Accounts receivable automation is changing the way companies do business. It’s freeing accountants from their need to chase customers and source invoicing data and allowing them to support the company in more profitable areas.
End-to-end receivables management requires your company to take into consideration the full range of steps from invoicing your client to collecting payments. Building an end-to-end system allows the organization to recognize the steps involved in the process and to place key stakeholders at each touch-point in the management structure. But companies still experience one common problem with end-to-end receivables management, and in this post, we’ll explore the problem in greater detail while providing you with a solution for your processes.
Accounts receivable automation is now changing the way companies complete their accounting processes and helping to save thousands of dollars in labour and administrative costs. But many business leaders still don’t see the clear value that accounts receivable automation can bring to their company in the long term. And so, to help guide you in selling automation to skeptics within your organization, we’re highlighting the many benefits automation can bring to your operations.
Days sales outstanding (DSO) is a calculation designed to estimate the average length of a company’s collection process. Reducing this timeframe and shortening the amount of time it takes your company to be paid can help benefit your organization in a number of ways. This blog will focus on DSO elements that you might not have considered and explain ways to reduce DSO for your organization.
Your accounts receivable department is one of your most important assets and you should not take it for granted. Unlike cash, an accounts receivable account does not hold any guaranteed benefits for your company – at least until after it is paid in full. That being said, you can streamline the efficiency of your accounts receivable with the right process. Here is how to better manage your accounts receivable process: