AR Sofware can help your business get paid faster. There are many choices for AR Software. Find the one that is right for you and your customer. Here are some of the things to consider when selecting and moving to an AR Software solution.
Have the Customer Receive the Invoice Faster
One of the best ways to shave time off your DSO is to get your invoices to the customer faster. Your AR software should be able to not only email or post to a portal, but it also should be done as regularly as possible.
Make the Invoicing Process Easier for the Customer
There are many different AR software solutions, but they are not all the same. As an example, some software solutions require individual invoices to be sent manually. Emailing invoices is not a scalable solution. Your AR software solution should have the ability to batch jobs for customers so they get one digital envelope instead of many. Any supporting documentation, like proof of delivery, should be included and be easy to find. If the customer uses a portal then your solution should be able to connect to that portal.
Provide Direct Payment and Credit Card Options
Digital payments continue to increase in acceptance by B2B organizations. Give your customers the ability to use digital payments and credit cards.
Get Information to Help with Collections
Your AR Software solution should be able to provide the collections team with insight into whether or not your customers have opened their invoices, if there have been invoices that have been quarantined with errors, or even if the customer email has bounced back. Collections will likely never be totally automatic, so providing information that increases the team’s efficiency and speed will help reduce days outstanding.
Find the Right Software for Your Organization
AR software should not work independently, but be integrated with your finance, accounting, or ERP systems. There are also many vertical considerations. Find the right solution both for you and your customers.
If you are interested in seeing how OnePosting can help your organization with its digital transformation around Accounts Receivable, book a meeting with our team.