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What is Accounts Receivable Automation & Why You Should Consider It?

The accounts receivable department handles invoicing, customer communication, reconciliations, and collection reports. This process is critical yet repetitive, often draining resources. <br>Visit: https://qxglobalgroup.com/uk/services/qxfa/outsource-accounts-receivable/<br>

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What is Accounts Receivable Automation & Why You Should Consider It?

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  1. What is Accounts Receivable Automation & Why You Should Consider It for Your Business?

  2. Introduction • The accounts receivable department handles invoicing, customer communication, reconciliations, and collection reports. • This process is critical yet repetitive, often draining resources. • Many finance leaders are now adopting accounts receivable automation to streamline these processes. • Let's explore how technology can optimise accounts receivable and why it's beneficial for your business.

  3. What is Accounts Receivable Automation? • Accounts receivable is a multi-step process starting with invoice generation and ending with insightful reporting. • Steps include: • Invoicing • Dunning (Follow-ups) • Payments • Reporting • Automation optimises each step, enhancing efficiency and accuracy.

  4. INVOICING • Traditional invoicing involves creating and mailing paper invoices, taking 3-5 business days, and is prone to errors. • Automation Benefits: • Instantly generates accurate invoices. • Initiates immediate communication with customers. • Increases the probability of faster payments. • Eliminates postage costs.

  5. DUNNING • Traditional follow-ups require manual reminders, risking delayed payments or strained customer relationships. • Automation Benefits: • Schedules communications efficiently. • Sends professional reminders about payments and documents. • Streamlines the follow-up process.

  6. PAYMENTS • Goal: Ensure timely customer payments. • Automation Benefits: • Provides a flexible and user-friendly payment system. • Supports various payment modes (credit cards, ACH). • Enables automatic recurring payments for customers. • Ensures faster payments.

  7. REPORTING • CFOs and business owners expect detailed collection reports. • Automation Benefits: • Generates timely, customised reports. • Facilitates informed decision-making. • Opens the door for further optimisation.

  8. Benefits of Accounts Receivable Automation . . Reduced Operating Costs Healthier DSOs Reduces Days Sales Outstanding, speeding up cash flow. Saves up to 50% by automating repetitive tasks. Efficient, Accurate Collections Happier Customers Minimises human errors and standardises processes. Ensures accurate invoicing, user-friendly interfaces, and frequent, automated communication.

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