accounts receivable automation

Having an accounting software in place, will allow you to track more accurate and timely data, which will enable you to learn more about your customers payment behaviour. Having access at such data will help your business to come up with the most effective strategies tailored to specific customers to accelerate outstanding payments. Corcentric’s accounts receivable automation solutions offer guaranteed and fixed DSO on all receivables, shaving days off DSO and eliminating delinquency. By replacing manual processes, you can eliminate late payments due to disputes and reduce bad debt. Manually producing, sending, or uploading invoices to customers’ portals is inefficient and at risk of human error.

Automating the AR process leads to faster collection of payments, fostering an improved cash flow and a stronger relationship with customers. Focus your collections efforts on the most impactful invoices for your business and unlock an accurate view of your future cash flows with Centime’s accounts receivable automation software. We help your team preserve adequate liquidity and predict payment delays. To automate the accounts receivable process and accelerate collections, businesses can implement AR automation software like Centime. Centime’s AR automation software simplifies the customer payment experience and improves working capital via automated payment reminders, secure payment methods, and documented customer interactions. For more tips on improving your collections process, check out this blog.


Easily view performance by period and monitor payment patterns by customer. Centime works exclusively with NetSuite, QuickBooks Desktop and QuickBooks Online. Our targeted focus means we deliver one of the deepest ERP integrations on the market for these accounting systems. There’s little IT lift needed to connect Centime with NetSuite or QuickBooks so businesses can start capturing and processing invoices instantly. With Centime’s AR automation solution, you can automatically forecast and predict delays, and instantly view the impact of those delays on future cash flows. Esker’s AR solution integrates with any ERP system or business application.

Save time, reduce risk, and create capacity to support your organization’s strategic objectives. Automatically process and analyze critical information such as sales and payment performance data, customer payment trends, and DSO to better manage risk and develop strategies to improve operational performance. Increase accuracy and efficiency across your account reconciliation process and produce timely and accurate financial statements. Drive accuracy in the financial close by providing a streamlined method to substantiate your balance sheet. Are you still going about your accounts receivable processes in a manual way? Now’s your chance to book a demo with our payment experts and supercharge your cash collection.

But a state-of-the-art ERP will only save time if there’s an automation component. Keep reading to learn how to turn the manual AR process into an automated, well-oiled machine. Other problems finance professionals link to manual processing are lost documents, compliance breaches, and productivity.

Data is instantaneously available in the AR solution suite (promise-to-pay, online payment, allocated payment, invoice delivery status, etc.). But just any accounts receivable solution may not be the right fit. You need notch, the only all-in-one operations platform for restaurants and distributors. At The Butcher Shoppe, a Toronto meat wholesaler serving restaurant and hotel customers, everything is made the old-school way.

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Depending on the business, customers typically have a 30, 60 or 90-day window to pay. Once payment is received, AR staff match it against the open invoice to ensure the correct amount was paid. In the case of a partial payment, another invoice may be necessary to collect the remaining amount, sending payment reminders ahead of the due date or distributing late payment notifications after the due date has passed.

Our API-first development strategy gives you the keys to integrate your finance tech stack – from one ERP to one hundred – and create seamless data flows in and out of BlackLine. Explore the future of accounting over a cup of coffee with our curated collection of white papers and ebooks written to help you consider how you will transform your people, process, and technology. While the responsibility to maintain compliance stretches across the organization, F&A has a critical role in ensuring compliance with financial rules and regulations.

They give accurate and helpful information on the right KPIs, like DSO, aging reports, cash flow reports, and collection effectiveness index (CEI), and enable you to make strategic financial decisions. Now that we’ve covered the main reasons why you should automate your accounts receivables, let’s take a look at the best practices that companies can – and should – follow. The essential role of accounts receivable is to make certain that a business receives the money it’s owed in a timely manner.

Collect more cash and significantly reduce days sales outstanding (DSO) by increasing overall productivity and prioritizing the actions that have the highest impact. Instead, it relies on structured data and rules, but it can Is Capital Debit or Credit greatly reduce processing time and free up staff for other work by performing these time-consuming, repetitive tasks. It can be used in the AR process by performing such tasks as generating late payment notices to customers.

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Get a 360° view of your collections’ performance with Chargebee Receivables’ intuitive AR dashboard. Accounts receivable software aims to lower costs, improve cash flow and increase productivity. The software can standardize invoices across a business’s entire customer base, as well as handle communications on payment due dates and help reconcile the books. When a utility company sends a bill to a customer for the electricity, gas or water the customer has used, the company is asking the customer to pay for those products and services. The customer’s pending payment is an account receivable for the utility company. In another example, a cell phone company may allow a customer to make payments on a new cell phone over a period of 24 months, so each pending payment is an account receivable for the company.

accounts receivable automation

Implementing AR automation makes the AR process more efficient, thus accelerating customer payments, which, in turn, improves a business’s cash flow and, in the long run, its profitability. The accounts receivable (AR) team sends invoices, processes payments and reconciles the books. It is a time-consuming process when completed manually, especially if you have to contact customers multiple times to track down payments. Accounts receivable automation software can do that work for you and free up your AR team to analyze the bigger financial picture, potentially helping to increase profitability.

Get Your Personalized Accounts Receivable Transformation Roadmap

Having this feature helps team members easily pick up at different touchpoints during the collection process. Upflow for instance, centralizes and tracks in real-time customers’ payment timelines and cash application. Any team member from sales or customer success can intervene at any time if necessary.

For example, if a client is supposed to be billed on the 10th of the month, invoices will be generated and delivered to the customer automatically that day. While you might consider accounts receivable processes to be purely administrative, many CFOs today see it as much more than simply a support function. When fueled by accounts receivable automation, it can play a more strategic role in nurturing stronger customer relationships, on top of reducing your DSO. What CFOs need is immediate, real-time access to high-level “financial health” information to help them drill down into who’s paying and who’s not.

We at Chargebee Receivables understand that collecting receivables is a two-way process. With an easy-to-access customer portal, we ensure that your customers have visibility into what they owe and why, the option of redressal if they have a problem, and a “Pay Early” option if they don’t want to wait. You had to sift through piles of paperwork to see how much was left to pay and review any other notes taken on each customer between invoicing and payment. That sentence was time-consuming enough to read, let alone perform all those tasks without the benefit of software to do it for you.

DSO is the time between when you sell a good (on credit) and get paid. Businesses should always measure DSO with respect to their budget allocation plan so they do not find themselves with less cash than planned in the short term before receiving payment. Low liquidity, in the extreme, can lead to insolvency because the business simply doesn’t have the cash to cover its day-to-day expenses.

Predict cash inflows with streamlined AR

Every executive is committed to ensuring transformational success for every customer. Whether you’re new to F&A or an experienced professional, sometimes you need a refresher on common finance and accounting terms and their definitions. BlackLine’s glossary provides descriptions for industry words and phrases, answers to frequently asked questions, and links to additional resources. Whether new to BlackLine or a longtime customer, we curate events to guide you along every step of your modern accounting journey. World-class support so you can focus on what matters most.BlackLine provides global product support across geographies, languages, and time zones, 24 hours a day, 7 days a week, 365 days a year.

If the vendor you partner with is incapable of helping you drive adoption of it, that’s a red flag. Some AR automation tools do more, like reconcile the transaction with your accounting ledger tool along with a variety of other things to eliminate manual processes and better help accept payments. Walking through the current processes with your staff to create a workflow and start toward accounts receivables automation. Now it’s time to articulate the overarching goals and requirements. Working with a solution provider, such as Corcentric, ensures you benefit from best practice integration between ERP or other accounting systems, EIPP platform and with your customers’ accounts payable processes. Increase working capital and availability of cash which are critical to any company’s success.

Go beyond with end-to-end transformation.Powerful technology is only part of the story. Successful transformation requires expert guidance from a trusted partner. Explore offerings that unlock new transformation opportunities and make transformation a reality. Unlock capacity and strengthen resilience by automating accounting. Energize your accounting team by creating capacity with automation. Create, review, and approve journals, then electronically certify, post them to and store them with all supporting documentation.


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