Accounts Receivable or AR automation software is becoming popular nowadays, especially given how much we now rely on technology. It is a unique tool that helps you manage your payments and invoicing processes.
It helps you ensure that all the due payments you have are collected, and that customers make timely payments. With this tool, you will be able to streamline all your financial transactions.
However, the features make the software, and there are certain features without which your AR automation software will just not be that great. Take a look at these must-have features of A/R automation software that you should pay attention to.
Online payment of bills
When your customers pay for their services and products, would it not be better for them to pay it themselves without you being physically involved in the transaction?
Good A/R automation software will have a convenient automatic online bill pay option, where the customer can easily transfer the money online without any hassle.
Document management
Whenever financial transactions are involved, you will automatically find yourself dealing with a mountain of documents. There are all sorts of bills, invoices, statements, purchase orders, and so on.
The traditional way of handling such documents can be a headache as you will need to constantly organize and reorganize them. There is also the risk of losing documents or damaging them.
However, with A/R automation software, you can soundly manage your documents and organize them for easy accessibility. Also, the software should have automated features that will allow you to attach the necessary documents to the emails whenever you are mailing a customer.
Phone calls management
There is more than one way to get in touch with your customers for reminders, notices, and such. Thanks to technology, we have plenty of options on that front, out of which phone calls are a prominent one. However, simply calling them can be a tough job.
A/R automation software can make your work easier by integrating it with your phone management system. That way, whenever you call your customers up, you will be able to record the details of the call.
It will also help you by providing details about the customer and the transactions so you will have ready information whenever you call up a customer.
Automated email feature
Now understand this — you can have a ton of customers who may have a pending payment. It will become a taxing job emailing each one of them daily, reminding them of their payments. More so, you would need to have all their information on each mail you send.
However, if your A/R automation software has an automated email feature, it will send you hours of emailing per day. A report from the Annuitas Group shows that using marketing automation to nurture leads is 451% more efficient. Also, your system will have its information pool, which will allow it to send a notice to your customers with the correct information.
Invoice dispute management
It is natural to have invoice disputes. However, keeping it pending for a long while can only harm your customer experience. Therefore, rely on A/R automation software that has automatic features that handle invoice disputes. It should also be able to sort disputes based on their urgency so that you get to solve such disputes without any trouble.
So these are the prominent features of A/R automation software that you need to look out for. If your software has these features, you have got a reliable tool for you. However, if you are thinking of investing in new software, use this article as your guide.
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