How to automate your accounts receivable.

A fully automated accounts receivable solution for accurately allocating customer payments quickly and efficiently to the relevant customer accounts will save time and reduce manual intervention.

Automating your cash allocation to your customer accounts minimises manual intervention and saves time.

How is this achieved?

Capture

Most capture tools operate on a template basis which require structure and will not work with thousands of differently laid out remittances. By employing an intelligent capture tool which can extract the data automatically, learning and storing as it goes this in turn automates the collection of data and updates the accounts system seamlessly without the need for any manual intervention.

Managing the Accounts Receivable process enables quick allocation of incoming payments.

Manage

Holds all documents enabling quick retrieval for processing and audit which in turn negates the need for paper storage whilst fulfilling compliance requirements.

Allocate

Allocate incoming payments quickly right down to invoice level. The system remembers this information so that subsequent payments can be matched instantly. This can lead to an 80% reduction in manual allocation.

What are the benefits of automating your Accounts Receivable function?

• Real time view of sales ledger values
• Clean sales ledger with no unallocated balances
• Accurate management information and clear cash flow forecasting
• Efficient credit control as no time is wasted chasing up invoices that have already been paid.
• Efficient credit management with accurate debtor days information available at all times
• Reconciliation is done on a day to day basis resulting in quicker and smoother month end process.
• All banking and remittance documents are electronically stored simplifying the audit process and reducing the amount of storage needed for archiving old invoices and remittances.

Next steps

Digital Print Management are a channel partner for ProcessFlows; world leaders in the capture, process, manage and delivery of documents, voice and data solutions.

For an overview of our Accounts Receivable and Accounts Payable solutions and how our solutions can help your company, please call us on 01234-271156 or email us your details below and one of our expert advisors will be in touch.

[gravityform id=”4″ name=”Arrange a call back!”]

The post Accounts Receivable Automation – How to automate your payment allocations. appeared first on Digital Print Management.

In my last article I discussed the Accounts Payable process. You can read more about that from invoice management to the merits of automating the process.

I like to start with the END in mind which I guess is where Accounts Receivable fits into the accounting function because it is the process whereby a company allocates received payments to the relevant customer accounts hopefully with minimal manual interaction in effect it is the management of the Sales Ledger. It is also one of the more cumbersome accounting tasks that is often very manual intensive prone to errors resulting in the slow down of customer invoices being paid on time.

It is a key component to the effective running of any organisation or company ensuring that bills are paid on time. Traditional methods can be labour intensive, slow and prone to error.

Accounts Receivable Automation.

How does automating the Accounts Receivable process work?

Capture

By caputuring information using an intelligent capture tool which can extract data automatically learning and storing information as it goes.

Managing the information

By managing the information in your system enabling faster retrieval for processing and eliminating the need for paper storage at the same time ensuring compliance.

Cash Allocation

Incoming payments can be allocated swiftly right down to the invoice level this information is remembered by the system so that subsequent payments can be matched.

What are the benefits of automating your accounts receivable process?

1. Real time view of your sales ledger
2. Clean sales ledger with no unallocated balances
3. Accurate management information and easier cash flow forecasting
4. Efficient credit management with accurate debtor days information available at all times
5. Increased credit control efficiency – no wasted time chasing invoices already paid
6. Reconciliation is done on a day to day basis making the month end process efficient
7. All banking and remittance documents are stored electronically making the audit process less arduous and reducing the amount of storage required

Are you struggling to manage your accounts processes?

Are you deluged with paper?

Do you want to get your invoices out faster?

Get in touch for more information 

The post How to automate your AR Process? appeared first on Digital Print Management.