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.
Apr 15th, 2020
[Podcast] The Future of B2B Commerce is Collaborative
May 5th, 2021
The future of B2B commerce is collaborative. Learn 5 key trends reshaping the payments landscape and discover why companies should embrace collaboration.
Q&A: How to Prepare for Success in a Post-Pandemic World (According to Finance and Accounting Pros)
Apr 29th, 2021
Finance and accounting pros are at the forefront of businesses’ digital transformation, continuously adapting to the new normal to keep cash coming in the door. These four experts share how businesses can position themselves for success in a post-pandemic world.
What Is Collaborative Commerce? Managing Order-to-Cash Post-Pandemic
Apr 22nd, 2021
With business increasingly migrating online, there’s more opportunity to automate routine processes by connecting companies’ systems. Learn what collaborative commerce is and how it’ll help accounting and finance teams manage order-to-cash in the new normal.