In many organizations, you could say Accounts Receivable is the gatekeeper of company finances. Even if your business has a separate department that handles revenue and cash flow, a solid AR team can ensure your company isn’t losing any money. Because AR is responsible for collecting funds, mistakes can be costly. Data entry errors happen more often than you expect, and a lot of times it’s because employees are manually processing hundreds of remittances.
Ash Conversions International offers AR workflow automation, bringing accuracy to the overall receivables process. Let’s examine some of the key benefits of implementing automation for remittance processing.
Enhance Payment Accuracy
Companies that automate AR tasks are able to dramatically reduce instances of human error. Today’s technology allows for precise mathematics and accurate remittance capture to ensure you’re never incorrectly matching remittances to open invoices. Mistakes happen because AR staff often mix up digits or make mistakes during data entry. Automation ensures you always get the money you’re owed and that late penalty charges kick in automatically. By eliminating these errors, your business is sure to reap tens of thousands in the long run.
Eliminate Paper Receipts
With ACI’s AR Assistant solution, hard copy receipts are digitally captured and your team will have access to electronic copies. Payments will automatically be applied to invoices and your accounting records will then be consolidated.
Companies like to keep payment receipts for years for tax purposes. But thousands of hard copy receipts not only take up office space — they require you to spend money on year-round storage facilities if you don’t have room on site. Free up all that space with the elimination of hard copy documents, which are also prone to theft. Let a document and data management company like ACI store your digital documents and data on secure servers with password protection and encryption.
Accelerate Cash Flow
Get money flowing back into your company with an AR system that is intelligent and efficient. Oftentimes, companies are missing out on big money because of late payments. Accounting departments then forget to follow up on invoices since there are so many that require attention. An automated program like ACI’s AR Assistant handles the tedious, time-consuming tasks of capturing data and matching payments to outstanding invoices. No matter how small individual billing amounts may be, all of them can add up to big money. Automating the manual tasks puts cash back into your business account, so you can re-invest it on what matters.
Decrease DSO
DSO stands for Days Sales Outstanding. It’s a measurement used by accounting departments to determine how long it takes to collect payment after a sale has been made. DSO is usually determined on a monthly, quarterly or annual basis. Decreasing DSO is one of the biggest pressures facing accounting departments around the world. And manual payment processing is usually what gets in the way. AR automation immediately reconciles invoices and payments, ultimately impacting a business’ bottom line. The department will be able to get funds back into the company, operate more efficiently, and improve customer service at the same time.
Free Up Employees for Other Tasks
Wouldn’t it be nice if your employees could engage in customer relations and work on building your brand — instead of having their noses buried in invoices and receipts? When you automate the accounting process, you’re able to free up your personnel for more valuable tasks. Sorting through invoices, processing payments and drafting up receipts no longer require human intervention. With a solid AR automation system, you can slim down your accounting department and consolidate your workforce at the same time. You’ll also be able to cut staff hours by nearly 50% since fewer people will be required to complete the AR processes. When employees can focus on making money, rather than spend all their time trying to collect it, your business can grow exponentially.
Automated Solutions with ACI
ACI’s AR Assistant is the industry’s answer to remittance processing bottlenecks and deficiencies. If your department is having trouble keeping up with billing inquiries and excel spreadsheets, then AR automation may be right for you. Improve collections accuracy and customer satisfaction with a customized solution that integrates seamlessly with your existing framework. Allow your accountants to focus on higher-level tasks while today’s technological advances take care of the mundane.
AR Assistant becomes increasingly smarter as it gauges payment structure and customer behaviour, virtually eliminating the need for human intervention. Help your business redeploy valuable resources, ultimately generating more revenue and increasing customer satisfaction. Call ACI at 800-719-9621 – or submit a contact form by clicking the ‘Contact’ button below.
