The Secret to Getting Paid Faster: AR Automation

No matter whom you are or what you do, we all ultimately have the same goal: get paid. And we can probably all agree the sooner the better. Decreasing your Days Sales Outstanding improves cash flow and makes it much easier to successfully run your business. Getting paid faster by automating your accounts receivable processes is an idea we can all get behind.

So how does it work? There are a few different types of solutions out there that can help add automation in different places.

Invoice Delivery

First is the process of getting invoices in your customers’ hands quickly. Printing, folding and mailing invoices is costly and time consuming. Consider instead implementing a system for emailing invoices directly to your customers automatically with any backup documentation they require. They’ll receive it immediately and be able to review and act on it right away.

Using a document management solution for the automated invoice delivery gives you a couple other perks as well. If you ever need to look back at that invoice again, an image of it has automatically been saved in the repository where you can view a full history of what happened with that invoice. You can also drill down to supporting documents like a purchase order, packing slip or a check. When it comes time for an audit, that information is easily accessible without touching a single paper document.

Payment Collection

You can take that a step further by allowing your customers to click a link right from the email they received (with the invoice attached) to send payment immediately. It’s becoming very rare to not find a product on the internet. Your customers are going to start expecting the option to pay online (if they don’t already.)

The key will be finding a solution that is PCI compliant and integrates with your financial software. PCI compliance ensures that you are collecting credit card information securely. The integration will cut manual data entry steps for your team. Once the customer makes their payment online, the information can be automatically populated in your accounting system, and payment will be applied to all of the corresponding invoices.

Here at Altec, we can help with the first part of this process by allowing you go paperless. Contact us today by emailing doclinksales@doclink.beyond.ai.