[vc_row][vc_column][vc_column_text]Having a manual accounts receivable system is like having one hand tied behind your back when you are fighting to achieve your collections goals. The key to converting accounts receivable into cash is follow up and customer contact. There is a direct correlation between the amount of customer contact and collections. More customer contact results in increased collections and cash flow.
With a manual AR system the amount of follow up and customer contact you can do is severely limited. Instead of contacting past due accounts, your collectors are tied up doing time consuming manual follow up including:
- Reviewing reports to determine which accounts need follow up
- Categorizing accounts by number of days past due
- Writing customized emails for past due accounts
There is no ability to do pre-emptive payment reminders, and little time is left for collection calls. Unless you have the luxury of a large collections staff, you are probably playing catch up instead of being ahead of the curve.
An automated accounts receivable system with automated email capability can supercharge your collections efforts, and put you ahead of the curve on cash flow.
- With automated email you can create email templates for categories of customers by days past due.
- The email can include invoice and account statement copies.
- A link to a self-service payment portal can be included on the email template.
- The self-service payment portal can include the ability for customers to make notes on invoices.
- This is particularly helpful if there are payment deductions or disputes.
The automated reminder emails you had no ability to send before, can now be sent a few days before the due date or on the due date along with invoice and statement copies and a link to a self-service payment portal. Reminder emails can encourage prompt payment and reduce the need for further follow up and customer calls.
For accounts that are past due a few days or a week, a past due email can be sent automatically to nudge customers to make prompt payments.
An automated collection email for seriously past due accounts can be sent to warn customers that their account is in jeopardy of being referred to a collection agency.
Once the automated email templates have been created, and the criteria established for sending automated reminder emails, past due emails or collection emails, you can refocus your collections staff to work on seriously past due accounts and other important credit matters.
Automated emails can super charge your collections efforts, and result in benefits including:
- An increase in collections and cash flow
- A reduction in time spent by your collections staff on manual tasks
- An increase in time spent on seriously past due accounts and other important credit matters
Automated accounts receivable software with automated email capability is available from Anytime Collect, a leader in cloud-based and premises based software solutions made specifically for businesses selling on credit. Anytime Collect can help your company automate its accounts receivable system, and integrate it seamlessly with your ERP and financial software.
If you would like to learn more about how you can automate and integrate your accounts receivable system, please contact Anytime Collect at www.anytimecollect.com.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_cta h2=”HOW DOES YOUR MANUAL PROCESS STACK UP?” color=”turquoise” el_width=”xs” add_icon=”bottom” i_type=”entypo” i_icon_entypo=”entypo-icon entypo-icon-check” i_color=”grey” i_background_style=”rounded” i_background_color=”turquoise” i_size=”xl” i_on_border=”true” i_link=”url:https%3A%2F%2Fanytimecollect.com%2Froi-assessment%2F|||”]
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