Ways to Accept Payments
Cross-Border Payments
Payment Optimization
Payment Types & Currencies
Fraud Prevention
Chargeback Management
Compliance
Payment Analytics & Reporting
Accounts Receivable Automation
Subscriptions & Recurring Billing
Invoice Payments
Virtual Terminal
Sandbox
Production
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 Many businesses are still relying on manual processes and outdated legacy systems to manage their AR process.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.
Related Resources:
- The Business Case for AR Automation [Infographic]
- 5 B2B Invoicing Missteps and How Invoice Automation Can Help
- AR Automation Software Buying Guide
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?
While you can automate your entire AR process, you certainly don’t have to. The flexibility of our AR automation solution ensures that you only automate the processes that you want to. This includes integrating with accounting, ERP and CRM software systems. Our AR automation solution comes pre-integrated with the software that you already use, so when you do want to start the automation process you can avoid complex onboarding or coding.
What are the advantages of AR automation?
- Fewer manual tasks mean less busy work for your teams, allowing them to focus on higher value operations.
- Automatic account updating means immediate updates and instant notifications, reducing costly downtime and ensuring that payments are faster.
- Dashboards are updated in real time, providing instant insights into important metrics such as AR performance, customer accounts, payment processing and more, for better overall data management.
- Faster turnaround times and fewer errors result in less frustration for customers, while branded portals offer secure places for them to pay online.
- Overall improved efficiency saves your company money, makes it easier to scale and can lead to more business opportunities.
Can AR automation also handle subscriptions?
Yes. Subscriptions are automatically calculated in terms of recurring revenue. All of this information is placed in the reports section. The system breaks down all subscription revenue to its recurring monthly component, keeping track of all subscription revenue.