Top 10 Benefits of Accounts Receivable Automation
Efficiency: Doing Things Better
Benefit #1: Better Results from the Systems You Already Know
When automation can include everything from the simplest tasks to full-scale digital transformation, business leaders are challenged with deciding where to start. One way to get started is by bringing automation to your existing systems, lowering barriers to entry while still making an impact.
Chargent Automated Collections is one real-world example. A powerful, configurable tool for automating your accounts receivable process, it brings together payment processing, collections, and customer data, right in Salesforce – where your customer data already lives, and your employees already work.
Benefit #2: 24/7 Reliability
Your business processes don’t have to keep business hours – automated AR lets you extend your operations to be available 24/7, 365 days a year.
You’ll be able to reach your customers at the time that is most convenient for them – and increase your chances of collecting outstanding revenue.
Benefit #3: Increased Revenue
Speaking of revenue… if we’re talking about doing things better, then arguably the #1 metric for improvement should be your revenue stream. AR automation helps you capture the low-hanging fruit of late and failed payments before they turn into lost revenue, lost donations – or lost customers.
Automating early-stage collections activities like dunning emails and payment retries makes it easy to capture payments that fail due to basic errors like expired cards or address changes, so you can collect more revenue without additional effort.
Benefit #4: Better Accuracy Saves Time and Money
Your AR team is awesome, but any repetitive, manual process (like sending collections emails) is prone to human error. In fact, a recent Gartner report found that finance departments can save time – as much as 25,000 hours of avoidable rework – by leveraging automation tools in their day-to-day processes. In short, automation means that fewer payments slip through the cracks.