The Competitive Advantage of Technology
Question—would you reconcile paper checks over landing new clients? How about choosing data entry over providing expert client care?
Let me guess. Your answer was a solid and definite, “No.”
To stay competitive, businesses leaders need two things:
You don’t want to be caught in the trenches of back-office work when you could be developing a strategy for growth.
Especially when it comes to bill pay. By implementing accounts payable and accounts receivable automation you’ll free yourself from time-consuming tasks, and be able to finally focus on the higher-level aspects of your business. In the era of automation, there's no need to waste time on tasks like manual reconciliation anymore. Instead, take advantage of how AP and AR can translate into your competitive advantage.
1. Technology stabilizes cash flow
No more AR marathons. You aren’t calling customers to ask them to pay. You aren’t stalking your bank account to see if payment has cleared. You can set up recurring, automatic payments. When payment is due, the electronic payment shows up in your bank account. Regularly. You have a stable cash flow available to support your business.
2. Technology cuts time
Automation streamlines activities and gets them finished in half the time. Instead of shuffling a paper invoice from person to person for review, it digitizes the process and handles everything according to your corporate guidelines.
3. Technology eliminates multiple resources
Maybe you want to grow without adding overhead? Instead of hiring more people to help with AP and AR, you can accomplish more with less. No one has to populate, print, or mail invoices to customers. AR automation creates and sends invoices electronically.
4. Technology ensures accuracy
Who wants to spend time typing numbers into accounting software? That invites the risk of data entry errors. With automation, invoices are scanned or emailed into your bill payment solution as electronic assets. Plus, you can integrate accounting systems so that financial information is automatically synced.
5. Technology provides real-time insight
Don’t wait 30 days for a check to clear. When you automate payments, you can schedule when they go out. The payment is automatically recorded and synced with your accounting software. Same with AR. When a payment comes in, your systems are updated in real-time. No more guessing games about when a check may hit or if your biggest customers have paid yet.
6. Technology enforces security
Fraud is no joke. And it can happen from both external and internal sources. Automation enforces the proper separation of duties to decrease the risk of internal theft. It also prevents authorized individuals from accessing review or approval processes. Finally, by moving to automation and digital payments like ACH transfers or EFTs, you’re getting rid of paper checks. One paper check has all the info a fraudster needs to seriously mess up your cash flow. Even better: With automation, every activity is tracked and audit-ready.
7. Technology scales with you
You don’t want to adopt a solution and then have to replace it a year later when your company has outgrown it. AP and AR automation scales with you. Whether you have two employees or 2,000, it adapts to your corporate structure and guidelines.
Ready to gain the competitive edge?