5 Ways AR Teams Fuel Business Growth with Mobile Capabilities
- 3 min read
This blog explores the benefits associated with empowering your accounts receivable teams to remotely capture customer payments using mobile devices.
Does your business have sales or other field personnel that frequently collect customer payments, and even spend time going to the bank to make deposits? There is a better way. By arming field teams with mobile accounts receivable capabilities, your AR team can up its game and play a strategic role in driving employee productivity, customer satisfaction, and business growth.
Check out this list of five benefits that leading AR teams have already realized by enabling sales and other field teams to remotely capture customer payments with mobile devices.
1. Improve productivity of sales teams and other field employees while mitigating risk of lost payments.
Your sales and delivery personnel have revenue-generating and relationship-building activities to focus on. Save them from unnecessary trips to the bank, which may not always happen right away thereby slowing cash flow or introducing the risk of losing checks that contain sensitive customer banking information.
2. Reduce DSO and provide your business with faster access to cash by accepting payments via employees in the field.
With 66% of senior executives saying cash flow is among their top three concerns, the impact of speeding collections cannot be underestimated
3. Create massive AR efficiencies and ensure financial process continuity no matter where teams are working.
Imagine a payment going from your customers’ hands to your ERP without anyone in AR having to key information or manually apply cash. Payments captured in the field via mobile AR can be automatically applied and posted, with updates to your ERP.
Mobile AR capabilities are often part of broader cash application automation solutions which help teams reconcile payments quickly and easily. 54% of CFOs plan to make remote work a permanent option and 56% say strategic technology investments will improve their companies’ long-term performance. If you’ve waited to assess AR automation technologies, now is the time.
4. Improve relationships with your key customers by enabling them to pay you how and when they want.
With 15 industries indicating that more than 10% of their accounts are more than 90 days past due as of the end of Q3 2020, do you really want to refuse an immediate, onsite payment? And who doesn’t want to give a customer one more reason to keep doing business with you?
5. Innovate and be ready for the future.
The mobile trend is here to stay, and we know that consumer behavior and payment preferences pave the way for business-to-business transactions, too. The number of people using digital wallets will increase to nearly 4 billion, or 50% of the world’s population, by 2024. Become an AR department that harnesses the power of and preference for technology to drive real business impact.
Learn about the practices and technologies that help you ensure every payment matches an open receivable.