Overview

Many aspects of businesses can now be automated to streamline many processes, including accounts receivables (AR). By automating these financial processes, you can make a huge difference to both your business and its clients. Accounts receivables can often be challenging for many firms that are still doing their accounting the manual way. Even those companies that are computerized, but do not have all the tools at their fingertips to effectively manage their accounts receivable may require more control.

Here are a few reasons why automating your AR can be beneficial for your company.

1. Standardize Your Collection Processes

Each member of your accounting team may have a different process for handling accounts receivables that come in. Your business can easily suffer from inefficient processing of payments if there is no adequate coordination in place. Having an automatic process for your records through your business’s ERP system can streamline the whole plan, and make it simpler for your company to be paid on time, every time.

2. Time Saved

Having an effective automated AR system in place can significantly lower the number of hours your accounting staff spends taking care of the books. All that extra time can help employees dedicate more time to other more important tasks associated with their job. Not only that, but fewer employees dealing with payments will result in less mistakes. Human error is common, especially when overwhelmed with work and an AR process that’s way out-of-date.

3. Improves Customer Service

Your business’s level of service can be dramatically improved when you consolidate your client data and records. It can be a real nuisance to have many clients call in about invoices that have been misplaced. By automating your AR, you can virtually eliminate this issue, as all customer information will be available all in one convenient spot.

4. Quicker Payments

Automating your AR can increase how fast customers can pay off their invoices. For starters, invoices can be made available right away for customers to look over and check for information that is incorrect. Customers can also be notified of an impending charge for a bill so that the waiting period for payment can be shortened. Having an online portal makes it easier for clients to pay your business for its services, which also provides a record of the paid fee both for your customer’s records and yours.

Automation of accounts receivables can streamline your financials, which makes things easier for you, your employees, and your clients.

In Parts II through IV of this series, you will be presented with tips and procedures on how Oneir Solutions Inc will take Accounts Receivable Management to the next level and how you will make your company more competitive.

Specifically:
● Part II: Credit Policies
● Part III: Using Overdue Interest to Encourage On-Time Payments
● Part IV: Collection Administration

For more information contact [email protected] or telephone 1-877-322-3580 Ext 1.