Biggest Benefits of Accounts Receivable Automation?

Have you been hearing more and more about how to automate your accounts receivable (AR) process? 2021 was the year many businesses took the dive into Digital Transformation. 83% of businesses had to digitize previously paper-based processes when COVID-19 forced professionals to work remotely.

Many organizations have started automating manual processes within their business and it’s continuing to gain momentum. But really, what’s the biggest benefit your company gets from accounts receivable automation?

Companies are starting to view their AR departments more strategically and realizing the benefits of automation not only apply to the AR department but the organizations as a whole.

4 Additional Benefits of Accounts Receivable Automation

1. End-to-end efficiency with automation and AI-driven technology that gives staff more time to focus on strategic customers & reporting.
2. Optimized working capital via reduced costs, improved team productivity, faster payments & secured revenue.
3. Enhanced visibility into internal AR performances as well as customer credit situations & related data & documents
4. Improved customer experience thanks to greater internal collaboration & a customer portal with online self-service tools.

In our 2021 State of Finance Report, we uncovered 96% of survey respondents who haven’t automated their cash conversion cycle believe that doing so would make their business more efficient and successful. But only 20-23% of respondents have actually automated vital financial systems. Organizations may not be quite on board with the automation train yet, but the need is there.

Slow client service times, lost documents, and reduction in employee productivity are just the beginning to the long list of negative impacts to a business still using paper-based processes. AR automation benefits your business in so many ways.

Interested in learning more about automating your accounts receivable process? Download our whitepaper, The Case for O2C Automation, to take the next step in your digital transformation journey.