Written by: Zac Robinson
What Charles Darwin had to say about the evolution of species applies to business enterprises as well: adaptability is key to survival.
Consider accounts receivable (A/R) operations. The proliferation of check payments during the 20th Century led many businesses down the path of automation, in the form of lockboxes (managed in house or outsourced), which helped to reduce costs by compressing collection cycles and eliminating labor-intensive processing steps. By the turn of the 21st Century, however, the proliferation of new payment methods and channels (ACH, cards, online and mobile), created a new, more complex environment, as companies, acceding to customer demands for more payment options, were forced to implement disparate systems for accepting and processing receivables. What has emerged are corporate A/R operations bogged down by costly, error-prone manual processes spread across numerous legacy systems.
Today, businesses are struggling with the need to consolidate and streamline A/R and payment processing operations in order to drive better efficiencies and cost savings while supporting customer demands for quality service and payment convenience. They need truly integrated receivables solutions.
Here are six quick-hitting tips for how companies can adapt to this new business imperative.
Finally, don’t lose sight of the fact that while technology can be a great enabler, no software is infallible. An integrated receivables solution can only be as good as the people who built and stand behind it. You need a solution provider that treats you like a partner—one capable of thinking outside the proverbial box in order to address your company’s unique situation and requirements. Both now, and years into the future.
Originally Published April 8, 2020
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