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.
As the trend towards end-to-end accounting structures grows, what does the future look like for the industry, and how can you ensure your company is ready for this future? Let’s answer some of these important questions.
A Bright Future for Automation Technology
It’s already occurring in many marketplaces. Automation is becoming the standard for optimizing performance. In marketing companies, for example, firms are using marketing automation to qualify leads and to supply their sales team with accurate information that provides a foundation for a streamlined sales process. Teams are better able to communicate with their customers, and seasoned sales professionals are being given the tools to nurture high-value customers for their companies.
In accounting, automation holds a similar future as companies begin to see the benefits that accounts receivable automation has on their day-to-day operations, as well as their long-term financial prospects.
One Year From Now
In the next year, we can look forward to many developments in the field of automation, and it’s important to review how accounts receivable might change in the next 12 months on an industry level, a company level, and the employee level.
At the industry level, sweeping changes are continually being made to automate many of the repetitive tasks that accountants must take on daily. For example, technology can automate processes such as filling out forms, sending out invoices, and following up with clients that have past-due invoices.
The new technology will increase the capacity of the software even further. For example, cutting-edge software will continue to improve analytics to help decision-makers become more adept in the choices they make for the organization.
At the company level, a larger number of firms are expected to purchase and utilize accounts receivable automation technology. More companies are now placing resources into their automation projects and experiencing the many benefits that these automation systems can bring to their wider organization. In the next 12 months, we’ll see more companies at both the local level and the national level add accounts receivable software to their systems.
The Employee Level
An accounting team member’s role within the organization is changing rapidly. While five years ago they might have been expected to deal with paper invoices and cheques and to send information by mail, technology is streamlining their working role.
Within the next year, we can expect the individual employee to be more involved in nurturing customer relationships and in analyzing the data provided by their accounts receivable system. They’ll be making key decisions that have a greater influence over the company and its long-term future.
Our experienced team at MESHDS is here to help guide you in choosing automation options for your accounts receivable processes. To learn more about our software and our industry expertise, contact us today.