An AR automation tool can help you get paid faster while you reduce the burden on your in-house team. Ultimately, this helps you improve your cash flow and protect your margins. The next section of this guide will show you exactly how you can achieve these results (quickly and with minimal risk).
Implementing an AR automation tool doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster.
Here is the final step.
– Missed Step 4? Click here to catch up. –
5. Consolidate your AR tools
Your AR tools don’t just provide information about invoices and collections. They contain critical financial data that gives all of your stakeholders a clear view of your operations.
Centralizing your disparate AR tools into one system allows you, your team and the rest of the C-suite to quickly find the numbers that they need when they need them. A central tool is particularly useful if you have multiple AR teams that are spread across the country. Your finance employees, sales reps, and collectors can log in at any time to track customer accounts and invoices. Using just one tool, they can view real-time data on the thousands of invoices that you have open on any given day.
When all of your AR data is in one place, you gain deeper insights into your finances and operations. You can access historical trends and use this information to improve your forecasting. You can also harness financial insights to protect your margins. For example, you can quickly identify problem accounts and manage them in a more proactive manner.
While your ERP can serve as a centralized hub, not everyone on your team may have access to it. If you run a legacy ERP system, it might not be available to users from their mobile devices. And select users may only have authorization to access limited data, which may not be possible with your ERP.
As more competitors enter the market and rising interest rates eat into your margins, now is the time to streamline your financial processes. Following the steps outlined in this blog series will help you overcome your AR challenges and stabilize your cash flow.
More good news … this process doesn’t need to take ages to complete. With the right tools and partner, you can see results within months or even weeks.
Interested in learning more? Download your copy of the Finance Leader’s Ultimate Guide to Digital Transformation in Wholesale Distribution now.