Did you know that 49%^ of businesses don’t get paid on time because the initial order number on the invoice is missing?
Accounts receivable departments often spend more time correcting errors on invoices than providing quality customer service that could speed up the payment process.
The data used in your accounts receivable process often comes from a number of computer systems, installed at different times using different and often incompatible standards. Some data merging processes are conducted manually as these systems cannot be connected and made to communicate with each other automatically. Every day, employees have to manually re-enter new data, which generates plenty of errors. The errors may extend the average time it takes for customers to pay because customers simply will not pay until they’ve received a bill with the correct information.
Ring a bell?
There are simpler ways to streamline your accounts receivable process at your own pace and they don’t require a large investment:
- Go digital – Gradually start sending PDF copies of Invoices , format original documents so they can be sent through several means at the same time paper or digital . You won’t be going paperless straight away but it’s a start.
- Give better customer service – Use automation to analyse your invoices before they’re sent. If the invoice matches the customer’s order, it is automatically sent. Employees will only need to process and manually correct problematic invoices.
- Make information more reliable – Receive warnings for errors and discrepancies between what’s on the order slip and invoice so that you can address problems quickly.
In a perfect world
Clients can have online access to their files at all times and can change their information and view their billing. They only call if there is a serious problem. Customer Service also has 24/7 access to up-to-date centralised information to quickly answer questions. In addition, you can access performance indicators that will help you make the right decisions to reduce complaints and disputes related to accounts receivable.
Would you like to know more about these and other steps you can take? Contact us:
Enquiries: 0870 241 5042
Concept Group Ltd
^ according to the Institute of Financial Operations