Streamline Your Collections with AR Automation
With remote work expected to remain the new normal for the foreseeable future, it will be especially trying for these organizations to maintain business continuity within their current processes. Luckily, solutions like AR automation can help to eliminate the mundane tasks that tie up your finance team, enabling a more streamlined collections experience that ensures continuity for your business.
Consider a day in the life of a Credit and Collections Manager today. They are required to check several accounting systems and their ERP for updates on customers’ standing. Credit managers will oftentimes need to manually input or manipulate this data into different reports for internal purposes, before cross-referencing it with their ERP and accounting systems, perform follow-ups with clients, all while tracking these interactions in a separate CRM tool.
Considering all of this effort, there are three main challenges that a manual collections process brings with it:
There is a better approach to this process and it all begins with automation.
An important benefit of automating collections is the ability to move from task-based collections to exceptions-based collections. Task-based collections management is the traditional collections approach in which credit and collections teams spend their days working through exhaustive ‘to-do’ lists, including: manually investigate historical data for debts and bills, send emails to customers when they are XX days past due, process payments and refunds, update account status records, resolve billing issues, and so on. With exceptions-based collections management, automation does the bulk of the work so that you and your team only need to step in when human interaction is absolutely required to get the job done.
If you’d like to learn more about how your business can streamline its collections with AR automation, please contact us directly and we’ll be happy to answer any questions you have.
Katie Canton has been helping companies develop and implement successful social media, content marketing, and marketing communications strategies for more than 10 years. Since joining VersaPay in 2018, she writes on topics such accounts receivables automation, Customer-Centric AR, collections management, and fintech.
Apr 15th, 2020
The Better Way To Manage Sales Discounts With AR Automation
Sep 16th, 2020
Sales discounts is a great way to incentivize early payments. But, managing and accounting for them can mean added work for your finance team. Here are 4 ways you can better enable your team to manages sales discounts and drive efficiencies.
8 Ways You Can Automate Your Collections Process
Aug 26th, 2020
It’s no secret that your collections process can be incredibly mundane, leaving your finance team unmotivated to complete their work each day. We’ve assembled eight strategies we recommend when looking towards collections automation.
What it’s Like to Be a Marketing Intern at Versapay
Aug 19th, 2020
I made the life-changing decision six years ago to move to Toronto from China for my education. It should come as no surprise then that I’m someone who loves taking on new adventures and challenges—and my co-op term with Versapay was just that.