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10 Ways Accounts Receivable Automation Solutions Fuel B2B Success

Accounts Receivable Automation Solutions blog image

Accounts receivable (A/R) departments are usually considered strictly functional, although immensely important. After all, when payments flow, business grows.  

Today, as B2B merchants are experiencing radical digital transformations, it’s time to promote A/R to a more strategic role. Why? With one of the accounts receivable automation solutions available today, your AR team can eliminate repetitive manual tasks, and focus on business growth instead. 

Digitize your accounts receivable now 

If you’re still relying on a manual AR system, you need to go digital ASAP. You don’t have to start from scratch—there are plenty of accounts receivable automation solutions out there—but you do need one purpose-built for B2B. And be sure that it’s part of a comprehensive embedded payments platform if you want A/R to really drive your success.   

10 benefits of accounts receivable automation solutions 

Invest in the right A/R automation system, and you’ll be able to: 

1. Automate lower-value, repetitive tasks, and free up staff to focus on higher-value projects  

2. Eliminate manual errors and their associated costs 

3. Simplify bank reconciliations 

4. Lower long-term accounts receivable expenses 

5. Improve cash flow by allowing buyers to make payments on terms they prefer 

6. Enjoy more predictable revenue streams, thanks to reduced DSO 

7. Improve working capital while still extending net terms 

8. Offer instant credit decisioning, reducing days of manual approvals to mere seconds 

9. Speed up customer onboarding, which creates a great first impression  

10. Improve long-term customer loyalty with positive payments experiences 

Make Accounts Receivable a Growth Driver 

By eliminating mundane day-to-day tasks, A/R can move into a more strategic position. More and more companies realize that the future B2B A/R team will be customer-focused, with an emphasis on loyalty-building payment experiences—even when dealing with late-paying clients. In fact, 58% of finance leaders are now players on their organization’s customer experience team, according to a 2021 Harvard Business Review Survey of over 1,000 executives.  

The reality is that A/R typically has the most customer touchpoints. They are in regular communication with customers from onboarding through each and every order. If a customer’s account is seriously past-due, it’s typically the AR team that determines when to sever the relationship. In many cases, they may own your customer’s entire experience with your organization. 

Sales and Accounts Receivable Must Be Partners 

When an accounts receivable automation solution is really humming, the A/R team can prioritize working directly with the sales team. Each team brings to the table unique customer knowledge that could help businesses grow. Together, they can streamline the new customer onboarding, pricing, payment and ordering process—all contribute to accelerating the sales cycle, which can be a significant driver of business growth. 

Are You Ready for Accounts Receivable Automation Solutions? 

The good news is that the foundation for elevating accounts receivable is already in place with many C-level executives. The past two years have challenged the status quo, and A/R is at the top of the “automate to survive” departments. CFOs are increasingly viewing A/R automation as one of the necessary investments for the health of the company. An even greater number—86%—view digitization of financial processes as key to increasing customer satisfaction, retention, and revenue growth.  

The best accounts receivable automation solutions are part of larger B2B embedded payments platforms. Implementing a comprehensive, future-proof financial system that also includes robust fraud detection and prevention can radically change the A/R team’s role—from paper-pusher and sales roadblock into an essential strategic partner. 

Start a conversation with one of our B2B accounts receivable automation experts. If you prefer, call +1-205-729-6154 now.

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