Following certain guidelines might assist you in selecting the best account receivable management solution within RMM tools and PSA software for your company. The steps are as follows:
1. Huddle up inside
To begin, communicate with your team members that handle accounts receivable workflows to learn about their needs and challenges. This can assist you in establishing specific goals around what you hope to accomplish with AR automation software.
Here are some questions to pose to your team:
Which aspects of your AR process are flawed?
Does the DSO consistently have a high value?
• Are more customers going bankrupt?
• Is the reconciliation error rate high?
• How much time do you devote to sending invoices?
•How do you go about creating collection calls?
How much money are you losing because of these bottles?
• The monthly amount of bad debt and unpaid invoices; • The cost of additional FTE required to complete assignments
•Delays in book closure
Are there any resources available to us right now that could assist in getting around it?
• Teaching resources
• Professional experience
• Outsourcing firms
To identify gaps and determine which processes need to be automated first to increase efficiency, it's critical to evaluate how well you've automated the various steps in your AR process.
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