Automate Accounts Receivable

The processing of inbound payments is one of the most crucial functions of the finance department and is essential for businesses to keep their doors open. According to McKinsey & Company 89% of tasks related to placing and receiving orders can be automated, and 93% of the payment processing function can be automated.

From creating sales orders to onboarding customers, generating invoices to and dispute verification, all the processes around accounts receivable (AR) involve a lot of data—structured and unstructured. Typically, this data must be entered into multiple systems and reconciled, which when done manually, can be both tedious and time consuming, not to mention prone to human error.

How IA can help

IA tools can perform tasks such as collecting bank statements and entering critical data into the AR system, while streamlining payment matching to open invoices. By removing the manual work, IA can help reduce days-sales-outstanding (DSO), enhance cash-flow forecasts, and strengthen customer relationships. Without the delays and discrepancies that result from the traditional AR process, finance leaders can share a clear view with the rest of the business of where they are, and what is coming.

Some of the key benefits of automating supplier payments are:

• Improved cashflow for the business
• Faster and more efficient payment processing
• Cost savings compared to traditional payment methods
• Fewer errors and increased accuracy
• Improved employee experience
• Reduced administrative burden so employees can focus on high value tasks