Managing accounts receivable (AR) can be a time-consuming and complicated process for any business. And as your business grows, your financial needs grow with it. But the traditional means for supporting an efficient AR process is cumbersome, especially as your business scales.
Thankfully, there are tools out there to help you streamline this process. And the best part is, you get to decide how much or how little automation you want to be involved in your accounts receivable process.
Implementing a SaaS software product into your AR workflow gives you structure to systematize accounting procedures and make life easier for your financial team— regardless of your company’s scale or size.
What Can SaaS Software Do for your Accounts Receivable Department?
Gone are the wrist-breaking days of working away at endless stacks of manual paperwork piled three feet into the air. SaaS software eliminates the masses of paper that accumulate in your space.
Through AR automation, your customers can look forward to electronic invoices that are delivered directly via email or through a self-service payment portal.
SaaS software can help you store and retrieve documents electronically in a single location, reducing the need for paper-based filing systems. Not having to deal with messy paper frees up your time – and your mind – to dedicate to higher-value tasks. After all, you’re meant to do strategic work!2. Boost efficiency
Manually delivering and following up on every invoice is a pain for everyone involved. But luckily the power of SaaS allows you to put your AR workflow on autopilot, as cloud technology can manage the time-consuming and labor-intensive tasks that most of us want to run away from. The capacity to handle high volumes of invoices and payments is a key feature of most SaaS AR software, significantly decreasing the manual effort expended by your team when collecting payments.
SaaS software can automatically send invoices, track payments and generate data-driven reports, freeing up your time and tremendously reducing the time it takes to complete tasks. By moving AR processes to the cloud, you can streamline your workflows, automate repetitive tasks and reduce manual intervention, so that you can focus on tasks that help you reach your financial goals faster.
3. Improve customer relationships
The AR process develops a connection with your customer, so it should be timely, accurate and professional. SaaS will help you build better customer relationships through the support of an efficient payment process. You can effortlessly send friendly reminders to customers about upcoming or overdue payments through the use of automated payment reminders and notifications, reducing the need for uncomfortable phone calls or awkward emails. This helps you maintain positive relationships with your customers and prevents late payments from turning into collection issues. Most of all, when customers are provided with a system that allows them to feel that they have oversight and autonomy over their financial workflow, they are more likely to repay on time or even early. It’s a win-win for all.4. Reduce costs
SaaS software can help reduce the hefty costs associated with manual data entry, which can often be rife with errors. Of course, mistakes happen, but these errors may be detrimental by racking up delays and errors faster than your team can manage. Luckily, SaaS software can reduce costs and errors for you through the power of automation.
SaaS software can also help you reduce collection costs and mitigate the unwanted stress from the collections process. With automated payment reminders and notifications, you can send critical information instantaneously, which eliminates the need for manual follow-up and paper trails. Collections letters and calls are a thing of the past, saving you tons of time and resources while ensuring your customers are satisfied.5. Improve cash flow
Automating your AR with SaaS can speed up the time it takes to collect by over 60%, making a major impact on the efficiency of your order-to-cash cycle. Streamlining the AR process through SaaS automation reduces the time it takes to process payments and improves the accuracy of your invoicing, eliminating the roadblocks of delays and disputes.
Cloud technology also provides powerful real-time visibility into invoice and payment statuses, allowing your business to take proactive steps to manage your cash flow more effectively. You can easily access your accounts receivable information from any device with an internet connection, so you can manage your cash flow no matter where you are.
Looking for more info on Saas? Read our in-depth blog post on Leveraging SaaS Software to optimize your accounts receivable workflow.
A Better Approach to AR with SaaS
Embracing SaaS software can transform your accounts receivable process so that you can focus on providing the best customer experience while getting paid faster. Bectran offers the industry-leading AR SaaS platform that offers increased processing accuracy and a better method for managing the order-to-cash cycle and positive customer relationships. To learn more about how utilizing SaaS technology for AR processes can make life easier for you and your financial team, click here.