Switching To AR Automation
The need for change
Without delving into the intricacies of manual processes, it's still essential to establish a few fundamental flaws, ultimately urging companies to shift towards digitising the AR process. In brief, traditional AR processes are rooted in many manual tasks. These tasks include invoice distribution, sending out payment reminders, allocating payments, linking and retrieving documentation and tracking collections. What's the problem? Well, although many may still consider these tasks part and parcel of the industry, it's vital that we catch you up to speed - they're not. Or at least, they don't have to be. If we eliminate the need for these tasks, we also remove the consequences they perpetuate, like:
- Errors and Inaccuracies
- Delayed Payments
- Difficulty in Tracking Payments
- Customer Disputes and Inquiries
- Lack of Insights and Reporting
Great, so we've highlighted a whole lot of problems, but how do you and your team switch to efficient, automated solutions without disrupting existing workflows? Here's what you need to know.
What e-invoicing means for your finance team
Over the years, 'month-end' has become synonymous with immense time pressure. However, with the switch to AR automation, teams can finally enjoy a much-needed change of pace, freeing them up to focus on purpose-filled and strategic tasks instead of simply putting out day-to-day fires. But what does this look like in practicality? A few core examples include:
Automating the invoice and statement distribution process
Your business mail servers no longer need to be put under strain when sending out invoices nor do AR teams need to spend hours, or even days, preparing and sending out monthly statements. Instead, teams can automate these processes and leverage their automation platform's built-in servers to send out all client documents, in minutes, with the click of a button.
Leveraging real-time insights
Instead of relying on catching up on paperwork, your finance team can monitor key metrics like outstanding receivables, overdue payments, and collection trends on a single dashboard.
Reviewing and managing documents
With an AR automation tool, AR teams can streamline tasks such as document archiving and linking, making investigations simpler and faster. Similarly, AR automation platforms can be used to ensure said team's clients have hands-on access to all supporting documentation relating to their outstanding amounts, significantly reducing client queries and enabling faster payments.
An effortless switch with System1A
The switch from your current systems to AR automation may sound daunting and stakeholders are often hesitant due to a fear that the implementation and onboarding process could impact productivity and workflow. But rest assured, you don't have to settle for the latter. System1A integrates with leading ERP Systems like SAP, Sage, Syspro (and many more) in under 45 minutes. Our intuitive UI and easy-to-follow instructions mean a short and easy training process, ensuring a smooth transition and a wealth of online resources baked into our service.
