Boo! Halloween is just around the corner, and we thought it’d be the perfect time to scare away those ghastly legacy systems and devilish dashboards that are haunting your back-office accounts receivable (A/R) operations. So fear not as we uncover how modern A/R automation software can banish your back-office fears, and ensure a ghoulishly good time for your payment processing and cash application operations.
The Tricks of Legacy Siloed A/R Systems
Before we dive into the enchanting world of A/R automation, let’s shine a light on the hair-raising horrors of legacy dashboards, siloed payments systems and manual back-office receivable processes.
Stacks of invoices floating around like restless spirits, lost payments lurking in the shadows, the bone-chilling fear of manual errors haunting your back-office, it’s a nightmare, isn’t it?
The labyrinth of siloed payment systems and legacy dashboards leaves your back-office A/R operations in chaos. And unfortunately, far too many companies are still using outdated, manual A/R processes and systems today. Managing numerous systems to accept different payment methods from various payment channels leaves your A/R team to manage multiple devilish dashboards and spooky systems, resulting in increased cost and wasted time across your organization.
Manual A/R processes are a breeding ground for financial ghouls and goblins to haunt your back-office, breeding inefficiencies, unnecessary errors and mysterious costs that can deliver as good a jump-scare as any horror movie. It’s time to cast these ghouls, goblins and ghosts away and treat your business to modern A/R automation.
The Treats of Modern A/R Automation
True A/R automation solutions deliver your business with the ability to seamlessly accept any payment method, from any payment channel and automate cash application to any back-office system—all from a single cloud-based platform. And, it’s not a trick. A/R automation treats your payment processing and cash application operations with truly automated receivable processing, i.e. true straight through processing.
Here are a few of the sweet treats that A/R automation solutions provide:
- Cash Application Automation - A/R automation solutions deliver your organization with the ability to accept any payment method (check, ACH/EFT, credit/debit card, cash) via any payment channel (online, mobile, mailed-in, lockbox, automatic debit, embedded APIs) and automatically transmit payment details to any back-office system.
- Agnostic Adaptability - Any bank, merchant processor, back-office system, and check scanning hardware — A/R automation solutions work with your existing relationships and systems to provide the flexibility you need to streamline your receivable operations.
- Proactive Collection Capabilities - No more chasing after lost souls—er, lost payments. A/R automation software delivers proactive collections features to send reminders and notifications to customers with information regarding outstanding invoices so they can conveniently make a payment on their account.
- Holistic Oversight - With A/R automation solutions, you will gain complete oversight of all incoming payment information through a single, cloud-based platform. No enchanting dashboards separating you from the systems that actually manage your cash flow, just direct access to all of your payments and data at all times.
- Serious Security & Compliance - Gain complete security and compliance (PCI, HIPAA, SOC 2, etc.) across your payments and back-office data to protect you and your customers’ information.
Spooktacular Savings
And, the cherry on top of the treat of true A/R automation is that your entire organization also gains spooktacular savings across your back-office receivable processes. A/R automation solutions don’t just send the devilish dashboards, mangled manual processes and spooky systems to the graveyard, they also save your organization time and money.
- Reduced Costs - A/R automation helps businesses to save money by decreasing paper-based receivable costs, replacing crypt-like CAPEX costs associated with on-premise systems with budget-friendly OPEX benefits of cloud-based software, and even repurposing overhead costs to higher value functions.
- Fewer Errors - By drastically reducing–or completely eliminating–manual, error-prone A/R tasks associated with data entry, A/R automation software can speed your A/R processing and remove costly errors from your organization.
- Faster Payments - By implementing a single cloud-based platform to accept, process, post and manage all your incoming receivables, your business is able to automate a large majority of payments and automate cash application processes. You are able to save time, costs and resources—all while delivering your customers with a full range of convenient, secure payment options. In turn, this reduces DSO and accelerates your cash flow.
As the moon rises this Halloween season, don’t let the horrors of mummified legacy processes, devilish dashboards and haunted siloed systems scare you into the night. Treat your back-office payment processing and cash application operations to true accounts receivable automation software.
Happy Halloween, and may your A/R operations be spooktacularly efficient this year!
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1 PYMNTS, "Meeting the Growing Need for AR Modernization" | October 2023
2 PYMNTS, "How Automations Reduce Receivables Delays" | July 2023