Debunking Myths about Receivables Automation

Corporations have a pressing need for accounts receivables automation, yet many are slow in adopting the technology. Why? Common myths and misunderstandings about AR software have key decision makers questioning whether or not they should make the move to an automated solution.

3 Myths About Accounts Receivables Automation Technology

Automated receivables technology is typically associated with faster AR department processes, lower operational costs and reduced DSO cycle time. Even with these positive benefits, corporations are hesitant to leave manual processes behind for faster, more reliable solutions.

Unfortunately, myths and misconceptions about receivables automation technology has corporations pressing pause on leveraging automated solutions. Three of the most common myths include:

  1. Companies believe they’ll lose control of AR processes. Many businesses stick with manual processes and avoid automated solutions because they’re worried about losing account control. However robust technology can effectively combine hands-on control and automation, allowing system administrators to oversee the technology the same way they would with manual processes. In fact, companies often find that they gain more control and increase visibility with automated solutions
  3. Automated technology is complex and difficult to implement. Implementing an automated system appears complicated and time-consuming, requiring a complete overhaul of existing solutions. This doesn’t have to be the case. Corporations can instead select a system that is easily integrated with existing lockbox and ERP technology, making the implementation process simpler and faster.
  5. AR technology is too costly to consider. Some corporations start looking into quotes and pricing for accounts receivables automation technology and immediately discount it due to high costs. But leveraging a strong solution doesn’t have to break the bank. Instead, corporations should conduct in-depth research to find automation software that falls within budget parameters and delivers the highest possible ROI. Additionally, the right solution will lower overall operating costs, such as invoice printing and distribution, resulting in yearly cost savings.

Where can corporations find an automated accounts receivables solution that is easy to implement, control and won’t drive company costs through the roof?

Meet PAYBOX® Core.

An innovative approach to corporate accounts receivables, PAYBOX® Core is an automated end-to-end solution that speeds up the processes that bog down AR departments. This is done by combining: 

  • Electronic invoicing and presentment
  • Online approvals and adjustments
  • Electronic payment capabilities
  • Easy integration with legacy lockbox technology and AR platforms

What are the benefits organizations can experience from PAYBOX® Core?

  • Accelerated DSO
  • Improved presentment and collection costs
  • Straight-through AR posting rates of more than 80 percent

Ready to introduce the latest solution of receivables automation technology to your organization? Contact PAYBOX® today to learn more about PAYBOX® Core.

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