for any of your accounts receivable team members to access information on an account. A customer portal with capability to report disputes and make promises to pay facilitates disputes and payments and makes it easy to be up to date on an account.
Cloud-based automated accounts receivable applications make accessing information easier. Your accounts receivable team does not have to be tied to the office or work only during office hours. Team members can work remotely and be up to date on an account when they need the information.
Automating accounts receivable will improve internal communication among your accounts receivable team by making information easier to access, disseminate and share. Whether they are in the office or working remotely, automation will make it easier for your accounts receivable team to communicate internally.
The key to successfully automating accounts receivable and improving internal communication is to work with an experienced software partner.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you to automate your accounts receivable and improve internal communications.
If you would like to learn more about how you can benefit from automating your accounts receivable, please contact Lockstep Collect at www.lockstep.io.