There’s no doubt that in this day and age software is taking the place of more mundane business operations like accounts receivable, for example. But what are the benefits of using accounts receivable software?
4 reasons why you should use accounts receivable software
Visibility for better data organization and centralization
The first extreme benefit of accounts receivable software is that it takes is its ability to organize, enabling your workers to concentrate on efficiently managing collections since the software can streamline all the information to give you an accurate depiction of who is behind the furthest on payments. This allows you to base collections on a whole new level, getting to past-due accounts long before they get out of hand.
Automated tasks leads to less manual processing
Automating simple and repetitive tasks that take a lot of time and resources to complete manually is another great benefit of the software. Automation can include invoicing, late notices, reminders, and account changes. Setting these on a software system instead of doing it all manually saves boatloads of time your employees can use for more important tasks.
Digitized documents mean no more chasing paper trails
E-invoicing is a splendid feature of AR automation software. Invoices can be viewed at the click of a button instead of an array of phone calls or an elusive file hunt. This also guarantees you will get paid 20 percent faster! Isn’t that the point of the AR department in the first place? Electronic invoicing can even create and store invoice templates for quick and convenient use later.
Creates a single source of truth by seamlessly integrating with existing systems and apps
Being able to integrate your AR software with your other business applications is another great feature that many software systems provide. Sharing contact information, shipping addresses, and even purchase orders in a large asset when it comes to making your business flow well. Having this information at your fingertips over your whole business system can only speed up the Accounts Receivable process, allowing you to send invoices faster and receive payment more quickly as well.
Manage your accounts receivable with Pipefy
The benefits of using accounts receivable software can’t be denied. By choosing the right software with key features like process and task automation, app integrations, and process orchestration, your teams and business will operate more smoothly and efficiently. Pipefy is a low-code process automation software that makes transforming decentralized and unstructured finance processes easy.