To Know more about what the topic says, first you must know what the accounts receivable process is and what is accounts receivable automation.
Accounts Receivable is the process of receiving or recovering overdue payments from customers who have bought a service or product on a credit. For some organizations, it may be simple and easy as they have a small customer base. Manually following up with them and reminding them of the payment they need to make will not be a tough task. But to be frank, it also takes a considerable amount of time.
But for organizations with a huge customer base, spreadsheets, and manual follow-ups won’t work. Manually following up and keeping all the invoice and payment details in the mind for a single customer itself a difficult task to do. Now think of having a huge customer base. It’s breathtaking right?
For them, it’s a huge struggle to manage, maintain, and recover all the pending and overdue payments from their customers.
Difficulty in following up regularly with various customers
Difficulty in remembering and tracking the data
Difficulty in handling Multiple Disputes
Improper customer communication
Reduced Cash flow and Increased DSO
These are all some of the struggles the organization with a huge customer base faces.
If you’re also facing any of these or all these struggles, then you’ll find a way out of it by reading this blog.
You all know that automation is the technology implementation where human tasks and operations are minimized.
Now you may doubt how this automation can help improve your Accounts Receivable Process.
As an answer to your question, we’ve introduced our Accounts Receivable Automation Software – Maxyfi.
Yes, with automation, you’ll have the following benefits in your accounts receivable process:
1. Industry Leading Process - Industry Leading Email, SMS, and Call Follow-ups.
2. Market-leading Workflows - Personalize and customizable pre-defined templates.
3. Centralized Communication - Provides full auditability, transparency, and cooperation.
4. Process-Oriented Approach - Stable and BAU with multi-user support.
5. Real-time Insights, Reports, with Dashboards - Improves management visibility and control.
6. Customer Portal with Rich Features - Increase customer response and payment recovery by 200%.
Yeah, with our accounts receivable management system, you’ll be able to achieve the maximum cash flow and productivity for your organization.
You may have become irritated while looking for a solution to all of your accounts receivable issues. Your days may have been made more difficult by decreasing cash flow and growing DSO. We know it sucks, and we've dealt with similar problems. As an outcome, we devised a better solution for all accounts receivable issues.
Maxyfi began its journey in this manner...
Most businesses are struggling with these kinds of issues and the sad thing is that they are not even aware that they’re dealing with accounts receivable problems.
The customer is paying the debt late or not at all.
The majority of your time was spent preparing and issuing invoices.
It is difficult to track and manage all receivable data.
Improper communication channel and format.
These are some of the issues which need to be addressed immediately.
With proper analysis and a strategy, you can easily analyze your business status and enhance the standard of your business.
Don’t think that it’s impossible. With Maxyfi Accounts Receivable Software, it is more than possible. You can
Make sure your customers pay on time.
Save the majority of your time spent on manual tasks and focus more on business development.
Track and manage all customer receivable data with ease.
Use proper communication methods while communicating with customers.
With a proper and professional accounts receivable management system, you’ll get most of your struggles got relieved and will have a peaceful and effortless accounts receivable process experience.
That’s what Maxyfi is here for.
If your business is struggling with cash flow issues and you can’t even meet the investments you’ve spent, then it’s an indication of a business running at loss. Most of this occurs when your customers refuse or are unable to pay the debt that they owe you.
Are you still sending the invoice reminders manually with the data in the excel sheets?
Come on! You can do more than that and we believe in you.
Automated invoice reminders and automated customer follow-ups can make your dunning effortlessly and easy.
You’ll get plenty of time saved as the boring and repeated dunning process has been automated so that you can concentrate and spend more time on your business development.
Since all of your invoice reminders and customer follow-ups have been automated, your customers will receive proper invoice reminders, prompting them to pay on or before the due date, thereby increasing your organization's cash flow.
With an improved and standard dunning process, you can improve your organization’s cash flow easily and effortlessly. All these will happen only if you transfer your accounts receivable process into automation.
Misunderstanding is the starting stage of many disputes and quarrels in any relationship. Likewise in business, any small misunderstanding and miscommunication can lead to a great dispute which may cause a huge loss to your business.
There are two ways to tackle misunderstanding and miscommunication in your business. One is you need to be more conscious and spend more time tracking customer data and payment records. I know, this takes plenty of time and it’s a never-ending boring task.
Another way is Accounts Receivable Automation Software. Okay! What is Automation to do with centralizing customer communication?
Well, speaking of Accounts Receivable Automation, you’ll not only get automated invoice reminders and customer follow-ups. You’ll also get some more additional and advanced features that’ll even minimize your effort and buys you more time.
One of the features is a customer portal with a variety of options and capabilities for
making your customers pay,
provide and limit the day and time they can make the payment,
Record the promise to pay and even send a reminder one day before the due date.
It’ll be simple to concentrate and maintain your customer communication with proper reminders, follow-ups, and a good customer communication medium, avoiding misunderstanding and miscommunication.
Tracking your accounts receivable data and generating the reports manually takes a lot of time which in turn you’ll get to see the delayed reports. Delayed reports may also result in disputes and even chances to lose your customers.
Think of a scenario, you’re getting an invoice for a due payment which is a day due. Once after getting the invoice, you made the payment. But after 2 days, you’re again receiving a reminder for the same invoice which you’ve already paid.
How annoyed you’ll be? That’s how your customers will also be. And this happens due to delayed reports and insights.
This also affects your organization tracking in which you’ll only get to see the delayed reports and data, you can’t do a proper forecast.
Okay... Do not overthink it. I'm sure you're going through something similar. You know what the answer is (real-time reports and insights), but you don't know where to acquire it. There is an easy way to overcome this, and it is also simple to obtain.
Automation. Yes, accounts receivable automation is a simple, cost-effective, and effortless way to track and manage your receivables with real-time data and insights.
The dashboard of the accounts receivable automation software will provide 100% real-time customer and payment reports, allowing you to better manage and track your customer's data.
Besides the above-mentioned automation features, Maxyfi – Accounts Receivable Software also provides additional advanced features for automating your accounts receivable process and managing all of your customer and invoice information.
Maxyfi has automated Email and SMS follow-ups that deliver automated invoice reminders to your customers, allowing you to spend less time on manual activities and more time on business development.
You can also set reminders for follow-up calls and track the actions taken by customers. You can even schedule an automated reminder to reach the customer before the day the customer promises to pay.
To make your follow-ups more efficient and successful, Maxyfi provides pre-defined communication templates and multiple workflows that can be customized according to your specific requirements.
This provides you with an appropriate channel of communication with an appropriate tone in which you can add your invoice data and send them to your customers in a matter of minutes.
Maxyfi's unique and advanced customer portal is one of its major benefits. With our simple and quick payment option, you can make your customers pay faster than ever before.
You can stay up to date on real-time customer invoices and payment details with our intuitive dashboard. You may check your company's total overdue amount, pending invoices, and top debtors all in one place.
Still more to know and explore...
In fact, we are providing a 14-day free trial of our accounts receivable software. You can try it if you want to increase your accounts receivable management system and the efficiency of your organization.
You can learn more about our accounts receivable automation software with a quick 20-minute discussion, and you can also read our Maxyfi Blogs for more thorough information.