July 20, 2020
Challenges in A/R Automation
Getting paid for goods and services is a major challenge for most business. Most often the challenge is within the enterprise wherein invoices are not presented to the payer on time, those presented are defective (contains errors in calculation) and finally not being able to monitor payment receipt on time. Businesses are negatively impacted to the extent of 3-4% of their receivables on account of processes that lack foolproof methods for billing/invoicing.
It is not that there isn’t a solution for streamlining account receivables and minimizing the negative impact in the invoicing process, but it is mostly an unwillingness to explore A/R automation as a route to tightening the hold on the business’ finances. Delayed payments due to poor billing processes results in haphazard money receipts that we call cash flow. If you recognize that your organization is burdened with poor cash flow, then it is time to explore A/R automation – the ultimate weapon in the arsenal for securing your company’s cash flow.
About A/R Automation
Businesses cannot view A/R in isolation of other processes. It is part of a wider endeavor in which taxation, data capture, and time and material billing all play a pivotal role.
When the data used for preparation of bills is erroneous (even though inadvertently) the business has the potential to be viewed as a fraud entity. So it should be evident that, in A/R there is never any space for lethargy. Customers expect that the invoice is perfect and has been prepared from uncorrupted data.
Yet another point that can potentially play havoc with the invoice preparation process is taxation. To play safe, if you collect excess tax, you stand to penalized by the government and if you collect less than a legitimate tax you stand to lose money as well. It should now be clear to business executives and owners that precision is extremely important in the billing process with little leeway for complacency.
A/R automation seeks to demarcate human intervention and automating the invoicing process. There are multiple levels of automation that can be achieved through accounting software, but the really true automation will come only when humans don’t interfere in the process; literally. This is what CONSULT ® does through its accounting software offered as SaaS.
CONSULT ® in Automation
CONSULT ® was designed to meet A/R challenges; more importantly the invoicing process. It is offered by Atkku LLC as SaaS, implying that businesses don’t have to make any expensive investment on accounting software, personnel or frequent updates. The producer takes care of the service and you pay only your subscription price.
It is ideally suited for time and material billing, staffing companies, sub-contracting firms and anyone who do billing and want a precise fail proof system in place. The service goes beyond, just producing invoices. More importantly it can be integrated with QuickBooks that is universally used in the accounting industry.
Pricing is transparent and you get a no-obligation 14-day free trial even without a credit card.