Accounts Receivable Automation describes software tools that help send automatically invoice payment reminders. It uses customizable workflows and emails. Thousands of reminders for past due invoices can be sent at a click of a button.
Accounts Receivable Automation frees up time for AR teams to focus on higher-value work. It helps mitigate bad debt by detecting bad payers very quickly.
AR Automation has become more popular with the volume growth of invoices. New recurring, usage-based, or subscription-based billing popularized by Zuora and Quickbooks has been driving an explosion of the number of invoices.
AR Automation benefits:
Reduce Costs
AR automation solutions such as Troveworks, free up AR teams to focus on more profitable activities, removing the cost of manually sending payment reminder emails and leaving voicemails.
Improve Cash Flow
Customer Credit Risk is always a top concern for collection agents; a rapid collection of your invoices is a know best practice by accounts Reveibable teams. AR automation has proven to reduce DSO by 30 to 45 percent (data from Troveworks and other solutions) and reduce your working capital.
By automating 90% of the collection process, AR teams are able to dedicate time to chasing payments and handling exceptions for strategic accounts, shaving days off DSO, and minimizing delinquency.
Improve efficiency
The biggest threat to business success is, often, wasted time. AR automation software such as Troveworks focuses primarily on invoice payment reminding.
People are the greatest asset to any business, don’t allow their time to be wasted on manual, repetitive collection processes. It would be better to adopt automated accounting software.
Increase Accuracy
By integrating invoice automation directly with accounts receivable software takes human error out of the loop. Payment reminders are always accurate!