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Key Benefits of Accounts Receivable (AR) Automation
Most issuers agree that getting paid on time is crucial for optimal business operation. A lot of companies across the world, irrespective of all sizes often face various hurdles while invoicing their customers. A slow and laborious invoice distribution process which often couldn’t fulfil customers’ expectations, affects the cash flow in business directly. Here comes a demand for an AR Automation service.
What is Accounts Receivable (AR) Automation?
AR Automation is a modern approach that uses various digital tools to improve the efficiency and accuracy of an issuer’s account receivable procedure. The main objective is to overcome human errors and save time associated with managing customer invoices and payments. Also, this increases the probability of immediately approved invoices enabling quick and efficient payment.
Key benefits of AR Automation solutions:
To begin with the discussion, we must say that opting for an e-invoicing solution is an initial step to get the best out of an automated AR process.
The order-to-cash (O2C) cycle of a business completely depends on its Accounts Receivable. Being an issuer, it’s necessary for you to ensure fundamental functions i.e. flawless invoicing, optimal Days Sales Outstanding (DSO) and quick dispute resolution – are done flawlessly. To achieve this, it is necessary and crucial to make the entire process automated.
Apart from carrying out all these critical functions, here are a few other mentionable reasons why you should choose accounts receivable automation for your business:
- Boost Efficiency:
AR automation software certainly eliminates different manual work associated with invoice processing and also saves time. By opting for this, complex invoicing schemes, like consumption-based invoices, can be calculated faster and more accurately. Thus, issuers can streamline their business, making it more efficient.
- Faster Payments:
Automation accelerates the entire account receivable workflow starting from invoice generation to payment collection. By removing manual errors, you can improve the speed of payment processing, which helps you to give better cash flow in business.
- Improved Cash Forecasting:
With the help of an AR Automation solution, you can get better visibility of outstanding invoices and payment statuses in real time. This enables your finance department to have a forecast on the organisation’s cash flows. This also guides your team to manage capital efficiently and make necessary financial decisions.
- Enhanced Customer Experience:
AR automation is an advanced process which allows you to experience a higher degree of customer satisfaction. Having said that, your customers can experience an optimal payment process that provides customer satisfaction and strengthens relationships by increasing loyalty and retention.
- Reduced Cost:
Automation reduces manual effort and helps businesses to reduce operational costs associated with the entire invoicing processes. As a result, an issuer can utilize the fund for other initiatives.
- Business Growth:
While growing your business, you need to be prepared to manage more Account Receivable transactions. With the benefit of this software, you, as an issuer will be able to handle more invoices and payments efficiently, without investing money and manpower. This makes your business more profitable.
What to expect from Orbyt?
Orbyt offers a Software-as-a-Service (SaaS) platform to automate the vital process of Accounts Receivables. Since 2009, we have been providing our issuers with an opportunity to handle various processes like invoice generation, customer onboarding, payment collection and revenue generation in an error-free manner. We understand that each business handles receivables in a different way while trying to discard the barriers to getting paid in a seamless way.
Orbyt’s Account Receivable Automation service offers you more accurate data, and improved customer reach by automatically generating invoices, sending payment reminders along with giving multiple advanced payment options.
Get in touch with us for a demo on how we can help benefit your business by offering an AR Automation solution.
First published 17 October 2023, updated 17 October 2023.