Why Cloud-Based Technology is Critical for Modern AR Management



Cloud-based solutions are empowering businesses to transform their AR management processes with automation, real-time data access, and enhanced collaboration. By moving to the cloud, companies can streamline workflows, reduce manual tasks, and gain better insights into their cash flow.

Cloud Computing and the use of Cloud-based Solutions, both in the current context and in the future, is being ranked among the most significant trends in the management of Accounts Receivable. Cloud-based AR Solutions are becoming exceedingly popular, thanks to the growing demand for integration, as well as the mandatory migration that many ERP and Digital Operating Platform Providers, such as SAP S/ 4HANA are gradually implementing. Even in scenarios where businesses are intending to maintain on-premises solutions in the near to medium term, implementation of cloud extensions and hybrid solutions can greatly assist businesses when they decide to make the switch at a later stage. In fact, in the long run, they can assist businesses to build more scalable and sustainable operation bases by taking advantage of the new automation models and rules, and what’s more these can be automatically updated as well.

CLOUD-BASED TECHNOLOGY - THE BASIS OF AR AUTOMATION:

While automation will definitely improve the efficiency of your current operations for Accounts Receivable, it, however, doesn’t help to deal with certain underlying problems. And the mantra to increasing organizational efficiency in Accounts Receivable Management is, in fact, transformation. Here is how the cloud can assist businesses in achieving their organizational goals:

SMALLER ORGANIZATIONAL ALIGNMENT: Your Sales Team, your AR Team and your Client can easily get on the same page, thanks to the cloud. It can guarantee that there are fewer misunderstandings between the Sales Team and the AR Team so that these misunderstandings do not result in invoice problems and/ or customer disputes. Further, it provides a common platform where the Client can work with your internal teams to resolve issues in real-time and also make payments.

QUICK SWITCH TO INDUSTRY-BEST SOFTWARE PRACTICES: Cloud-based platforms are able to update themselves automatically thereby ensuring that you get immediate access to a collection of best practices as far as software is concerned. Software updates are released and distributed more easily thanks to the cloud and they also offer the latest collaboration features and security.

IMPROVED CX: Real-time syncing and outsourced technology maintenance make cloud collaboration simple and easy. This means that you require almost no downtime, and the clients can easily view the status of their accounts as well as your AR Operations. Furthermore, this helps in decreasing the AR disconnect resulting in faster collections and lowering outstanding invoices.

IMPROVED UX: When it comes to resolving client complaints and/ or disputes and avoiding billing issues, your AR Teams need to instantly access their data even though they might be scattered over siloed systems. A cloud-based platform, can put an end to their woes, as it can integrated with several systems, including your ERP, to maintain all-required data in a centralized place. It eliminates the need to manually source and collect data, and most importantly it helps eliminate inaccuracies and/ or inefficiencies that are associated with it. Moreover, some cloud solutions can highlight significant AR-related KPIs that can help improve the accuracy and efficiency in the AR Management Process.





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