What You Need to Know Before Buying Accounts Receivable Automation Software

Accounting
(
April 13, 2022
/
3
Min read
)
Woman doing Business Research

Accounts Receivable (AR) automation can quickly get your business finances up and running. AR automation can manage all your accounts payables, accounts receivables, and fixed assets, automating everything. It's the easiest way to clear up the most complicated messes! If you're looking for a way to take your Accounts Receivable processes to the next level, here are a few things you need to know.

Accounts Receivable (AR) automation can quickly get your business finances up and running. AR automation can manage all your accounts payables, accounts receivables, and fixed assets, automating everything. It's the easiest way to clear up the most complicated messes!

If you're looking for a way to take your Accounts Receivable processes to the next level, here are a few things you need to know.

What is Accounts Receivable Automation?

AR automation uses sophisticated technology to manage an enterprise's accounts receivable. It includes software to automate AR processes and hardware and software that allows for electronic communication between customers and suppliers.

You can speed up the time it takes to invoice customers, receive payments promptly, and track account status. The technology can also reduce accounting and administrative overhead costs.

Using an AR automation solution helps your finance team manage collections processes more efficiently, improving customer service and supplier relations.

Benefits of Accounts Receivable Automation

When you purchase an accounts receivable automation platform, your business can clear up messy financial records, ensure faster payments, increase accuracy, and improve reporting.

In addition, AR automation also offers the following advantages:

  • Reduced Accounts Receivable processing time
  • Improved accuracy and efficiency of accounting systems and accounts receivable processes
  • Get paid on time and get paid faster, so you have a consistent cash flow
  • Reduced accounting and administrative costs
  • Improved customer relationships and better customer experience
  • Take away tedious tasks and automate AR processes from your accounts receivable team so they can focus on high-value tasks
  • Instant visibility on invoice statuses and customer accounts with late payments
  • Remove or streamline time-consuming tasks or manual processes
  • Improve and automate your collections process
  • Reduced cases of human error and increased the accuracy of your finance team
Office workers interacting with each other

Top Tips for choosing the right AR automation tool for your business

There are a lot of different software options to choose from. So, how can you identify which one is right for your enterprise?

Before you decide to purchase, consider a few things to optimize the technology for your accounts receivables, one of your most crucial business processes.

  1. Do your research. Make sure to read reviews and compare different software options before deciding.
  2. Assess your budget. AR automation software can be expensive, but there are options for businesses of any size.
  3. Consider your pain points and needs. What features does your business need in AR automation software? Do you need a payment processing feature and credit management features? What about electronic invoicing and faster resolution of invoice disputes?
  4. Plan ahead. Gather your executive team, IT department, and accounting staff to elicit views on what manual tasks they need to get automated.
  5. Consult several vendors. Vendors are a great resource of information and can help you find the right AR automation solution for your business.
  6. Schedule a product demo. Most vendors offer free demos to showcase their software. Take advantage of this and see if the tool is a good fit for your business.
  7. Ask plenty of questions. Vendors are eager to answer all of your AR automation questions. The vendor's product representative should be more than happy to answer any of your queries.
  8. Read user reviews. Accounts Receivable automation is a huge investment, so you'll want to do your research first before deciding. Reviews offer insights on what to expect from the software and whether or not it's the right fit for your business.
  9. Evaluate the vendor's customer service. When looking for an AR automation platform,  make sure the service provider you choose has a good reputation. You don't want it to mess up your business' finances even more!

Autymate is one of the leading AR automation brands and is a Shark Tank winner with Intuit See Why Here . Sign up for a FREE DEMO and learn how you can turn your finance team and accounts receivable process into an automated process.

In comparison to buying QBO Advanced from Intuit (MSRP), get it at a 40% Lifetime Discount and save up to $10,000 in 10 years.
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