Accounts Receivable Automation: The Answer to the Collection Challenge
You love for your organization to get paid, and get paid quickly. But, while you can send invoices to your customers, you can’t ensure that they will pay by your deadline. Organizations often face a lag in business payments from their customers, typically 30 days but sometimes up to 90 days or even longer. Because those customers’ payments are necessary to support your business—operations, employees, and more—payment delays negatively impact your operation and its cash flow. Few organizations are immune from this phenomenon. That’s where accounts receivable (AR) automation can help.
Why Accounts Receivable Automation?
You’ve no doubt heard a bit—or a lot—about automating business processes. It’s the practice of taking day-to-day activities, subtracting the labor-intensive administrative part of them, and transferring that “burden” to technology.
AR automation migrates invoicing efforts to digital practices. It automatically creates the invoices based on your company’s data, delivers them electronically on set dates, sends reminders and reconciles payments with accounting systems. It also supports multiple types of payment, including ACH and credit card.
How Does Accounts Receivable Automation Help My Company Save Time and Effort?
Every business wants to save time on invoicing and collections and get paid faster; AR automation through PayMaker by FNBO can make that happen.
- PayMaker digitizes the entire AR process, meaning that paper is eliminated. No more printing and mailing invoices. They’re delivered digitally and immediately. You can even manage this process while on the go.
- PayMaker automatically generates your invoices, credit memos, emails and reminders from built-in dynamic templates you can easily configure. Select your item and quantity and your invoice is ready—no more formatting Word documents! Your invoices are based on a list of goods, services, descriptions and prices that you create in advance, so your invoiced items are always presented consistently, saving time if customers have questions later.
- It enables digital business payments so you can get paid faster and your clients can set up automatic recurring payments, saving you both time and effort. Many organizations are frustrated with the pain of accepting credit card payments, so PayMaker not only makes it easy and affordable to accept payments via credit card, but offers other options like secure ACH payments from your customer’s bank, without either of you having to exchange bank account information.
Benefits of Auto-Payments via Accounts Receivable Automation
Your customers’ internal review process may be one of the reasons collecting payment can take so long.
However, you can erase that delay by setting up automatic payments with your customers. Auto-payments also allow you to stabilize and enhance control of your cash flow. You’ll have set dates on when your business will receive payments and can plan accordingly. It’s no secret that most organizations prompt their customers to set up automatic payments for this very reason.
With the ability to digitize payments, eliminate the time and effort of creating invoices manually, and collect payments more quickly, AR automation with PayMaker eliminates hassles for both you and your customers.
Are you a business, nonprofit, or accounting firm ready to give AR automation a try? Learn more about PayMaker or sign up today.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.