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Automate payment processing, get paid faster, and manage customer accounts with the Sage AR module.Prime your entire AR process from generating customer invoices to the final payment reconciliation.
The accounts receivable process involves creating invoices for your customers, accepting payments for products and services, and streamlining the entire credit management system through digital methods. In short, you eliminate time-consuming tasks and improve cash flow by bringing money for your company faster.
So you don’t have an accurate invoice number? Don’t worry! The accounts receivable automation software will automatically match invoices to payments. Moreover, it will also automate deduction coding.
The AR processes automatically identify high-risk customers and ensure a faster recovery by predicting when you will get paid. This process will help minimize instances of bad debt and reduce DSO (Days Sales Outstanding).
The built-in robotic process automation (RPA) will automatically identify proof of deliveries (POD), claims, and bill of lading (BOL) from customer portals and emails. It can also capture line-item data in the claim documents.
Identify the changing customer payment behavior and credit risk to get paid faster. Use AI-enabled order release recommendations to make better credit decisions and improve cash flow. Auto-extract customer data from CRM tools in a timely manner.
Electronically manage the invoicing and cash flow process and gain instant visibility in cross-border payments. Reduce repetitive work by automating invoices and integrating accounting systems and A/P portals to deliver invoices.
The AR team can configure the accounts receivable system according to the companies’ needs. The best part is that the accounts receivable processes are intuitive and anyone can access them, thereby significantly increasing control and visibility. The AR team can categorize workflow information to check invoices based on various parameters like invoice age or client.
Invoices are one of the ways to communicate with customers. Other ways include sending support documents electronically from the automation solution and uploading communications from customers into the workflow. Remember that customers like associating with companies that communicate periodically and may reward by making payments faster.
One of the biggest reasons for late payments is paper invoices. They take around 3 to 5 days to arrive. On the other hand, electronic invoices arrive instantly, allowing the company to initiate customer communication immediately. Other benefits include cutting down on delivery times and postage costs.
A company has various departments that require details relating to finance. It will be easier for your accounts department to share critical information with an accounts payable and receivable system. It can export required data instantly and set filters for ad-hoc reporting using various formats, such as Microsoft Excel or Google Spreadsheets.
The AR software brings varying information points on one platform. You will get details such as customer information, invoice details, shipping documents, Bills of Lading (BOL), payment options, aging tasks, and comments on a single platform that makes it easy to access information and brainstorm strategies effectively.
The accounts receivable automation software creates a specific workflow for each invoice. Users can create tables that store built-in collection policies and store client-associated details and the invoice age. Let’s analyze the path of the invoice once it enters the AR automation system.
The AR automation system sends the invoice to the correct customer electronically without any human intervention. The email message can be configured based on the customer, type of invoice, and other parameters set by the business.
The accounts receivable automation software sends late notice emails to clients along with a copy of the open invoice. AR teams can customize the message of these emails to encourage the client to take a specific action. The software is programmed by default to send the late notice at month-end. But users can configure the date at their convenience.
The AR automation module initiates credit hold warnings and also issues credit hold flags in your ERP system. A two-way communication system also allows the ERP software to send credit hold flags to the AR automation system. This methodology enables businesses to improve their overall communication and versatility.
An organization can send emails through the AR automation system. If the initial notice and contact fail to encourage the client to take action, the cadence and style of the collection emails can be changed. All the replies from the customers are stored in the group mailbox dedicated to collecting and addressing AR issues.
CFOs are responsible for streamlining the organization’s economic situation and reducing the financial risk. A CFO needs to create a reasonable budget for the company that requires real-time access to payables and the ability to monitor the overall business spending.
The paper-based accounts payable process makes it mandatory for the CEO to put their signature on numerous checks, making it challenging to forecast the business’s financial future. Also, outdated methods undermine the AP department from realizing its true potential and fail to provide a complete picture of the bottom line.
Accounts payable automation software consists of a financial operations dashboard that provides real-time metrics such as Days Sales Outstanding Days Payable Outstanding (DPO). Such metrics provide a 360-degree understanding of the organization’s financial health and act as an efficient tool for the CEO and the board members to draw an effective business strategy.
CFOs can also use accounts payable automation software for high-level decision-making such as capital improvements, mergers, and acquisitions, increased employee strength, opening branches in new territories, and launching new products and services.