The many features that automate manual accounts receivable tasks will be taken off the plate of collectors when using accounts receivable software. By doing this, accounts receivable software allows collectors to stay focused on their most important tasks. Instead of working with their hands, they are able to work with their brains. Working smarter, not harder.
The benefits of using accounts receivable vary from time and money saved to having more confidence in your accounts receivable team. Below are a few of those benefits of accounts receivable software.
GET PAID 20 PERCENT FASTER
According to PayStream Advisors, using an accounts receivable software can help an organization get paid 20 percent faster. When your collectors are no longer sending out mindless email after mindless email, inputting data from the ERP system into a spreadsheet or copying down credit card numbers from customers, they are able to improve their collection strategy and begin creating a collection system that works to get them paid faster.
Users of automated accounts receivable software have reported saving up to 600 hours of accounts receivable time. Consider the amount of time it takes to send an email. First, you have to gather a list of those that need to receive a past due notice, welcome letter or invoice. Then, you need to find out the customer’s specific information and gather any supporting documents. Finally, you craft the email and send it out. This can take about 5 minutes of time. If you have just 100 customers who need an email sent to them, this is an entire day’s work. By allowing accounts receivable software to send out these emails for you, you’re saving an enormous amount of time.
With a prioritized workflow in accounts receivable software, collectors are able to find out exactly what they need to do as soon as they log in. The software will alert them to all accounts that are overdue, accounts that have a dispute, any new emails and messages from customers and let them know which accounts they need to start for the day. By prioritizing the workflow for the collector, less time is spent organizing and more time is spent collecting.
VISIBILITY & TRANSPARENCY
If a collector goes out of town for vacation or is home sick, your collections efforts shouldn’t come to a halt. With automated accounts receivable software, the collections emails will continue to go out. If someone else needs to take over the accounts for a week, they can see exactly who was contacted recently and where they are at in the collections process.