Power of PAYBOX®
Key Steps in the AR Automation Process
For financial institutions and corporations that are responsible for overseeing accounts receivables departments, the AR automation process can completely enhance the order-to-cash process and help maintain a steady cash flow. Automated solutions address the critical pain points in corporate AR departments.
Making the Case for AR Automation Processes
Large corporations with accounts receivables departments are often stuck with outdated and time-consuming AR processes, which can be detrimental to the organization in the long run. Without AR automation, companies face:
- Inflated invoice presentment and distribution prices
- High risk of invoice errors
- Slow payment reconciliation times
- Decreasing customer satisfaction and retention
The only way for companies to avoid these pitfalls is to implement technology that automates day-to-day AR tasks.
Key Steps to Take in the AR Automation Process
The most important thing for corporate and financial institution decision makers to remember is that there is a structured way to approach the AR automation process. By following several key steps, decision makers can choose a solution that automates AR department tasks and meets their companies’ specific requirements.
- Address Problem Areas – Corporate AR departments face a steady stream of challenges. Is Days Sales Outstanding cycle time too high? Are customers routinely settling invoices past the due date? Are invoice distribution and presentment costs sky high? It’s important to take a careful look at the issues that are plaguing the accounts receivables department to make the most informed decision about which technology to implement.
- Research and Implement an Automated Solution – Once a careful assessment of department challenges has been completed, conduct careful research into the solution that will best fit organizational needs. Industry leaders require a platform that will not only deliver measurable business results, but also achieve a high return on investment. Without thorough research, organizations risk selecting a system that doesn’t check off all the boxes. To remain as cost-effective as possible and keep things simple for department employees, look for an automated solution that seamlessly integrates with existing AR technology.
- Assess the Solution After Implementation – The last step in the AR automation process is to look at granular, in-depth metrics that reveal areas that still need improvement. This way, departments can begin making immediate adjustments, and continue to improve AR processes.
Ready for an automated receivables tool that delivers a comprehensive department advantage?
Direct Insite has you covered.
Our reverse lockbox solution, PAYBOX®, helps both banks and corporations completely transform AR department capabilities. By combining electronic invoicing and payment capabilities, online approvals and delivering in-depth performance metrics, PAYBOX provides an essential building block for corporate AR departments.
Interested in kicking off your organization’s AR automation process? Contact us today.