Are your accounts receivable processes driving growth or holding your business back? The AR function has the potential to do more than just manage payments. When fully optimized, it creates measurable impact across the entire organization – fueling cash flow, efficiency, and innovation.
Modern Accounts Receivable Processes Matter
- Automate repetitive work: Free your team from tedious, low-value tasks that over 40% of finance teams spend at least a quarter of their time on. Lean into AI-powered automation, which finance leaders agree will boost revenue by more than 50% by 2030.
- Unlock smarter spending: Overcome the blind spots that limit 65% of finance teams and hinder business growth.
- Connect end-to-end: Align every piece of your AR system, optimizing your entire order-to-cash (O2C) process.
- Create a fully optimized AR model: Make smarter decisions across the board, turning data into impact.
Let’s look at streamlining invoicing. Research shows that, on average, it takes 8-10 days to manually process a single invoice. Automation speeds this up to 1-2 days, improving productivity by a staggering 90%. Research also shows that manual invoice processing can cost as much as $22 per transaction as opposed to only $2 for digital invoices. What could your team achieve with all this extra time? How could you reinvest these savings to drive strategic growth?
Now, imagine what would happen if you had AI working behind the scenes to reconcile payments in real-time, predict exactly when invoices will be paid, and automatically resolve disputes. Layer in the ability to benchmark your collection efficiency, giving you a clear view of how your business stacks up against industry peers.
The results? Faster cash flow, thousands of hours reclaimed, and a whip-smart operation.
Turning Your Accounts Receivable Function into a Profit-Driving Engine
Transforming your accounts receivable function is game-changing, but the journey can feel overwhelming. As a company that’s guided thousands of digital finance transformations, we know the challenges firsthand. Integrating diverse data for actionable insights, leveraging predictive analytics to optimize cash flow, and automating manual processes can seem disruptive – and not in a good way.
How to Start Doing Things Differently
Whether you’re ready to tackle everything at once or prefer a phased approach, success lies in using purpose-built tools under a unified platform that unlocks the full potential of your accounts receivable services. That’s the message behind Billtrust’s new playbook: From Manual to Modern: A Step-by-Step Guide to Digitally Transforming Your Accounts Receivable Process.
This Guide is for You If:
- Late payments have you in cash flow limbo: Invoices are being paid weeks or even months behind schedule.
- One more keystroke might break you: Manual data entry keeps creating errors, inefficiencies, and frustration.
- You need better insight into what’s coming in and going out: Cash flow forecasting is not a great strength – and it needs to be.
- You’re drowning in paperwork: Physical invoicing and payments are eating up time and money you can’t afford to lose.
- Payment options are putting customers off: Limited, inconvenient methods are making payments harder for your customers than they need to be.
- Customers are left guessing: A lack of real-time updates and reminders leaves clients unsure about what they owe and when.
- You’re ready to escape the manual grind: You’re eager to improve but need options and the ability to move at your own pace.
The Dark Age of AR is Over
Be it baby steps or big leaps, this guide empowers finance teams to turn resource drains into revenue drivers. Explore real results from AR teams who have digitized their AR processes, including seven ways you’ll immediately start benefiting from a fully optimized AR model.
Don’t let manual inefficiencies and outdated methods hold you back. Access our new guide and start redefining what’s possible.
FAQ
Modernizing AR processes enhances efficiency, reduces manual errors, and improves cash flow. By leveraging automation and AI, businesses can streamline invoicing, payment reconciliation, and dispute resolution, driving overall growth and innovation.
Automation frees AR teams from repetitive, low-value tasks, allowing them to focus on strategic activities. It speeds up invoice processing, reduces costs, and improves accuracy, ultimately boosting productivity and revenue.
A fully optimized AR model integrates end-to-end processes, uses AI for real-time payment reconciliation, and provides actionable insights through predictive analytics. This model enhances decision-making, improves cash flow, and aligns with business growth objectives.
Traditional AR processes often involve manual data entry, delayed payments, and lack of real-time updates. These inefficiencies can lead to cash flow issues, errors, and customer dissatisfaction. Modernizing AR processes addresses these challenges and enhances overall financial management.