AR Automation, or Accounts Receivable Automation, is the software used to automate all invoice payment reminders. By using customizable workflows and email, SMS and voicemail templates, one can send thousands of reminders to customers for past due invoices at a click of a button.
AR Automation frees up time for AR teams to focus on higher-value work, such as chasing payments and getting the cash in quickly and mitigating bad debt.
AR Automation is closely linked with the growth in the number of invoices created every month. The new recurring, usage based or subscription billing popularized by Zuora are driving an explosion of the number of invoices and forces collection agents to use automation software to collect payments.
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.
Collecting money fast is always a major competitive edge. AR automation has proven to reduce DSOs by 30 to 45 percent (data from TROVEworks and other solutions).
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 minimising delinquency.
By integrating invoice automation directly with accounts receivable software takes human error out of the loop. Payment reminders are always accurate!
The biggest threat to business success is, often, wasted time. AR automation software such as Troveworks focus primarily on invoice payment reminding, where payment status is instantly visible. And email templates are created by you with your own custom delivery schedule.
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.