Streamlining your process is essential if you want to stay afloat in today’s competitive market. And one of the best ways to do that is by automating as many tasks as possible. In this article, we’ll take a look at five of the best account receivable automation tools out there and tell you everything you need to know about them. From helping you keep track of your finances to reducing processing time, these tools will help you get your business moving in the right direction.
What is account receivable automation?
When it comes to managing your accounts receivable, there are a number of automation tools available to help make the process more streamlined. Whether you need to manage invoicing, tracking payments, or optimizing your collection process, these tools can help make the job easier and more efficient.
One popular account receivable automation tool is FreshBooks. This software helps you manage all aspects of your receivables, from billing and communication to tracking payments and collections. It also has built-in features for automating your invoice creation and payment processing, so you can save time and money while keeping your business running smoothly.
If you need more specialized assistance with your receivables management, check out companies like Docusign or ClearanceNow. Both of these providers offer services for accepting credit cards, issuing refunds, and more. With their help, you can effectively manage your accounts receivable while ensuring that all transactions are completed in a timely manner.
Types of account receivable automation tools
There are a few different types of account receivable automation tools on the market, so it can be hard to decide which one is right for your business.
Straightforward automated billing services: These services bill customers automatically, based on their past purchases or billing history. They’re helpful if you have a lot of similar customers and don’t need a lot of customization.
BillMeLater: This service bills customers using an installment plan, allowing you to collect payments over time. You can also use this tool to automate customer contact and reminders.
Customer relationship management (CRM) software: CRM software helps businesses manage all of their customer information in one place. This can be helpful if you have a lot of different types of customers or if you want to track customer behavior over time.
PayPal: PayPal is one of the most popular ways to pay online. It allows you to process payments quickly and easily, without having to deal with any credit card processing fees.
Benefits of using account receivable automation tools
One of the major benefits to using account receivable automation tools is that they can help streamline your process. This can save you time and money, as well as improve your accounting accuracy. Additionally, these tools can help ensure that cash flow is always managed effectively. Some of the best account receivable automation tools include:
-Accounts payable and collections software: This type of tool helps you to manage your accounts payable and collections processes automatically. It can track payments and invoices, identify billing discrepancies, and more.
-Bill payment software: This type of tool helps you to automatically pay bills as they are received. It can also generate reports detailing how much was paid, where the money went, and more.
-Payment gateway software: This type of software helps you to quickly and easily process payments from customers. It can handle a variety of payment methods, including credit cards, debit cards, and even online payments systems like PayPal.
How to choose the right account receivable automation tool
When it comes to managing your account receivable, there are a variety of automation tools available on the market. Choosing the right one for your business can be confusing. Here are four tips to help you choose the best account receivable automation tool for your needs:
- Get advice from your accountant or financial advisor. They will be able to give you a good overview of the different options and help you make an informed decision about what is best for your business.
- Consider how often you need to update information in the tool. If you only need to dip into the data occasionally, a tool that updates automatically may be more suitable. However, if you find yourself updating the information multiple times per day, a manual process may be better suited.
- Determine how much time you want to spend on each task related to managing receivables. If updating information in a tool is time-consuming, it may not be worth using that tool over another that requires less input time.
- Consider price and features when making a purchase decision. Not all tools are created equal; some may have higher prices but fewer features than others. It’s important to find out what features are included in the price tag before making a purchase decision so that you aren’t left feeling like you didn’t get what you paid for.
- Be known as the tech savvy business in your market! Having noted a few of the common AR challenges and their solutions, we understand that it is about time that businesses move away from the traditional weary methods of AR and automate the process. Because the traditional methods are not just time and labour consuming but in some situations may also lead to conflicts with the customers which may harm the business’s reputation in the market. Nonetheless, we have described how each problem can be solved through accounts receivable automation tools designed by Cadency. This is your calling to save your business and team capital, time, energy, and reputation and be known as the tech savvy business in your market!
Conclusion
In today’s world, it is essential to have a streamlined process when it comes to accounting and billing. With the right automation tools, you can make your life much easier and help keep your business running smoothly.
