Healthy cash flow is the key to keeping the doors open for any business, especially small or midsize businesses. Even profitable companies can fail if cash flow isn’t properly managed, and accounts receivable is a critical component to maintaining cash inflow. In this post, we will look at how you can protect your cash flow by managing receivables with automation.
Collections can become costly for smaller businesses and difficult to manage manually. Getting paid on time is critical and chasing down paying customers who simply forgot a payment or lost an invoice reduces the margin of that invoice. Automation reduces manual steps and better connects your customers to your business to reduce missed payments so you can get paid faster and reduce your collections overhead.
In addition to reducing overhead and streamlining your collections, the right AR software will help you move to digital payment methods. Paper checks are slower and more expensive to process. Are you still getting paid in paper checks? Here are 5 Reasons to go digital with AR Management Software.
7 Key Functions to Look for in Receivables Automation
When looking for receivables automation solutions, use this checklist to ensure you get the most value possible out of your software.
- Send invoices out of your ERP system
- Receipts post back to your ERP system
- Automatic fulfillment
- Automatic reminder messages to customers
- Customized customer portal
- Accept ACH or Credit Card payments
If you are using Microsoft Dynamics GP, Fidesic AR is your go-to solution to supercharge your AR process and protect your cash flow by managing receivables.