It is tough for a business to lose a customer since it has a direct impact on the company&#39;s profit. Finding a new consumer will be challenging as well as costly. As a result, most businesses are increasingly recognizing the importance of customers and customer retention, which may be done by onboarding a customer via the Accounts Receivable Process.

There are several methods to improve your customer experience by implementing <a href="https://www.maxyfi.com/lp/accounts-receivable-automation-software" target="undefined">Accounts Receivable Automation</a>. Let us deeply get into that.

&nbsp;

<h2>The 5 Best Ways To Improve Customer Experience With Accounts Receivable Software&nbsp;</h2>

As automation is one of the best ways of retaining your customers and giving a good experience to the existing customers.

Here are the five amazing ways to improve your customer experience by automating your accounts receivable process

<ul>
	<li>
	Improved speed and efficiency
	</li>
	<li>
	Human Error Reduction
	</li>
	<li>
	Improved cash flow forecasting
	</li>
	<li>
	Represents the payment experience
	</li>
	<li>
	Enhanced Dashboard
	</li>
</ul>

&nbsp;

<h3>1. Improved Speed &amp; Efficiency&nbsp; In Accounts Receivable Platform</h3>

Automation boosts your Accounts Receivable team&#39;s productivity, efficiency, and accuracy. Using digital and automated templates, your team can generate more invoices in less time than it would take to generate them manually, and online distribution gets invoices into the customer&#39;s hands faster.

The sooner invoices are generated, the sooner payments may begin to increase. More complicated invoicing systems, such as consumption-based billing, may also be generated more quickly and accurately.

&nbsp;

<h3>2. Human Error Reduction With Accounts Receivable Automation&nbsp;</h3>

Manual invoice generation is time-consuming, complex, and prone to errors including deletions, harmonic progressions, duplication, and typos. Accounts Receivable Automation eliminates errors by utilizing connected databases that automatically fill in customer data and product information, as well as automated matching that connects customer purchase orders to shipping details and invoices.

Automation also decreases the time and effort required to rectify errors, which can result in fewer or zero time-consuming interactions with customers to resolve issues.

&nbsp;

<h3>3. Improved Cash Flow Forecasting&nbsp; With <a href="https://www.maxyfi.com/lp/accounts-receivable-management-software" target="undefined">AR Management Software</a>&nbsp;</h3>

AR automation enables a company to collect its most cash in the shortest length of time, enhancing cash flow. Furthermore, because of more dependable and regular collecting patterns, which can be tracked via better reporting with real-time data, it increases a company&#39;s capacity to estimate future cash flows.

&nbsp;

<h3>4. Represents The Payment Experience&nbsp;&nbsp;</h3>

Automated Accounts Receivable Management allows you to accept and receive payments in all forms including electronic payments. An online portal simplifies reporting and dispute settlement, as well as obtaining copies of invoices and reports. AR automation with an online customer portal improves customer experience and increases on-time payments while increasing your team&#39;s efficiency significantly.

You may go digital and reap the benefits of back-office automation by using a connected accounting solution for your accounts receivable teams to coordinate work with your customers.

&nbsp;

<h3>5. AR Management Software With Enhanced Dashboard&nbsp;</h3>

Depending on the customer&#39;s profession, the AR Management dashboard gives readily accessible data that may be tailored to assist you with day-to-day tasks or high-level decision-making. Customer information, such as real-time aging reports and top debtors of your organization, is available at both the summary and comprehensive levels.

The dashboards provide performance metrics such as the next actions to initiate, from which you can determine the customer without assigning a workflow.

&nbsp;

<h2>Maxyfi For Your Accounts Receivable Process &nbsp;</h2>

We&#39;re Maxyfi, a market-leading <a href="https://www.maxyfi.com/lp/accounts-receivable-automation-software" target="undefined">Accounts Receivable Automation Software</a> with automatic and effective reminders, customized workflows, a clear and enhanced forecasting dashboard, and a unique customer portal. With all of these advanced features, you can provide a good experience for your customers while also retaining them for a longer period. As a bonus, you can also recover all your outstanding invoices and improve your organization&#39;s cash flow.

Try automating your ARanagement process with our Accounts Receivable Automation Software to improve the customer experience and retain them for longer

Accounts Receivable Software for better customer experience

To improve the client experience and keep them for a longer period of time, try automating your ARanagement process with our Accounts Receivable Automation Software.

