How to Keep Your Accounts Receivable Team Motivated and Happy
For some AR Teams, it might feel like another time, another life, but for most AR teams, the process of payment matching had its own set of challenges which not only consumed time but was prone to errors: 1. Labour Intensive and Time Consuming Manual Data Collection: AR teams had to manually retrieve bank statements and payment advice from different sources (emails, portals, etc.), which consumed a lot of time. Slow Matching Process: Manually matching payments with invoices was extremely labour-intensive, especially if the amounts were different or if the payment involved multiple invoices. Follow Up with Customers: If payment advice was missing, AR teams had to manually contact customers, and that used to cause additional unnecessary delays. THE IMPACT: The process slowed down cash application and delayed cash flow visibility . The time spent manually matching payments reduced AR team productivity. 2. High Error Rates Data Entry Errors: Manually inputting data from bank statement