A/R Automation Just Makes Sense
Cash flow is your company's lifeblood, and in today's world of high-interest rates and inflation that flow can be dangerously slow. Automating your accounts receivable (A/R) means quickly unlocking cash that’s trapped on your balance sheet and keeping your cash flowing.
A/R Automation improves your cash flow by:
Enabling more high-quality customer communications
Freeing up your team to strategically focus on the most important customers/invoices
Requiring fewer team resources as your business scales
Improving your A/R forecast visibility, accuracy, and confidence
Delivering a better customer & employee experience for your company’s most important assets
Customer Communications
By streamlining the manual processes historically needed to send invoices and dunnings notifications your team can communicate with more customers, more frequently with a personal touch. A/R automation can generate personalized & situational-specific emails to thousands of customers in the time it would take to manually reach out to just tens of customers. This will ensure that you stay in front of your customer’s A/P team and every invoice is followed up on without burying your team in tactical drudgery.
Strategic Focus
Let's be honest, not all customers or invoices are created equal. There’s always going to be a population of customers or invoices that you want your team to focus on because they have an undue impact on your organization’s performance. Without A/R automation, finding that bandwidth is always going to be a struggle and too often they will not have the necessary time to give those efforts the love they deserve. With the reduction of manual processes, your team will always have the time to concentrate on those customers and invoices that will move the needle in the right direction.
Scaling Efficiently
Historically your growth resulted in more customers and invoices (a good problem to have). Unfortunately, that also meant that you needed to increase your A/R team’s size to keep up with the growing volume of manual work. With A/R automation, you can break that direct correlation by leveraging process efficiencies and effectiveness. Thus allowing you to mitigate the need for additional staff as you scale, making you a hero with your organization’s leadership.
Improved Forecasting
Cash forecasting has always been more of an art than a science but it doesn't have to be that way. With an A/R Automation tool, you’re no longer dependent on your team’s tribal knowledge to know when to expect an invoice to arrive. You can leverage the tool’s AI/ML capabilities to project, without human biases, more accurately when an invoice can be expected. A tool will also eliminate the repetitive manual processes of ERP report downloads and spreadsheet manipulation currently needed to update the forecast each time. So now, you can leverage science to enable you to make accurate forecasts with confidence.
Customer & Employee Experience
Your two greatest assets are your customers and employees. In a non-A/R automation environment, your A/R team is going to be overworked and underappreciated because they don’t have the modern tools and resources needed to be successful. In a time of the great resignation, you cannot afford to have these critical teammates leave for a “better” opportunity.
Your other critical asset is your customers. By subjecting them to a non-A/R automation environment you're likely delivering an impersonal and indifferent experience due to your team struggling to keep up with their manual processes. You've already invested so much to earn their business, why jeopardize alienating them when there's a viable solution to eliminate this risk?
Ready to take a deeper look at A/R automation? Tesorio is here to help you take your accounts receivable to the next level. If you’re interested in improving your cash flow before your next BOD meeting, Book a Demo today.
After all, if A/R automation pays for itself in months, makes your team's life easier, and enables your cash to flow, why wouldn't you?
“At Slack we've needed only two people in collections as we scaled to thousands of customers because we use Tesorio.”
- Steven Odell, former Credit & Collections Leader at Slack