Accounting for Receivables: Create a Better B2B Payment Experience
Accounting for Receivables has an opportunity to create a better B2B payment purchasing experience
B2B buyer expectations are accelerating, heightened by advances in payment technologies and an ever changing financial landscape. In the face of these shifting expectations, accounting for receivables teams need to be savvy to adjust.
When Accounts Receivable (A/R) teams aren’t equipped to meet buyer demands, they risk frustrated customers, cart abandonment and increased days sales outstanding (DSO) — all of which can lead to diminished customer loyalty. The bottom line: accounting for receivables has the opportunity to positively impact an organization’s EBITDA, but currently, manual tasks, resource-heavy processes and dated technology are holding them back.
But when A/R teams create better customer experiences, they help keep cash flowing efficiently and reliably — a critical component of healthy EBITDA. With a bigger seat at the table, accounting for receivables can be an organization’s strongest steward of cash while also effectively managing revenue for the future. Simultaneously, better customer service leads to more loyal customers and bigger share-of-wallet. To achieve this, leaders must look to better technology and partners.
Strategic accounts receivable automation transforms processes
Strategic automation in accounting for receivables allows teams to focus on what they do best — providing white-glove customer service to their biggest, most valuable clients. The day-to-day invoicing, reconciliation, dispute management, collections, accounting and other manual and repetitive tasks are relegated to technology. This A/R Customer Experience white paper explores how better payment technology features translates to happier customers and team members:
- Purchase controls: Organizations can expand share of customer wallets by allowing buyers to establish purchase controls for different departments or business units under their purview.
- Expedited onboarding: With many processes and behind-the-scenes details automated or handled by a partner, buyers receive a seamless onboarding experience.
- Variable net terms: Modern payment integrations can make offering net 15, net 30 or net 60 terms simple, and handle related tasks like invoicing and performing credit checks and underwriting loans.
As B2B buyer expectations shift, we have developed a guide for meeting them. Take the next step toward empowering your accounting for receivables teams to improve cash flow by downloading our whitepaper.