If you’re still on the fence about automating your accounts receivable duties, there’s no need to rush into things. Let’s continue looking at some of the reasons why businesses invest in the industry-specific ERP solutions from Oneir Solutions.
Here’s Part II in our series about the benefits of automating your accounts receivable.
Controlling Credit Policies
Are you aware of your company’s credit policy? Asking this question is important, especially if you run a high-volume business that makes and receives a wide range of payments on a daily, weekly or monthly basis. If a company doesn’t have a credit policy and there’s nothing distributed throughout the business for employees, they’re just asking for complications when it comes to accounts receivables.
For this reason, it may be beneficial to consider consolidating all of your company’s payment procedures and policies under one umbrella. This is where innovative and industry-specific ERP software can come in handy. By automating the accounting process, you can also implement a comprehensive credit policy, detailing clear guidelines and rules that apply to all departments.
You can also have built-in responses for clients, payment timelines and more solutions that add additional oversight.
Ensure No Payments are Overlooked
Another leading advantage of automating accounts receivables is that it streamlines the payment process and ensures that no payments are ever overlooked. Some of the most attractive solutions offered by industry-specific ERP software includes:
- Collection of Outstanding Payments: This is done through either direct debit from client bank accounts or charging the amounts to customers’ credit cards.
- Stats on Payment History: ERP software also lets you pull up stats on customer payment history, invoices, and average days it takes them to pay for items on credit.
- Credit Rating Warnings: You can also set up the software to solicit the sales staff to provide warnings if they sense a change in credit with particular customers.
Enforcing Credit Policy
Once you have a clearly determined credit policy in place for your company and ensure all employees are following suit, automating your accounts also makes enforcing it much easier. This is because the software from Oneir Solutions is designed to be customized for your needs. For example, when taking an order, there’s a detailed and visible history of that particular account that also displays the accounts receivable status.
Those taking orders can refer to the window to determine if there are any overdue accounts before enabling them to place an additional order. It will also compare the customer’s balance with their particular credit limit. Of course, the best time to get paid if the customer is delinquent is when they need to order more products.
Let Oneir Solutions Outfit You with Industry-Specific ERP Software
Streamlining and automating your accounts receivables will help improve customer service, ensure no payments are overlooked and offer added oversight during the payment process. To learn more about whether the innovative ERP software from Oneir Solutions is right for your company, contact them today. You can also visit them online to request a free demo.