Accelerate your cash flow by digitizing your core accounting processes, including the AR (accounts receivable) process. Many business leaders agree that the way to keep your business growing is to take advantage of the tools of modern technology. There are limits to what you can accomplish with paper-based manual processes. Improving cash flow depends on sound values, efficient operations, and customer loyalty based on positive experiences.
Now, more than ever, with COVID disruptions and more employees working remotely, digitization and cloud-based accounting make business sense. With a focus on customer relationships built on the payment experience, revamping your AR operations can set you up for success.
AR digital transformation as a business strategy
The ability to collect your sales revenue and get that cash flow into your business involves various augmented reality processes, including invoicing, accepting and processing payment, and managing collections. If these are manual and paper-based procedures, the entire cash flow process will be slow and inefficient. When you prioritize digitizing your augmented reality process, you will have a huge advantage over competitors who still rely on manual processes. Each step in the process will be faster and more accurate.
Financial managers increasingly view modernization of accounting processes as essential to business efficiency and customer satisfaction. Here are three reasons to consider digitizing augmented reality now:
Manual invoices result in payment delays
Employers and workers are adapting to a more remote virtual work environment. Many employers say they would like this to continue even after restrictions are lifted, and employees agree. Remote work relies on cloud computing as the only way to allow access and collaboration between teams. You can no longer rely on manual processes such as printing and mailing paper invoices that require office staff. Failure to update and digitize does more than invite payment delays – it directly hampers cash flow.
Improved cash flow starts with automating invoice delivery. When done manually, companies take an average of 10 days to process an invoice, and payment can be delayed up to 30 days. You can circumvent this issue and eliminate long lead times by automatically submitting invoices, statements and supporting documents online.
You can now upgrade your billing delivery method by utilizing shared online portals and multi-channel billing options. Allow your customers to choose the invoice format that best suits their needs. Digitization also allows you to audit and track delivery and make sure payment information is received wherever and whoever needs it.
Customers want digital payment options
The use of paper checks has steadily decreased since other payment options became available. Many B2B (Business to Business) customers are now choosing to pay digitally. Many prefer to deal with companies that offer them options. Business buyers are also consumers and know they can expect similar flexibility in how they buy and pay. These options can be made available to your customers when you adopt digitization of accounting.
Most consumers and businesses now prefer credit card payments. Other preferred payment types include ACH, bank transfers, virtual cards, and real-time payments. Gaining the ability to accept digital payments is a necessary first step in the digital transformation of your AR department.
Enabling your AR team to accept and process digital payments will impact the overall health of your business and accelerate cash flow. It will also reduce expenses, reduce manual work and provide a more satisfying interactive experience.
Cloud-based collaboration is critical to improving payment collection
Getting your bills out efficiently is only half of the cash flow equation. You need to increase the combination speed. The inability to collect payments immediately can disrupt cash flow and stunt growth. Without a structured and sustainable approach to managing bills that are past due, your augmented reality team can easily get overwhelmed and have to prioritize only the highest unpaid balances.
Digitization offers an opportunity for companies to collaborate across the cloud with their customers to greatly facilitate collections
Drive efficiency and cash flow through automation
Digital transformation is here to stay, and more and more companies are gladly jumping on board.
Businesses can automate nearly all of their routine AR tasks in the cloud by digitizing accounts receivable, including invoicing and reminders, payment processing and collections, dispute management, invoice matching and settlement.
Are you ready to learn how digitization with augmented reality can transform your company and improve your cash flow?
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