AR collections automation is the digital transformation of processes to automated collections solutions. Automation increases collections, accelerates cash flow, improves efficiency and enhances customer experience.
Accounts receivable collection automation includes digitizing the following processes to achieve accounts receivable goals.
Digital access to collections solutions is essential for your team and customers in the new normal. Cloud- based collections provide access from anywhere at any time. They facilitate remote work and flexible work schedules. Cloud-based solutions provide dependable, robust computing power to support automated collections.
Email driven by a rules engine enables customized email messages timed to reach customers when they are more likely to read them and take action, increasing collections and reducing DSO. Digital communications give your collections team more time to contact high priority accounts. More customer contact results in increased collections.
Online Customer Self-Service
A self-serve customer portal helps to achieve collections goals, improve efficiency for your team and customers, and enhance customer experience. Customers want the flexibility and efficiency that a self-serve portal can provide. Customers want to manage their accounts when it suits them. They don’t want to have to contact your team for routine transactions, and your team doesn’t want to spend time on manual tasks. Self-service works for everyone.
Collections Activity Management
Activity management solutions help to focus your collections team on priority collections to reduce DSO and increase efficiency. It provides a 360-degree account overview, prioritizes accounts, and helps to keep your team on task. Time that was spent trying to prioritize accounts can be spent contacting priority accounts.
Reporting & Forecasting
Stakeholders need to be updated on a timely basis on KPIs and cash flow forecasts. Automation enables real-time reporting and forecasting. It eliminates the need to tie up resources to manually analyze data and produce reports and forecasts, so more time can be spent achieving AR goals.
Accounts receivable collection automation digitally transforms collections processes. It helps to reduce DSO, accelerate cash flow, increase efficiency and enhance customer experience.
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 at www.lockstep.io