Optimizing Payments In Accounts Receivable: A Guide For Executives
PRIORITIZE ACCOUNTS RECEIVABLE
Typically, executives have some sort of system in place for managing accounts receivable but overlook the efficiencies which are attainable through implementing secure payments solution. It is important to consider the current workflow of the accounts receivable process. This includes assessing the time taken to enter and process customer payments, the budgetary requirements, and the resources necessary to sustain the process. Once executives identify any skipped or less-than-effective procedures, they are then able to adequately evaluate the feasibility of incorporating payment software.
Step 2: Research and Compare Payment SoftwareIt is critical for finance executives to select software which is not only compatible with the companies existing system but one which is also tailored to the specific needs of the business. Once list of software that meets the needs of the business is compiled, executives should identify and compare features such as customer authentication options, data security protocols, and scalability.
Step 3: Assess Costs and ResourcesExecutives should then consider the costs and resources of efficiently implementing new software. This phase entails evaluating fees associated with upfront purchases, transaction fees, customer service fees, and the necessary resources for onboarding, training employees, and providing customer support.
Step 4: Measure Software EfficiencyAt first glance, specific software may appear to suit the business, but executives should consider the costs versus the time saved and efficiency gained. thorough report prior to adoption of any solution should be created to compare the customer and transaction data with the existing processes.
Step 5: Select Payment SoftwareOnce the executive reviews the gathered data and best practices, they can choose the most effective and efficient payments solution for the business.
Step 6: Onboard and TrainOnce the keys for successful software are in possession of the executive, they must go forward to ensure their staff are both trained and prepared to implement the new software. At times, the executive may need to bring in additional resources who would have the technical expertise to put the payments system into operation and ensure that all the associated processes remain compliant.
ConclusionThe process of managing accounts receivable can be time-consuming and inefficient. To ensure optimized financial operations, executives should explore the implementation of payments solution which streamlines the process and enables efficient accounts receivable management. The guide provided above serves to simplify and direct the selection process; thus, executives can review their options and make an informed decision about the best payments software for their business.
