The accounts receivable department can be tasked with a number of incredibly important processes including order processing, invoice generation, billing, and payment processing. Timely billing and collection ensures adequate cash flow, so accounts receivable automation can greatly benefit a company.
After all, one small error in the chain of operations can lead to increased costs for your business and significant delays in collecting payments from customers.
However, with the right tools at their disposal, accounts receivable can reduce the time it takes for your business to be paid for its hard work.
Managing one contract manually is a fairly easy task. Managing hundred of contracts; not so much. As your business grows, you need to ensure that contracts are being fulfilled and managed as-agreed. Any deviation from this could lead to dissatisfied customers, lost business, or missed invoices.
Contract creation, storage, and management can be simplified with the right software in place. Instead of searching for paper contracts in disorganized files, staff can quickly access and monitor contracts in one centralized location for easy monitoring, amending, and fulfillment.
Billing and Payment Processing
This is where the magic happens. After all, if you can’t issue correct billing and receive accurate payment then your business is left in the lurch as cash flow begins to dry up. Manual processing of billing and payment processing can be time-consuming and prone to errors.
By capturing invoice documents, automatically linking them to related documents like delivery notifications, your team can cut out the simple, painstaking work of generating billing packages and, instead, instantly deliver billing information to clients for faster payment.
Once payment is received, remittance information can be automatically captured and posted to your accounting system for streamlined payment processing and validation. All of this frees up accounts receivable staff to tackle other issues that require their expertise.
Sales Order Processing and Fulfillment
One of the major challenges businesses can face is communication between departments. Information, especially if it is recorded on paper, can be lost or delayed when being shared with relevant parties. This creates delays and a poor customer experience.
Instead of manually processing and fulfilling orders, information can be captured and automatically shared with all relevant departments to ensure that the order is processed and fulfilled in a timely manner. Ultimately, clients receive a better experience and you can get paid faster.
Automate and Elevate
Ready to take your accounts receivable department to the next level? Contact Computer SI to learn about accounts receivable automation and other business solutions that can help you get to where you want to be.
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