Automation systems take over every aspect of managing accounts receivable, starting from creating an invoice right up to collecting payments. The objective of almending AR is to reduce dependency on human efforts and improve cash flow, this is achieved by:

Sending invoice – Creating and dispatching invoices without any human input.

Reminders Prerequisites – Sending clients automatic reminders when payment is due.

Cash Application – Automatically linking invoices to the payments made.

Reports on Aging Analysis – Monitoring accounts that are overdue as well as analyzing key areas of AR.

Portal for Customers – Enabling customers to login and check their invoices and pay them on the spot.

Companies such as Billtrust, YayPay and Esker have included automation processes in their system to lower the amount of Accounts Receivable, better the flow of cash through the company and most importantly – guarantee less mistakes are made in the process.

Author: Receivables