If you’re in charge of creating the accounts receivable workflow for your company or organization, you know that this is not the simplest of tasks and that it can take up a vast amount of time.
Luckily, there have been vast advances in the automation of workflows that could result in saving you a lot of time and headache.
How An Automated Accounts Receivable Workflow Could Benefit Your Business
It’s not new news that your accounts receivable team is an important part of your business due to them being such an integral part of ensuring that all of the logistics are taken care of. They take care of sending out invoices, they bill customers on time, and they process payments. Essentially they’re the epicenter that is responsible for making sure that your business has money coming in the door on a regular basis.
However, since your accounts team is already responsible for so many different items, it can be difficult for them to keep up with your accounts receivable workflow. This could negatively impact your business in the long run since the accounts receivable can tell you how much your business can scale or if your business is hitting all of its revenue goals. It can also tell you if the business is not hitting its revenue goals and if some necessary changes need to take place.
The automation of your accounts receivable workflow can benefit your business in a large number of ways. Since there can be user error on your team’s end, or there can be a lag time due to other things “coming up” around the office, this can bottleneck the whole accounts receivable process.
With an automated accounts receivable process, things will never “come up” to delay the workflow.
Allow Automation To Streamline The Process
Let’s take just one part of your accounts team’s responsibilities: invoicing. For an invoice to be completed, one of your employees must pull the invoice from the systems and then attach it to an email to send out to a customer. The customer must then approve the invoice and send it back so that you company can receive payment on the invoice. Unfortunately, there is a lot of areas where something could go wrong in this process and create a loss of time for your team.
If your invoice was automated and sent out without a team member needing to look at it, this takes out any possibility that your team member could make a mistake. It also allows for better communication with any of your clients because they can get their invoices more quickly. Ultimately, having this process automated will save your team a lot of time and energy and it will save your company money through there being less errors and through your team being able to focus their time elsewhere.
The more automated your accounts receivable workflow is, the better off your company will be because your employees will be able to invest their time into more meaningful things that can help your company run more efficiently.