Why Businesses Are Procrastinating

This article delves into the reasons behind business procrastination in adopting new technologies and processes. It examines common factors such as fear of change, budget constraints, lack of expertise, and concerns about implementation disruptions. The piece also explores how organizational culture, risk aversion, and the comfort of familiar routines contribute to the hesitation. By understanding these barriers, businesses can better address and overcome them, paving the way for growth and innovation.

1. IMMINENT CHANGE IN THE PROCESS WILL DERAIL MY BUSINESS-AS-USUAL ASPECTS:

You're entirely correct if you think that automating your procedure for managing accounts receivable will significantly alter your company, but that’s no reason to be worried! The difficult part was to realize that a change is necessary. It's true that switching from a manual to an automated process would alter everything, but not in the way you might assume.

The actual stages and processes will stay precisely the same; you will still be sending customers’ bills and taking the necessary follow-up actions to guarantee on-time payment.

The distinction is that with automation, the system will handle the majority of repetitive and manual jobs for you. You won't have to spend endless hours updating spreadsheets, entering data again, printing outdated reports, searching through old emails, determining who to call, or switching between different systems thanks to accounts receivable automation. You can just focus on strategy that directly impacts your cash flow

2. AR AUTOMATION TOOLS ARE DIFFICULT TO HANDLE

AR Transformation tools like Inebura, a cutting-edge, ready to plug in non-monolithic AR platform comes API ready, SFTP ready and pre-loaded with multiple dashboards, innumerable functional modules to cater to different businesses, customisable templatized AR inputs, email integrated dispute/ issue tracker module, customer screens, pre-loaded schedulers as well as WhatsApp and email templates and one-click bulk reconciliation of invoices. These will help you to integrate Inebura with your existing system very easily .The whole gamut of knowledge and expertise that was accumulated by TanServ in AR Servicing in the large corporate and mid-market Segments from various industries has been used to develop Inebura.

We will also educate you how to make minor changes to the process on your own after it has been set up. Fear not—our staff is always available to assist and you may see the modifications prior to publishing them in the system to ensure that they are exactly what you want.

Although it will require some acclimatization on your part, using the system is simple. especially in contrast to the laborious and drawn-out manual procedures you probably use these days. For instance, you may effortlessly finish any task related to a certain customer on a single screen. This includes arranging correspondence with the customer, taking notes, transferring an account to another individual, gaining access to financial data, reviewing payment history, and much more.

3. AR AUTOMATION IS AN EXPENSIVE PROPOSITION

If one of your company's objectives is to effectively manage Working Capital, it seems logical that you would be hesitant to invest in software to automate accounts receivable. You'll be surprised at how inexpensive these systems can be; we're not here to suggest that setting up the system will be easy or free. To give you options based on your needs and budget, the trick is to identify the right vendor.

Other than affordability of the software itself, you have to remember to consider the many ways the software will help you save money as below:

·         Lower Financing Costs: Organizations that use Inebura technology usually receive payments 25% sooner.

·         Diminished Write-offs of Bad Debt: Several studies indicate that businesses write off two to three percent of their yearly accounts receivable as bad debt. Businesses that use Inebura or similar systems usually see significant reductions in bad debt because they are able to detect and settle disputes early, before they become uncollectible.

·         Decreased Staffing Costs: Many businesses discover that automation eliminates the need to hire the new resources they were thinking about. With your present personnel, you can do more tasks because the system automates most of the process.

Software for accounts receivable has capabilities that let you save money by removing the need to print and distribute reminders and invoices. Automation allows you to use an online customer interface, email statements, and present and pay invoices electronically.

If you have felt the need to take your AR management head on then don't allow your fear of the cost prevent you from increasing cash flow, expanding your business, and regaining control over your accounts receivable.

 

Original Source: https://inebura.com/blog/five-reasons-why-businesses-are-procrastinating-automation-of-their-accounts-receivable-process