How Accounts Receivable Automation Can Help You Improve Customer Service

<h2>What is Automation?&nbsp;</h2>

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.

&nbsp;

<h2>What Is Accounts Receivable Automation?&nbsp;</h2>

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&#39;s accounts receivable process, streamlining the company&#39;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 <a href="https://www.maxyfi.com/lp/accounts-receivable-software" target="undefined">accounts receivable software</a> 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.

&nbsp;

<h3>Manual Accounts Receivable Process: Impacts On Cash Flow&nbsp;</h3>

Manually managing your Accounts Receivable Process is a complex and time-consuming activity that will reduce your company&#39;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.

&nbsp;

<h3>Manual Accounts Receivable Process: Impacts On Workflow&nbsp;</h3>

As previously said, manual tasks impact not only your company&#39;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 <a href="https://id.maxyfi.com/auth/realms/maxyfi/protocol/openid-connect/auth?client_id=mx-bs-fe&amp;redirect_uri=https%3A%2F%2Fapp.maxyfi.com%2F%3F_gl%3D1*10h628f*_ga*NDkyNjMzNzExLjE2NjM1Nzk0OTk.*_ga_ZSR29M9FZD*MTY2OTA5MTY0NC4xNjkuMS4xNjY5MDkxNjc2LjAuMC4w&amp;state=67b81e94-4c58-4fd9-8807-839fc4aa99dc&amp;response_mode=fragment&amp;response_type=code&amp;scope=openid&amp;nonce=ab98f4f4-2d3f-4ba1-8550-b218f249c1aa">Accounts Receivable Process</a> 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.

&nbsp;

<h2>Accounts Receivable Automation: Positive Impact On Your Cash Flow and Workflow&nbsp;</h2>

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&#39;s cash flow will improve automatically.

Because all of your invoice reminders, payment tracking, and receivable process management are automated, your organization&#39;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.

&nbsp;

<h3>Maxyfi - <a href="https://www.maxyfi.com/lp/accounts-receivable-management-software" target="undefined">AR Management Software&nbsp;</a></h3>

I&#39;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&#39;s cash flow and productivity by 50%.

This article will explain what accounts receivable automation is and how it will impact and improve your company's cash flow and workflow.

Accounts Receivable Software | Impacts Cash Flow & Workflow

This article will define accounts receivable automation and discuss how it will impact and enhance your company's cash flow and workflow.

Accounts Receivable Automation: How It Impacts Workflow And Cash Flow?

Problems:&nbsp;

<ul>
	<li>
	Increased DSO and more problematic customers to deal with
	</li>
	<li>
	Manual, time-consuming dunning processes
	</li>
	<li>
	Collections and workflow management are restricted.
	</li>
</ul>

&nbsp;

Maxyfi&#39;s Solution:&nbsp;

<ul>
	<li>
	Automation collecting methods save 30+ hours each week.
	</li>
	<li>
	Increased efficiency by 66% with a single platform for all data, metrics, and reports
	</li>
	<li>
	DSO is reduced by 40%.
	</li>
</ul>

&nbsp;

(Note: we, us, our - refers to &quot;AMZ Trainer&quot;)

<h2>Traditional Accounts Receivable Process - AMZ Trainer&nbsp;</h2>

AMZ Trainer is the foremost business training solution for Amazon-focused online businesses. Because we (AMZ Trainer) are the leading Amazon business training service, our customer base has grown significantly, making it harder for us to manage the entire Accounts Receivable Process. This immediately affects our business productivity by increasing DSO. That&#39;s when we realized we were struggling in the Accounts Receivable sector and needed a quick fix.

&nbsp;

<h2>Accounts Receivable Problems We Face - AMZ Trainer &nbsp;</h2>

<h3>&nbsp;</h3>

<h3>1. Managing Accounts Receivable With Spreadsheets&nbsp;</h3>

Customers are not being followed up regularly since it is difficult to track the data in the spreadsheet. To ensure a good customer relationship, one person is in charge of managing all Accounts Receivable tasks as well as engaging with clients.

Using spreadsheets to track and manage data makes it difficult for us to follow up with our customers. Most customers are completely unaware of the past due date and have missed payment. This problem will be resolved with proper and regular follow-ups.

