![]() ![]() Most everybody we see is still doing this in some very manual, often spreadsheet-based way. Revenue Recognition has become a big deal for many companies. Yep, that means that literally in a matter of seconds, you can create, pay, and then email your customer an invoice statement with a zero balance and reduce your average outstanding AR to a few seconds. With new customers, this is just how you do business, and if they kick and scream, you can always handle them as a subset of customers that are the exception. However, you’d be surprised how many existing clients you can convince to allow you do this by extending some form of incentive to them such as a small discount, etc. Now, we get it, not all customers will allow you to go ahead and charge their card. With the ability to schedule payment with fully PCI compliant payment providers, you are able to go ahead and charge your customer via Credit Card or ACH automatically. The beauty of Accounting Seed being on Salesforce is that we can build processes that take any billing model you can conceive and bill customers without even having to get out of bed.Īnd, before you get your morning coffee, you can have these invoices in your customer’s inbox already paid with a $0 balance. Regardless of your business model, be it subscriptions, usage-based services/subscriptions, e-commerce transactions, or many others, the technology exists to automate this process. However, for many companies, the concept of AR can be almost completely eliminated. 3) Eliminate ARĭon’t worry, we’re not talking about layoffs here. Payment methods vary, but there are providers that will pay via ACH, temporary debit card, or even take on the process of printing and mailing a check to the few vendors left that require them. ![]() You can easily submit these invoices to be paid electronically on a specified date. No more manual print runs or stuffing envelopes to send to vendors. Once you’ve got vendor invoices approved and scheduled, paying them is a snap. Automation should be significantly minimizing the level of human touch involved while making light work of the tasks you still need to do. There will be exceptions, a small set of invoices that still require a level of intervention. You are sitting on a high amount of empirical information that with proper analysis and evaluation, you can convert into a bevy of rules and criteria to enable the automation of the approval and scheduling of these payments. Month to month, invoices you receive share many similarities, the same vendors and the same services they relate to. In most cases, the majority of vendor invoices are fairly routine and repetitive. If somebody is required to go through every invoice, approve them, and then schedule their payment to optimize cash-flow management, you have a real opportunity to significantly reduce the manual labor cost involved. Skeptical is good, but I’ll challenge you to find a scenario that can’t get the benefit of automation. And no doubt, your business has complicated payment terms and cashflow considerations to manage. 2) Vendor invoice payment approval – your rules, your way!Īutomating any kind of invoice payment sounds dangerous. Sure, it may sound like pie in the sky, but we are yet to find a client we can’t make this work for and in turn saving savings significant hours and eliminating human errors. Setup your system to intercept remitted invoices via email, scan through machine learning-enabled technology and you’ll get close to 100% accuracy with all the right details and categorization applied according to your rules. Invoices can and should be loading themselves into the accounting system. Let’s not even mention the manual approval processes we’ve seen many companies still executing. They are received via email, someone prints them out, organizes into neat little piles, and then at some point, it’s some unfortunate soul’s job to manually key them into the accounting system. ![]() Processing vendor invoices is usually a very manual task. 1) Vendor invoices automatically loaded into your accounting system with 98% accuracy and no human touch Our clients are “surprised” by what can be automated also frustrated they didn’t do this sooner.īelow are some of the common areas within the Finance/Accounting teams where we see these situations as well as some of the opportunities that exist to fix them. The level of automation that can be achieved through platforms like Salesforce and Accounting Seed is an eye-opener. Rapid growth always leaves key team members in strategic roles spending too much of their time on non-value-add, manual, repetitive processes, having very little time to focus on the critical aspects of their role.Īutomation can give you the key to start clawing back some of that time, but most teams will remain in the manual rut unnecessarily because they don’t know what is possible or how to start implementing change. ![]()
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