4 Key Considerations when Investing in Accounts Receivable Digital Solutions
Many Accounts Receivable teams have looked at their process and know that the old ways of doing business just aren’t cutting it anymore. With outdated tools and complicated methods that rely heavily on human interaction, invoice processing times are lengthening, and suppliers are having a harder time securing payments from buyers.
The solution to this problem lies in digitizing your Accounts Receivable process. To someone who handles invoices and payment processing on a daily basis, that much is clear, but, sifting through the tools available on the market can pose a challenge: What features do you need? How do certain solutions differ from one another?
As you start your journey with finding and implementing digital Accounts Receivable tools, keep these 4 features at the top of your mind.
As the world becomes increasingly digitized, enterprises need to choose tools that offer access from anywhere. Cloud-based platforms give you peace of mind in knowing you can get the information and data you need no matter where you’re doing business from. Many companies are adopting hybrid or remote work formats forever, meaning cloud-based technology is here to stay. With the right tools at your disposal, your team can maintain productivity and collaboration from anywhere in the world.
Data is extremely valuable, and so is preparedness. The past few years have been tumultuous, to say the least, as multiple industries were hit with disruptions, delays, and drops in orders. These situations posed great challenges for businesses when it came down to weathering the storm and emerging in a place of recovery. While it’s great to be able to react and adapt as needed, wouldn’t it be even better if you could prepare for disruptions before they even arise?
That’s the aim of predictive analytics.
Predictive analytics collects historical data and evaluates and analyzes it to help predict future events and trends. Using the information you already have, you can better understand the forecasted future of work, giving you time to adjust your strategies and create a plan of action. When it comes to choosing a strong Accounts Receivable platform, predictive analytics should be top of mind. Today’s AR teams need more than just accurate and real-time data; they need data that helps keep them ahead of disruptions.
AI + automation
In previous articles, we’ve gone to great lengths to demonstrate the benefits of automation in your organization. After all, when it comes to Accounts Receivable, many of the tasks you deal with are tedious and time-consuming. Time is a precious resource, and you need to be certain you and your team are using it wisely.
When you embrace automation in Accounts Receivable, you’ll see positive results like:
- Reduced costs — automation reduces overhead, and often, simply automating your process can reduce the costs associated with processing payments.
- Faster payments — with the clunky and siloed manual payment processes, you can more quickly and easily secure payments from buyers.
- Reduced room for error — human processes are prone to errors, whether in the form of misplaced invoices, incorrectly entered info, or other mistakes. With automation, the likelihood of errors decreases substantially.
It’s clear that automation is a great thing for the continued growth and success of your enterprise. When looking for a platform that handles Accounts Receivable, search for a solution that also weaves artificial intelligence into their automation capabilities. With this added intelligence, your platform can learn how best to support your needs, now and in the future. You’ll be investing in technology that can scale with your business and evolve alongside you.
What’s the point of an Accounts Receivable platform if you can’t communicate through it?
The best AR platforms are ones that consolidate all your correspondence and information into one central location, so it is easy for your team to get the information they need, and it’s easy for your buyers to communicate with you. With a platform like Tradeshift, you can quickly get in touch with your buyers at any time, from anywhere. This helps to reduce the likelihood of errors, but if errors do occur, it makes it significantly simpler to connect and rectify the problem.
The time is now to invest in a fully-digitized Accounts Receivable platform. Clunky, manual processes are not only outdated, but they’re keeping you from reaching a higher level of success. Tradeshift can help you transform your AR team into a more efficient, strategic department and set your sights on continued growth. Reach out to our team today to see how.