&nbsp;

2. Manual - Dunning Process&nbsp;

Manually following up with customers is a time-consuming activity that saps the majority of your productivity. The process of sending reminders to multiple customers who have different payment dates and amounts is not as simple as most people believe. Our team struggled to follow up with our huge customer base and decided that automating the follow-ups was the simplest way to handle them.

&nbsp;

<h3>3. Increased DSO - AMZ Trainer&nbsp;</h3>

We have failed to collect money from numerous consumers due to our struggles with irregular follow-ups and poor management of customer data. This leads to a significant rise in our company&#39;s DSO (Days Sales Outstanding). We&#39;ve tried several methods to minimize the DSO and failed in them. Finally, we heard about Maxyfi and decided to give it a go.

&nbsp;

<h2>Accounts Receivable Automation With Maxyfi&nbsp;</h2>

&nbsp;

<h3>1. Accounts Receivable Process Management&nbsp;&nbsp;&nbsp;</h3>

We can easily manage, analyze, and forecast customer data. Thanks to the unique dashboard with so many advanced and amazing features. Multiple sections that display overall outstanding debts, top debtors, and what steps must be taken assist us in forecasting forthcoming consumer actions.

With these specific KPIs, we can efficiently track and manage our Accounts Receivable Process and ensure that our customers pay as soon as feasible.

&nbsp;

<h3>2. Automated Dunning Process&nbsp;</h3>

Manually composing the message and sending reminders to customers was a time-consuming task that consumed the majority of our time. We used Maxyfi to convert most of our manual tasks to automated ones, which saved us a huge amount of time.

We transformed 50% of our manual follow-ups into automated follow-ups using Maxyfi&#39;s automated yet efficient reminders and recovered numerous outstanding invoices from customers more successfully than before. Maxyfi&#39;s Automated&nbsp;<a href="https://www.maxyfi.com">Accounts Receivable Software</a> reduced human errors, increasing the efficiency of our reminders and ensuring that our customers pay on time. This saves us 30+ hours per week and allows us to focus on enhancing the productivity of organizational success.

&nbsp;

<h3>3. Reduced DSO By 40%&nbsp;</h3>

We&#39;ve seen a significant increase in payment recovery after automating the majority of our manual processes using Maxyfi&#39;s automated and efficient reminders. With the help of Maxyfi&#39;s Accounts Receivable Management Software, we&#39;ve consistently <a href="https://www.maxyfi.com/blog/days-sales-outstanding">reduced DSO by 45%</a>. This allowed our company to grow without compromising our customer relationships.

&nbsp;

<h2>Final Thoughts About Maxyfi&#39;s Accounts Receivable Automation&nbsp;</h2>

After so many difficulties, we arrived at Maxyfi with confidence. Yes. And we&#39;re currently on top of our cash flow. I&#39;m overjoyed that Maxyfi&#39;s <a href="https://www.maxyfi.com/account-receivable/features">Accounts Receivable Automation Software</a> has lowered our DSO by 45%. Our manual work was cut in half because of automatic reminders, customized processes, an enhanced customer interface, and an intelligent and stylish dashboard.

I would strongly recommend Maxyfi to anyone dealing with challenges such as higher DSO and lower cash flow.

AMZ Trainer a leading business training provider has seen a significant reduction in their DSO with Maxyfi's Accounts Receivable Automation Software

Reduced DSO with Accounts Receivable Software | AMZ Trainer

AMZ Trainer, a leading online business training provider, has reduced their DSO significantly due to Maxyfi's Accounts Receivable Automation Software.

Automating Our AR Process Resulted In A 45% Reduction In DSO

Problems: &nbsp;

<ul>
	<li>
	An irregular follow-up method leads to slow payments.
	</li>
	<li>
	Manual work increases the possibility of error
	</li>
	<li>
	Payment delays, with an average DSO of more than three months
	</li>
</ul>

&nbsp;

Maxyfi&#39;s Solution&nbsp;

<ul>
	<li>
	Collections are 25% faster when automatic reminders and customizable communication templates are used.
	</li>
	<li>
	50% reduction in manual processes
	</li>
	<li>
	DSO was reduced from 90 to 40 days.
	</li>
</ul>

&nbsp;

(Note: we, us, our - refers to &quot;AMZ Online Arbitrage&quot;)

<h2>Accounts Receivable Management - AMZ Online Arbitrage&nbsp;</h2>

AMZ <a href="https://amzonlinearbitrage.com/">Online Arbitrage</a>, like other businesses, maintained all of the Accounts Receivable Processes manually on excel sheets. One person is in charge of overseeing all Accounts Receivable activities as well as dealing with customers to guarantee a healthy customer relationship.

