Written by: Ashton Nanninga
Even though the highlight of the holiday season is oftentimes food, Thanksgiving, contrary to popular belief, is about more than just an overabundant meal. Every year, you and your loved ones are seated around a table piled high with turkey, all the trimmings and way too many desserts, to share what you are most thankful for.
Oftentimes, it’s personal achievements, shared memories or unexpected blessings. But, this year, here at FTNI we thought we would switch it up. Don’t get us wrong, we love a yearly holiday tradition and a good Thanksgiving dinner. But, as we head into this year’s holiday season, we thought it would be good to share what we are most thankful for as a company—accounts receivable (A/R) automation software.
We’re especially thankful looking back on what a year 2022 has been, and this Thanksgiving season, we wanted to share five reasons why we’re thankful for A/R automation software and truly integrated receivables solutions (and maybe your organization might be just as thankful, too).
A/R automation software and solutions have become an increasingly highlighted topic across the B2B payments landscape. Over the past several years, increased interest and adoption of automated receivable solutions has driven many businesses to move from siloed, legacy payment systems to truly integrated receivables platforms and solutions. A/R automation software has, thankfully, changed the way payments across the B2B landscape are accepted, processed, posted, and managed.
Below are five reasons why we’re thankful that A/R automation software has continually evolved within organizations’ receivable operations and processes. And, we think you might be just as thankful as we are.1. A/R Automation Software Delivers Organizations Across Numerous Industries with Accelerated Payment Processing & Automated Cash Application
It’s no secret that many businesses are still bound to multiple, disparate solutions and systems to manage their receivable and payment processing operations. Many businesses are unable to automate their cash application from a single platform, and are left having to manually pull data from multiple locations in order to reconcile their daily A/R activities.
In addition to the historic usage of disjointed payment systems, these siloed systems and dashboards also often lack the ability to migrate from one industry to another—leaving large gaps between payment processing and cash application technology across the larger B2B landscape.
With A/R automation software, businesses across nearly every industry are able to utilize a seamlessly scalable, flexible payment processing solution to fit all of their A/R needs. From foodservice and beverage wholesale distributors to non-profit organizations, insurance companies, utilities providers, realty firms, and more, truly integrated receivables solutions deliver accelerated receivable management across industries.
By transitioning from a siloed, legacy payment system to a true A/R automation platform, businesses are able to accept any payment method, from any payment channel and automatically post all transaction details to any back-office system—all from a single, secure integrated payments platform. This not only helps your internal organization to streamline and accelerate payment processing, but it also delivers your customers with a better, more efficient payment experience. A/R automation is easier, quicker and more secure for you, your internal A/R team and your customers. And, here at FTNI, we’re very thankful to be able to help a fast growing customer base of leading companies across numerous industries streamline and accelerate payment processing and cash application operations.2. A/R Automation Software Allows Businesses to Leverage the Solutions They Need Now & Easily Expand in the Future
Industry-leading receivable solutions enable you to start where your business needs are today and seamlessly expand your use of the platform over time. Truly integrated A/R automation software should not be “one size fits all.” Your business should be able to utilize the solutions you need now, and add more as your processes and customer preferences evolve. And, with A/R automation software, it’s all possible.
For example, let’s say that your business still receives a large majority of your payments in the form of paper checks (which we know is the case for many businesses across the B2B landscape). Chances are that you (and some of your customers) would like to start transitioning some of these payments to electronic methods—whether that be ACH or credit/debit card. With A/R automation software and solutions, you are able to conveniently add contactless, electronic payment channels such as online payments and AutoPay to fill this need for your organization—and your customers are able to adopt new methods of payment at their own pace.
The addition of new payment acceptance channels allows your organization to expand customer options over time while also maintaining your current payment acceptance solutions–all on a single platform. Your business is able to implement the solutions you need with the additional benefit of adding new solutions as your business grows. Ultimately, A/R automation software is what you make it. You are able to fit the software and solutions to your unique business processes and workflows, as well as meet the needs of your most valuable assets—your customers.
Many A/R dashboards and legacy platforms lack a key piece in payment processing and cash application operations—automated posting and reconciliation.
Each time your A/R team has to manually review a payment and key in payment details—it costs you money. If your organization is still utilizing siloed cash application systems, you are very likely spending valuable time and resources on processes that can easily be automated on a single platform.
A/R automation software delivers cash application automation from a single, secure platform. Easily, efficiently and securely accept, process, manage and post all incoming payments in a single pass—i.e. true straight through processing. Your internal users no longer have to manually match payments to customer accounts, key in payment details to your back-office system(s), or match payments to outstanding invoices/statements.
Automated cash application is only just the beginning for straight through processing within your receivable organization. Once you implement a solution to automate and accelerate payment processing for your internal team, you will see great improvements across your receivables, as well as increased customer satisfaction and a better customer payment experience.
Agnostic by design, A/R automation software delivers businesses with a seamlessly scalable and fully-integrated receivable processing platform. As previously mentioned, businesses’ needs are nearly ever-changing. With A/R automation technology, businesses are able to utilize software that is able to adapt to the changing needs of your business, as well as constantly shifting customer demands.
Between managing banking, merchant processor, back-office and other technology relationships across your business, you shouldn’t have to worry about continually updating your A/R platform and processes if one of those relationships should change in the future. With an agnostic solution such as A/R automation software, your receivable platform will always adapt with you, not the other way around. Your business is able to maximize flexibility and scalability by being compatible with your existing bank, merchant processor, back-office systems and check scanning hardware.
In addition, automated receivable software also has the ability to seamlessly integrate with your existing web pages, interfaces and mobile applications. Whether your business is looking to add secure payment acceptance technology to existing web pages, interfaces or your own stand-alone mobile application, A/R automation software delivers the API connectivity you need based on your unique processes and workflows. Again, A/R automation software works with you and your organization, not against you. You don’t have to be boxed into a solution that won’t adapt to your existing processes and operations.
At FTNI, we love software—it’s what we do best. However, we will be the first to tell you that no software or technology solution is ever perfect. There will always be needed improvements, updates and configurations to meet customers’ needs. Due to this, software—especially B2B software—requires open communication and collaboration with the people behind the software.
Like we said, we love software. But, at the end of the day, you’re buying more than just software. You are buying the people behind it, as well. We’re very thankful to be the people behind the software and collaborate with all of our partners, prospects and customers. In our book, there is nothing better than being a trusted technology provider to handle what matters most to your business.
So, this year before we stuff ourselves full of stuffing or skip straight to dessert, we’re sharing just how thankful we are for A/R automation software and the benefits it brings to leading companies across the U.S. and Canada. A/R automation software delivers countless benefits across many businesses, so narrowing this post down to just five was quite the challenge. All the same, we are always thankful for A/R automation software, but we’re very grateful this Thanksgiving season for all of our partners, prospects and customers.
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