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Everyone can agree that managing a single invoice from quote-to-cash shouldn’t take 11 hours, nor should 15 different people be involved to complete the process. But our Progressing Payments Report found that this is what goes into manual invoice processing. Many businesses are still relying on manual processes and outdated legacy systems to manage their AR process. Yet, what’s the cost to employee morale?
An efficient AR process is essential for any company that depends on invoices for payment. Your AR process directly impacts cash flow, employee productivity, customer experience and your ability to plan for the future. And inefficient, manual processes can bring your business to a halt.
But, manual invoicing processes take a toll on employees, who are forced to waste their time and energy on practices that could be replaced by digital solutions. AR delays can lead to additional employee dissatisfaction by slowing raises and straining resources. This impacts employee morale and encourages individuals to seek other opportunities that better use their skills and time.
Strengthening your business’s cash flow with more automated, digital AR software can improve your company’s financial management and improve your ability to retain top talent.
Stop Wasting Employee Potential on Manual Invoice Processes
According to our report, 27% of businesses say they face challenges retaining top employees because of their poor accounts receivable processing. Even employees not directly involved in the AR process are impacted by the negative effects the processes have on operations.
Take, for instance, BlueSnap customer Valvoline. Before implementing AR automation, their accounts receivable team was always behind, trying to collect late payments. With BlueSnap’s AR automation solutions, they were able to reduce their Days Sales Outstanding by 87% and to free their team up to do more value-added work.
Improve Employee Productivity & Morale with Automation Software
Human resources teams understand the costs and resources needed to hire and ramp new employees. In an attempt to avoid them, many companies are planning to invest more in AR automation software, believing it will help improve productivity (32%) and increase employee morale (18%).
While businesses may have been hesitant to incorporate more automation in the past, the positive impacts of improving cash flow, increasing productivity, reducing human error and positively impacting employee retention make looking at AR automation solutions a priority today.
Investing in AR automation is an investment in what your employees desperately need to function properly and remain productive. If businesses continue to resist changing with the times, there will be clear impacts on their staff. Then, in addition to cash flow and inefficiencies, companies will also have to deal with the painful, yet avoidable issue of recruitment. All of this presents a legitimate threat to the health of any organization, but fortunately, a little AR automation can go a long way to keep businesses running smoothly.
Frequently Asked Questions
What is AR automation?
AR automation, or accounts receivable automation, is the process by which manual accounts receivable tasks such as producing, sending and uploading invoices are instead handled by software. AR automation software can handle the entire accounts receivable process, allowing you the ability to automate any task you’d like to optimize.
Do I have to automate my entire AR process?
No, you do not have to automate your entire AR process with BlueSnap. The flexibility of BlueSnap’s AR Automation solution ensures that you only automate the processes you want to. This includes integrating with accounting, ERP and CRM software systems. BlueSnap AR Automation comes pre-integrated with the software you already use, so when you do want to start automating, you can do so without complex onboarding or coding.
What are the advantages of AR automation?
The advantages of AR automation include fewer manual tasks taking your team’s time, automatic account updates, live dashboards, improved customer experience and increased efficiency. Here’s how each benefit plays out:
- Fewer manual tasks mean less busy work for your teams, and more time to focus on higher value operations
- Automatic account updating keeps customers’ payment details up to date so more payments go through
- Live dashboards with real-time updates provide instant insights into important metrics for better overall data management
- Improved customer satisfaction through better communication and visibility from the customer portal, meaning you get paid faster and fewer accounts go into collections
- Improved efficiency helps you save money, making it easier for your business to scale
How does AR Automation help my business get paid faster?
AR Automation helps your business get paid faster by automating manual AR tasks such as invoicing, billing setup and regular customer communication. Automated payment reminders and a self-service payment portal make it easy for customers to pay quickly and schedule automatic payments. The results are faster cash collection and reduced Days Sales Outstanding (DSO).
Does BlueSnap AR Automation help reduce operational costs?
Yes. By eliminating manual processes such as printing, mailing and manually tracking invoices, your business can reduce administrative overhead. Additionally, automation reduces the risk of human error, late payments and lost invoices, ultimately improving financial efficiency.
Can I integrate BlueSnap’s Invoicing & Billing solutions with my existing ERP or accounting software?
Yes. BlueSnap supports integrations with popular accounting and ERP systems like NetSuite, Sage Intacct, QuickBooks, Xero, Microsoft Business Central, and more – allowing seamless synchronization of customer accounts, invoices, payments and templates.
Does BlueSnap support invoicing, billing automation and subscription management?
Yes. BlueSnap’s platform supports subscriptions and recurring billing, enabling customers to manage plans, update payment info and address expired cards. It also offers automated invoicing and AR workflows, making quote-to-cash, follow-ups and global invoice payments seamless and unified.
How do BlueSnap’s invoicing & Billing solutions help improve cash flow and reduce manual effort?
By replacing legacy processes with features like digital invoices, payment links, automatic payments, branded customer portals and robust reporting, businesses can speed up collections, reduce manual tasks and gain better forecasting capabilities.
What is BlueSnap Payment Link and how does it work for invoices?
BlueSnap Payment Link is a secure, unique URL embedded in an invoice or sent separately, enabling customers to pay online via a checkout page. Payment methods include credit cards, ACH, PayPal, and more. Settings like expiration date and user-defined amounts are customizable.
How can integrations improve AR?
Integrations streamline your AR process by connecting systems like accounting, CRM and invoicing tools — reducing manual work and helping you get paid faster.
What is BlueSnap’s AR Automation solution?
BlueSnap’s AR Automation solution streamlines the entire accounts receivable process, from invoice creation and delivery to payment collection and reconciliation. It helps businesses reduce manual effort, accelerate cash flow and improve the customer payment experience by leveraging automation, integrated payment processing and real-time reporting.
AR Automation works in conjunction with your current accounting system or as a stand-alone service, focusing on three key areas:
- Automating repetitive AR tasks — Create unlimited payment follow-up and billing communication rules (known as cadences). These cadences automate tasks that don’t need your attention and notify you of those that do.
- Streamlining billing — Create recurring payments, manage subscriptions, enable customer automatic billing, automatically apply late fees, manage coupons and create payment plans. Speed up payments and increase transparency with interactive customer portals and online payment options.
- Unlocking user and customer insights — Automatically log all user and customer events. Review full communication logs, call duration, email open tracking and invoice views. Customer health, average time to payment and aging trends are all calculated automatically.
What kind of reporting and insights are available in BlueSnap AR Automation?
BlueSnap AR Automation provides real-time reporting dashboards that provide visibility into outstanding invoices, payment statuses and customer payment behavior. These insights help finance teams make data-driven decisions to optimize collections and cash flow.