As we (AMZ Online Arbitrage) are the top online arbitrage service provider, we have had substantial growth in our customer base, making it difficult for us to monitor all of the Accounts Receivable, which raises our DSO without our knowledge. Kristen and his team recognized that relying entirely on manual procedures to manage the expanding accounts receivable would be problematic, especially given the high delinquency rate and DSO.

Customers are not being followed up regularly since it is difficult for us to track the data in the spreadsheet, especially during critical times (following up on slow-paying customers). The team&#39;s capacity to make decisions is limited by the inability to evaluate data in one location.

To encourage customers to pay fast and enhance cash flow, we decided to automate our Accounts Receivable Process and searched the market for a suitable application. We were eager to find the finest accounts receivable automation software to automate our receivables and accelerate cash flow because we had customers from all over the world.

We approached Maxyfi at the time since they had the finest Accounts Receivable Solutions that fulfilled our needs.

&nbsp;

<h2>Accounts Receivable Automation - AMZ Online Arbitrage&nbsp;</h2>

At the time we approached Maxyfi, we doubted that this also would be one in the hundreds. But we never thought that this would be our path to success by automating our accounts receivable management.

&nbsp;

<h2>Accounts Receivable Automation Software - What We Get&nbsp;&nbsp;&nbsp;</h2>

&nbsp;

<h3>1. Regular Follow-up with Quick Payments&nbsp;</h3>

We transformed our irregular follow-ups into regular ones with Maxyfi by automating our invoice reminders with the best and most customizable communication templates. This saves manual efforts and errors while significantly increasing payment recovery. We increased our collections by 25% using Maxyfi while maintaining our customer relationships in a healthy status.

The most challenging part is retaining the customers while recovering the payment. But with Maxyfi, it was as simple as a cup of coffee.

&nbsp;

<h3>2. Reduction Of Manual Task And Error&nbsp;</h3>

Manually entering data and sending reminders to customers was a time-consuming process that took most of our time. Because humans are prone to making mistakes, our team will likewise make some inevitable mistakes.

We&#39;ve converted 50% of our manual tasks to automated tasks using Maxyfi, saving us a significant amount of time. Maxyfi&#39;s <a href="https://www.maxyfi.com/account-receivable/features">Accounts Receivable Automation Software</a> minimized our human errors, which boosted the efficiency of our reminders and ensured that our customers pay on time.

&nbsp;

<h3>3. Minimized DSO with Quicker Payment Recovery&nbsp;</h3>

We have noticed a massive increase in payment recovery by automating most of our manual processes using Maxyfi&#39;s automated and effective reminders, as customer response has grown by 50%.

We&#39;ve observed a consistent reduction in DSO from 90 days to 40 days with the help of Maxyfi&#39;s Accounts Receivable Management Software. This enabled our company to move to the next level without compromising our customer relationships.

&nbsp;

<h3>4. Other Benefits From Maxifi&#39;s Accounts Receivable Software&nbsp;</h3>

<ul>
	<li>
	We can easily predict overdue payments, top debtors, and what actions need to be performed with Maxyfi&#39;s analytical dashboard.
	</li>
	<li>
	The application has an advanced customer portal with several features that allow customers to request a callback, register a promise to pay, and make simple and quick payments.
	</li>
	<li>
	We can make follow-ups simple and automatic by using customizable workflows and templates. New workflows can also be created.
	</li>
</ul>

&nbsp;

Kristen and his team can now manage the Accounts Receivable Process efficiently with the help of Maxyfi&#39;s <a href="https://www.maxyfi.com">Accounts Receivable Software</a> and make the customers pay within the due date. That&#39;s how we overcame the cash flow issue and thanks to Maxyfi.

AMZ Online Arbitrage - a professional online arbitrage service, overcame the cash flow issue with the help of Accounts Receivable Automation Software

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How Accounts Receivable Automation Can Help You Improve Customer Service

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