Anyone who works in accounts receivable knows that the faster a payment is processed, the sooner cash is realized and available for use by a company.
FREMONT, CA: Professionals in Accounts Receivable (AR) are rethinking their procedures and using the Software as a Service (SaaS) solution at an increasing rate. World events and technological discoveries fuel the trend, but AR experts are in the driver's seat.
As more AR experts become aware of the benefits of SaaS solutions for AR, they are leveraging that knowledge to assist their firms in making investments that enhance cash flow, streamline procedures, and expand the positive impacts that accounts receivable teams can have on their company. Continue reading to learn about the top three benefits that AR teams have discovered in SaaS solutions.
Enhanced Financial Management
The most compelling argument for adopting SaaS accounts receivable technology is to enhance overall financial management. Automated reconciliations not only serve to eliminate components of human mistakes that may otherwise occur, but they are also great for speeding up operations, boosting overall accuracy, and relieving individual team members of stress. If the company is tormented with AR issues regularly, SaaS solutions could be the answer.
Faster Payment Processing
One of the benefits of cloud-based SaaS products is their speed. Anyone who works in AR knows that the faster a payment is processed, the sooner cash is realized and available for use by a company. Payments processed on the cloud are typically three times faster than payments processed using traditional methods, which is a substantial difference for businesses that process many payments each day. Time is always of the essence in the realm of commercial finance. SaaS solutions improve cash flow and working capital while also assisting a company in staying current on all of its obligations, reducing the need for unneeded borrowing.
Enabling Remote Workers
Accounts receivable teams must be as adaptable as the companies they service. Paper-based or office-based processes are rigid by definition. SaaS solutions provide several options for modern AR teams who want to serve with business continuity in mind. Many manual operations can be automated using SaaS solutions. Customizable, web-based forms with built-in automation that takes the user through the application process can replace the usage of emailed or downloaded PDFs in credit applications. Furthermore, comprehensive, supplier-hosted customer self-service websites enable consumers to view and pay invoices from any location, lowering call volume for AR staff.
