Accounts receivable is one of the most important assets in your business. You can sell as much products or services as you want, but if you don’t collect on your payments, what’s the point? The only way your company can continue to grow is by opening up your accounts receivable and ensuring all your earned money is collected on. This reduce the number of loans and debt your company ends up having to use, since you have all the cash you need straight from your invoices which can be invested back into your company.
There are two main sources that companies use to manage their accounts receivable: spreadsheets and highlighters or their ERP system. These two processes are never enough. Spreadsheets and highlighters are simply rife with errors. You can easily forget about a customer or miss a past due invoice. By using your ERP system, your processes are extremely manual. Emails have to be sent out sometimes one-by-one. Collectors are trying to figure out who they need to call next and rifling through the information they have on the customer and your customers have to pay either by phone or wait for a check to be sent in the mail. This is all true of Intacct Accounts Receivable Software too.
WHY INTACCT ACCOUNTS RECEIVABLE SOFTWARE ISN’T ENOUGH
Intacct accounts receivable software isn’t bad. It definitely makes the collections process a little easier and automated than most other tools. However, it simply just doesn’t go far enough. The tool does not have a built-in way for you to send automated emails, such as collection letters, past due notices or invoices. This means you are manually crafting emails, one by one, for each customer. Depending on the size of your team, this could take up an entire day of work, every day, leaving no left-over time to be calling up the customers who need it most. There are many more features that are needed in order to truly automate the process of collecting. Intacct accounts receivable software does the job for some, but many businesses need more functionality to see an improvement in their collections process.
ADDITIONAL ACCOUNTS RECEIVABLE SOFTWARE FEATURES YOU NEED
Every day when your collectors come into the office, they need to know exactly where to focus their attention. Without an automated prioritized workflow, collectors will spend a decent amount of time just trying to figure out who they need to contact and when. When using prioritized workflow, the accounts receivable software tells you exactly who to call based on the latest or largest accounts, focusing your accounts receivable process.
PHONE CALL MANAGEMENT
Making phone calls is one of the most important components of accounts receivable practices. When an account has gone past due, one of the quickest ways to get them back on track is by giving them a call. Further, keeping track of those calls makes a difference in how you deal with the customer the next time. Accounts receivable software for Intacct should allow you to record and transcribe every call for transparency into every encounter with a customer.
INVOICE DISPUTE MANAGEMENT
Invoice disputes end up being a barrier to getting paid. It pushes the payment back even further because a customer has to wait for corrections and a resolution before they will ever pay you. The longer an invoice is in dispute, the less likely chance you will collect on the full invoice. It’s important that your Intacct accounts receivable software allows you to track invoice disputes by reason code. Used for reporting, you can then analyze which invoice disputes are occurring most often and how you can lessen or eliminate those issues.
ONLINE BILL PAY
Sitting and waiting for checks in the mail? That puts a large hurdle in the way of collecting. Checks get lost or take forever, and then they have to manually input into your ERP and cashed. Customers calling in with credit card info? How many hours have you wasted inputting those numbers manually, or possible inputting those numbers incorrectly? Accounts receivable software for Intacct should allow customers to make their own payments in a payment portal, allowing them to self serve and saving you time.