The accounts receivables is a big challenge for businesses. Any business could always use additional cash to pay its vendor or invest in growth. Also, much smaller business do not have the expertise to deal with receivables process and collections.
Unlike many other fields, process improvements in finance are easy to measure, so benefits can be quantified, and you as a business manager or owner can make informed data-driven decisions.
Here are few reasons to automate your account receivables in 2018:
- Cost reduction – everyone always looking how to be more efficient and drive the costs down. Following up with your clients regarding payments cost your business hundreds of work hours annually. These hours can be saved and so are costs associated with them. You and your team have better things to do then reminding some clients about their overdue invoice.
- Getting paid faster – client love to take their time with payments even past due date. Your hunch is backed by data. Sending invoices electronically and following up with automated reminders that include payment options assures that your invoice is a top priority for your client and is dealt with first.
- Time-saving – automation frees up your employees to focus on strategic aspects of your business. This also improves your operational excellence, as opposed to dealing with repetitive process-oriented headaches. You and your team deserve better than this.
- Higher client satisfaction – most clients appreciate the reminder. Most people are uncomfortable with unpaid bills and see the reminders with a detailed record of unpaid invoices as an additional service on your side. Accurately crafter payment reminder is another way to engage your customer base and get them to place more orders with you. Driving your revenue up!
- Reduced Human Error -human error in accounts receivables can complicate things and ruin relationship with a client adding a margin of cost to your operation.
While your collections clerk is out sick sometimes or just doesn’t pay attention sometimes, automation is always focused and never takes brakes. Reduced errors will help your business to save time, money and will help you to avoid awkward conversations with clients.
- Enhances your image – reputation is everything in business. Having an automation will project positively on yours. It makes you look more professional, advanced technologically and better equipped to deal with modern-day challenges. Clients love to be associated with a great brand and prefer their vendors to be on top of things.
Gaviti can help your business to streamline and automate the receivables process in a couple of clicks. Get paid faster while you drive cost down and free up your time for strategic tasks, today.