Accounts Receivable Automation: How It Impacts Workflow And Cash Flow?
What is Automation?
Automation is a technological application that reduces human work and executes all operations automatically, including business process automation, information technology automation, and personal application automation. One of the greatest examples is the most advanced technology enabling self-driving cars and aircraft autopilot mode.
What Is Accounts Receivable Automation?
Accounts Receivable Automation is a technique of automating repetitive, time-consuming tasks to recover outstanding debts to the organization by customers. This software automates most of the manual tasks associated with an organization's accounts receivable process, streamlining the company's financial transactions with its customers and shortening the credit-to-cash cycle. This process must be completed between a customer purchasing a product or service on credit and the company receiving payment for the order.
Check out how Maxyfi describes the online invoice for additional information on accounts receivable automation.
Invoicing software, such as Maxyfi, is a custom-made accounts receivable software developed for business owners of all sizes, including corporations, SMBs, and freelancers. Invoicing software, such as Maxyfi, is loaded with features that can automate your invoices, payments, payment tracking, receivable process management, configurable reporting, workflow customization, and approval procedures.
Manual Accounts Receivable Process: Impacts On Cash Flow
Manually managing your Accounts Receivable Process is a complex and time-consuming activity that will reduce your company's cash flow. Focusing on optimizing all operations such as sending invoice reminders, tracking all outstanding invoice payments, and ensuring that customers pay on time would leave you with little time to focus on your business cash flow, which will automatically result in cash flow problems.
Manual Accounts Receivable Process: Impacts On Workflow
As previously said, manual tasks impact not only your company's cash flow but also its workflow. Accounts Receivable Workflow is the step-by-step process of monitoring and collecting debts owed to you by a person or organization in exchange for a service or product which you offered them in a credit base. Manually focusing on workflow optimization would consume most of your time, leaving you with no time to focus on business development.
What would be your reaction if I said there is an easy and effective way to manage and handle all these tedious tasks and concentrate on your business development?
Yes. There is a way. Automating your Accounts Receivable Process with professional and efficient accounts receivable software like Maxyfi will drastically reduce most of your manual tasks, leaving you time for focusing on your cash flow and business development.
Accounts Receivable Automation: Positive Impact On Your Cash Flow and Workflow
Automating repetitive and tedious tasks such as invoice reminders, payment tracking, receivable process management, configurable reporting, and workflow customization will save you a lot of time while also increasing customer satisfaction. Maxyfi offers built-in, efficient, and automatic workflows and communication templates that will handle follow-ups efficiently. This will ensure that your customers respond (pay) on time (within the due date), and your company's cash flow will improve automatically.
Because all of your invoice reminders, payment tracking, and receivable process management are automated, your organization's whole accounts receivable process will be in excellent flow, decreasing your DSO by 20 days and boosting your productivity by 50%.
And this is how accounts receivable automation software would impact the cash flow and workflow of your company/business.
Maxyfi - AR Management Software
I'm sure you understand what Accounts Receivable Automation is and how it impacts the workflow and cash flow of your business. By automating your accounts receivable, you may now cut your DSO by 20 days and increase your company's cash flow and productivity by 50%.