The Future of AR Billing – Automation

Introduction

It has happened to every small-to-mid-sized company at some point in time. They would wait for a large payment to come through, only for it to never show up. When they diagnose the issue, it often turns out to be the same reason: ‘someone forgot to send the invoice.’ Why? Because manual processes often involve a complex filing-and-submission approaches. They, in turn, result in a challenging receipt accumulation process for compliance issues.

Not every time can we be able to recollect individual tasks. Invoice  dispatchments were manually performed, until technology took over. This is where implementing an Accounts Receivable management software comes into play.

Solutions like CratoPay, part of the Cratoflow suite, help ensure this never happens. CratoPay provides accounts receivable (AR) automation solutions that optimize invoicing and payments. It only becomes more important with the more invoices a company needs to send. 

The system dispatches invoices when they should go out, with zero manual effort. Companies that let their accounts receivable apparatus lag may struggle with critical issues.

Benefits

The benefits are plentiful, which we enumerate below. ‍

1. ‍It reduces the time accountants spend on payment collection: The system automatically sends invoices to the payment-owing parties, eliminating extra manual efforts.  Hence, it lets them focus on crucial strategic work and deal with clients on more fruitful levels. Companies can also re-deploy that much-needed inbound revenue to pay employees. While large corporations usually have enormous cash flows, it may not be the same for lean SMBs. It also helps you pay your invoices to suppliers in less time, but that may be a topic for another time!
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2. Increases the accuracy of invoices submitted (and payments received): Automated AR taps into your various systems to accurately identify the amount your clients owe. No transcription errors or erroneous figures here. This way, employees can avoid unnecessary tasks, like figuring out why their numbers do not match up, reaching out to clients to apologize and ask for a new payment, etc. That saps employee morale, jeopardizes individual relationships, and potentially may subject the company to press scrutiny.
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3. Eases compliance and regulatory filing through a seamless dashboard: Companies cannot afford to run afoul of compliance issues or have to dig through Excel sheets, emails, and printouts if the tax authorities audit them. It is paramount to have everything organized and simplified, to avoid wasting time ensuring all your figures are aligned, should you need to show anything. No company can focus on its core business objectives if it faces audits or potential fines for something avoidable.
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4. Taps into several payment providers: One of the best attributes of automated AR billing is its seamless incorporation into a partner ecosystem beyond just invoicing. For instance, Cratoflow integrates your accounting and sales systems, banks, order management, and other providers, eliminating the need to manage dozens of daily transactions on different platforms through automation.
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5. Eliminates underappreciated costs: Companies often fail to price out the labor cost of full-time employees right. Something as simple as manually writing invoices and mailing them costs companies money. The solution is simple: automate the process so your employees can focus on other concerns.‍‍

Conclusion

The good news for companies is that automated AR is here today, thanks to Cratoflow, the world's first end-to-end automated bookkeeping platform to help businesses manage their finances. The benefits are immediate, not only for your bottom line, but also for the health and value of your employees. They will get more opportunities to work on meaningful tasks, leaving the automatable ones to technology.

It is important to look for the best accounts receivable software that is customizable to meet your business requirements. Cratoflow helps automate accounts receivable and accounts payable, saving costs and improving the entire financial health of the company. Learn more today and contact us to upgrade your financial operations.