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. Finance and accounting professionals across multiple sectors benefit from the use of our accounts receivable automation software because it streamlines the process and virtually eliminates the potential for costly human mistakes.

What is accounts receivable automation?

Accounts receivable automation — or AR automation — automates 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.

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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’s accounts receivable automation software solves those challenges quickly, accurately, and with guaranteed results.

Reduce costs

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.

Improve efficiency

Accounts receivable invoice automation greatly reduces the time it takes to process your paperwork 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.

Increase accuracy

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.

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Peak Cashflow saves time and money by going digital

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.

Managed AR

Automating accounts receivable processes beyond the document delivery and payments of handling of EIPP requires Corcentric Managed AR. Corcentric Managed AR 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?

$245B

in invoices automated by Corcentric EIPP each year

80 Days

reduction in manual workload per month from AR Automation

0.014 Seconds

average time to auto-generate 10,000 invoices

SOURCE: MOVIANTO CASE STUDY

Accounts Receivable (AR) Automation FAQs

AR Automation software enables finance teams to streamline the otherwise manual business process of managing the accounts receivable ledger, delivering invoices and collecting payments. Each aspect of this process is supported by functionality of the AR automation solution, reducing the need for manual involvement to exception handling – vastly improving workflow and enabling AR teams to improve cash flow through reduction in days sales outstanding (DSO).

Automating AR workflow from invoice generation, delivery, management and through to the collections process requires careful replication of the manual processes in each step via an automated platform. The best solutions to this involve a combination of technology to streamline and automate the processes, combined with consultation from an experienced solution provider to either assist or manage the migration to automated accounts receivable.

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.

AR Automation is a perfect on-ramp to improve customer experience through electronic invoicing. Automating AR processes enable ERP systems or other accounting software to automatically link pricing, discounts, rebates and other purchase data through to invoicing and simplify cash application when payments are made on each account.

The integration between ERP and accounting systems, through to the EIPP layer which produces, delivers, tracks and accepts payment, requires expert handling to ensure every nuance of account-specific requirements is automated perfectly.

By automating accounts receivable processes, you reduce the time it takes for invoices to reach customers – enabling faster customer payments. Electronic invoicing ensures invoices reach customers wherever they are, and can directly integrate with their AP systems to simplify payment processing through 3-way matching.

By speeding up invoice delivery and payments, you reduce days sales outstanding (DSO), liberate working capital and improve cash flow for your business.

An automated accounts receivable system streamlines previously manual and error-prone aspects of the order-to-cash process, reducing disputes and bringing cash into the business more quickly – reducing DSO and improving working capital.

AR Automation goes hand-in-hand with e-invoicing, using a platform such as Corcentric EIPP. An EIPP platform provides dashboards and reporting to improve cash position forecasting, as well as insight to support more effective collections management.

An EIPP platform also enables your customers to self-service as well as providing a range of payment options such as faster payments, ACH, credit cards and all forms of online payment. Ultimately accounts receivable process automation leads to more a more efficient order-to-cash workflow, reduced overheads, and improves both cash flow and profitability.

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