Not convinced yet that AR automation is better than spreadsheets? Things are fine as they are, right. You’ve got that one team member who runs your credit control/accounts receivables/debtor management like a robot. They have lists, they have spreadsheets, they know how to copy and paste. They store all the individual customer knowledge in their head. They know the best time to phone business A is 11am on a Monday morning. Like clockwork, they remind business B of their invoice to pay every Thursday by email. And they know that business C will eventually pay their monthly bill, it’s just always 8 days late.
The key word here is productivity. It all comes down to this. Automating accounts receivables tasks benefit businesses and teams in so many ways, but the common thread that runs through them all is productivity. Spreadsheets and a superstar credit controller can run your AR like clockwork, but they have limitations and the job takes time. A lot of time. If you want to be competitive, then automating your AR is a simple but effective way to get an edge.
How can swapping out the spreadsheets for automation deliver such significant results? It’s about enablement. A finance team who isn’t bogged down with mundane, manual tasks is going to be more productive. They’ll be enabling the business to grow through:
- a reduction in human error
- a decrease in risk due to reliance on one key person
- an increase in strategic thinking time
- adding value with better debtor insights and reporting
- decreasing the cost of managing AR
Essentially, they’ll be more productive.
Reduction in human error
We’re human. We make mistakes. Even with spreadsheets, automated formulas and a dedicated superstar whose memory is a vault of customer finance gold. Implementing simple, easy to use AR automation removes the risk of simple human error – think copying the wrong email address into a reminder email. Small mistakes here can have larger consequences down the track.
Decrease in knowledge risk
Automation also eliminates risks associated with a key person being your business’ knowledge base for all things AR. This situation is quite common, and is high risk. Most businesses in this situation don’t have a plan for if that person gets ill or leaves quickly and unexpectedly. There might be some ‘handover notes’ but these often lack detail and can take time to digest. If either of these scenarios occur, cash flow can be impacted significantly with limited AR and credit control happening.
More time for strategy
Strategic thinking. Something most of us want to do more of, but often struggle to find the time. Automating AR is one of the quickest and most effective ways to enable yourself and your team to have more strategic thinking time. And not to the detriment of your AR. With the spreadsheets in the bin, and your automated workflows humming, there’ll be more time for strategy and better overall cash flow results.
Adding value with knowledge
Ever had someone ask you a question which you know you’ll be able to answer, except there’s a ‘but’. Is the question so valuable to answer that it’s worth all the time required to trawl through spreadsheets, run figures and then write up the report? By automating AR, you’ll have a clear AR process in place which will help uncover better insights. You’ll also have instantly accessible dashboards. So when that important debtor question arises or the board asks for a report on debtor days, put aside the macros. Instead, pull up your instant debtor dashboard. It won’t just save time, it’ll look a whole lot slicker as well.
Decreasing the cost of AR
Yes, if you automate your AR chances are you’ll be paying a subscription fee to a platform which delivers the tool. However most solutions out there aren’t that pricey, and they’re certainly a lot cheaper than a full-time human being. Most customers we talk to find automating their AR results in maintenance of their dedicated AR resource, despite growth. Even better, some report that they’re actually able to reduce their resources dedicated to AR.
On top of all this, you’ll have a far happier, more engaged team. This drives loyalty and means you’re less likely to have to recruit new staff anytime soon.
We’ve helped hundreds of businesses worldwide put their AR on autopilot and reap the benefits of a smart receivables process. We’d love to do the same for you. If you’re ready to say goodbye to spreadsheets, get in touch to schedule a demo or try for free.