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Securing on-time payment collections can be the difference between profitability and business turmoil. During periods of economic uncertainty, B2B companies find it more critical (and more challenging) to get paid on time. Thankfully, accounts receivable (AR) automation can help build business resilience.
Timely invoice payments protect businesses from financial strain. Improving AR processes with automation addresses collection delays caused by manual invoicing and legacy payments helps global businesses remain resilient even when the economy takes a turn. Explore these five ways you can use AR automation to persevere amid uncertainty:
- Gain Access to More of the Capital You’ve Already Earned
- Improve Customer Experience for Better Retention
- Meet the Growing B2B Demand for Modern Payment Solutions
- Improve Collections and Communication with Situation-Based Personalization
- Establish a Single Source of Truth for Reliable Operations
1. Gain Access to More of the Capital You’ve Already Earned
In today’s global economy, interest rates are high and borrowing money is expensive. Finance teams that use AR automation are better positioned to collect money faster and more consistently. This makes your business less reliant on loans even in traditionally lean times of the year.
AR automation reduces Days Sales Outstanding (DSO) through strategic communications, automated notifications and reminders, and better payment visibility. According to our survey, “The State of Automating Accounts Receivable,” more than half of companies that automate at least some of their AR processes improve cash flow. Reducing DSO means your company gets paid faster and can apply those funds toward payroll, operational costs and other financial obligations sooner. It eliminates the need to take on debt to cover expenses.
2. Improve Customer Experience for Better Retention
AR automation not only improves operations for your team, but it also strengthens customer loyalty. Customers expect a seamless payment experience, the ability to use their desired payment types and transparency. AR automation supports all of this.
According to our survey, organizations that implemented AR automation:
- Increased customer satisfaction (67%)
- Had better customer retention (56%)
- Won more business from existing customers (54%)
With automated communications and a customer portal, customers always know where their accounts stand. Letting customers save their payment information and set up automated payments removes friction for them and you.
These streamlined payment processes also free up your team members to better assist customers who require specific attention, further improving customer relations.
3. Meet the Growing B2B Demand for Modern Payment Solutions
Don’t forget that your B2B buyers also shop as consumers and now expect certain features and a level of ease when making payments, whether for themselves or for work. In response, B2B companies are adopting these features, and AR automation can help.
AR automation software includes several features that enable companies to offer consumer-like transaction experiences, including:
- Automated payment processing
- Self-service via customer portals
- Embedded payments links within emails and/or text messages
Automating these services also ensures better accuracy. Manual processes are more prone to error, which can create unnecessary bottlenecks for your team.
4. Improve Collections and Communication with Situation-Based Personalization
Different customers have different needs. You wouldn’t treat a long-time customer that always pays on time the same way you treat one that is chronically late.
AR automation allows teams to create custom communication cadences based on different triggers. A missed payment from that chronically late customer might kick off a collection cadence and put a hold on the account. However, a missed payment from another customer might put them in a workflow for a phone call. This helps your team triage work correctly and leverage automated workflows to improve the likelihood of payment and decrease DSO.
5. Establish a Single Source of Truth for Reliable Operations
Company org charts aren’t static as people get promoted or exit. Manual AR processes fail to plan for a future where roles shift, and people either leave or change job responsibilities. Automated AR systems, on the other hand, centralize data and design processes to be easily picked up by new personnel.
Leaving money on the table in the form of delayed or delinquent payments isn’t an option. AR automation software helps businesses reduce late payments and improve cash flow, helping to build greater resilience even in an uncertain economy.
Want to understand how AR automation could boost your business resiliency? Contact a BlueSnap Payments Expert today to learn how we can help you improve your cash flow.
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.
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.
How does AR Automation help my business get paid faster?
By automating manual AR tasks such as invoicing, billing setup and regular customer communication, your team spends less time chasing payments and more time on strategic financial initiatives. Automated payment reminders and a self-service payment portal make it easy for customers to pay quickly and schedule automatic payments. The results? Faster cash collection and reduced days sales outstanding (DSO).
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 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.
BlueSnap’s AR Automation provides enablement, automation and insights to help businesses operate more efficiently.
AR Automation works in conjunction with your current accounting system or as a stand-alone service. We work with companies of all sizes and across most industries, focusing on these key areas.
- Automate 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.
- Streamline 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.
- Unlock 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. Review real-time team activity and performance.
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 AR Automation with my existing ERP or accounting software?
Yes. BlueSnap AR Automation integrates with leading ERP and accounting platforms, including NetSuite, QuickBooks, Microsoft Dynamics 365 Business Central, Sage Intacct and others. BlueSnap offers a bi-directional sync with these systems to reduce manual data entry, maintain accurate financial records and allow your ERP to be the single source of truth for your business.
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.
What differentiates BlueSnap from other AR solutions?
Unlike many AR solutions that require separate payment processors or third-party integrations, BlueSnap provides a single integration that combines AR automation with built-in global payment processing. This means faster time-to-value, fewer integration headaches and better payment optimization — helping you collect invoice payments faster and operate more efficiently worldwide.
Can BlueSnap’s AR automation handle global sales?
Absolutely. Our Payment Orchestration Platform is designed to enable effective global sales, and AR automation is an important part of that. Our AR automation software handles the global currencies and payment types your customers want. Plus, our team handles regional regulations, so all your payments stay compliant and secure.