Accounts Receivable Automation

The Accounts Receivable function, for any organization, is well placed to strengthen its cash flow, improve its working capital and even contribute significantly to customer satisfaction. However, efficiently managing their Accounts Receivable Process for any organization is a tedious process and it’s making them rethink their AR in a strategic way with the goal to shorten the entire invoice-to-cash cycle, reduce costs, improve process visibility and release additional liquidity. Currently, the AR teams keep themselves extremely busy with several activities that include, credit management, invoicing, tracking aging reports & payments, sending reminders, dispute resolution, maintaining accurate customer master data, cash application, payment collection, payment reconciliation etc. etc. All these tasks are highly repetitive and rely on outdated paper-based processes and manual interventions that could lead to delays in payments, increase in costs, errors that lead to disputes, and li

Effective accounts receivable management is critical to the success of any business, as it helps to improve cash flow, reduce bad debt, and increase customer satisfaction. As businesses grow, effective   management of accounts receivable  becomes imperative. And there comes a point where thousands of invoices are generated by the organisation, and the manual process of accounts receivable becomes counterproductive for the businesses. According to a report by Markets and Markets, the accounts receivable automation market is expected to reach USD 3.0 billion by 2024, growing at a CAGR of 12.1% from 2019 to 2024. The increasing adoption of cloud-based solutions, the need for cost reduction and efficiency improvement, and the growing demand for better customer relationship management are some of the factors driving the growth of this market. The reason for such an increased adoption is since as businesses grow and the volume of accounts receivable increases, managing invoices, tracking pay

From processing invoices to tracking payments to managing collections, Accounts Receivable (AR) Management can be challenging for businesses. However, with advancements in technology, automation tools have emerged that can help businesses streamline their AR processes, overcome these challenges, and not only improve efficiency, accuracy, but also bring about cost savings: MANUAL DATA ENTRY AND PROCESSING One of the biggest challenges in AR management is manual data entry and processing. This is a time-consuming and error-prone process, that can make payment tracking tedious and difficult. It can eventually lead to payment delays or even bad debt. However, with AR automation, businesses can streamline their invoice processing and payment tracking by automating these tasks. AR automation tools can extract invoice data automatically, eliminating the need for manual data entry, and can even automatically match payments to invoices, reducing the risk of errors and delays. INEFFICIENT COLLEC