Replace manual AR processes with
accounts receivable automation
Manually producing, sending, or uploading invoices to customers’ portals is inefficient and at risk of human error. Automate these processes and free up time for your accounts receivable team to focus on higher-value work.
What is accounts receivable automation?
Accounts receivable automation — or AR automation — automate manual accounts receivable processes with software to save time, reduce costs and prevent errors.
The transformation of cumbersome manual accounts receivable processes by automating and streamlining systems electronically reduces repetitive and time-consuming (and potentially error-prone) tasks.
By automating your entire accounts receivable process, from credit management to invoicing and reconciliation, you optimize every step which results in improved cash flow by bringing money into your organization faster.
AR automation benefits
The biggest hurdle to accounts receivable productivity is the fact that AR processes are often too complex: too many disparate financial systems, too little standardization, and too many manual steps — often compounded by interruptions resulting from issues demanding quick resolution. By automating the process end-to-end, Corcentric solves those AR challenges quickly, accurately, and with guaranteed results.
Time is money; eradicating time-consuming manual AR processes produces immediate savings. Accounts receivable automation replaces costly processes including credit review, manual print and post, manual PDF-over-email invoicing, payments reconciliation, dispute handling, and collections. Leveraging AR automation improves AR and IT staff effectiveness and efficiency, increases productivity, and eliminates the cost associated with paper invoices.
AR automation greatly reduces the time it takes to process your invoices and payments, freeing AR teams to get more done. Streamline customer enrollment from weeks to days by removing the wasted time spent e-mailing and uploading documents to customer invoicing portals. Automating your invoice distribution to follow delivery schedules and apply highly specific sending rules increases efficiency to improve your company’s bottom line.
By taking human error out of the loop, AR automation improves data consistency with real-time responsiveness while managing multiple customers and complex systems. Corcentric empowers stronger internal controls, improves quality, significantly reduces or eliminates errors such as duplicate payments, overpayments and fraudulent payments, and makes it easier to capture early payment discounts. Corcentric enables your business to contain costs, optimize cash flow, and mitigate risk.
Improve Working Capital
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.
How to implement accounts receivable automation
The benefits of accounts receivable automation may be clear, but many businesses will find it challenging to invest the time and resources necessary to achieve automation. Corcentric helps businesses apply AR automation as quickly, simply, and cost-efficiently as possible through two service offerings.
Corcentric Electronic Invoice Presentment and Payment (EIPP)
Automate the creation and delivery of invoices in any conceivable format – electronic or printed – and manage through one easy-to-use interface.
Corcentric EIPP is delivered as a managed service offering to streamline set-up, onboarding, and management. Focus on your business and let EIPP take care of the invoicing.
Automating accounts receivable processes beyond the document delivery and payments of handling of EIPP requires Corcentric ManagedAR. Corcentric ManagedAR combines people, process, technology, and supply chain finance across your AR processes to deliver guaranteed DSO reduction, on-time payments, improved working capital, and elimination of bad debt.
Did you know?
in invoices automated by
Corcentric EIPP each year.
reduction in manual workload
per month from AR Automation.
average time to auto-generate