Biller Genie Blog

Accounts Receivable Automation Software: Save Time, Effort, and Money

Dec 1, 2020

You’ve no doubt heard a bit, or a lot about automating business processes.  You may or may not know that Accounts Receivable Automation Software can be invaluable to your business. Automation is the practice of taking day-to-day activities, subtracting the labor-intensive administrative part of them, and transferring that burden to technology. Automated Accounts Receivable software not only saves time but also reduces stress by removing needless effort, all while making more money for your business.

What is Accounts Receivable Automation?

 

The two most important assets to your business are your customers and your cash. This means your accounting department is arguably the most important area of your operation. It manages both, daily. Invoicing customers and collecting payments, while keeping those customers happy, is critical to the success or failure of your business. Account Receivable Automation, or AR Automation, is the modernization of accounts receivable processes through automated, electronic systems to reduce repetitive and time-consuming tasks. AR Automation is closely linked with e-invoicing, as this becomes the default delivery mechanism for invoices.

 

How Can I Automate My Accounts Receivable Department?

 

Since you need both customers and cash to run and grow your business, it stands to reason that anything you can do to optimize your accounting department and increase its efficiency is worth looking into. With 50% of accounting tasks able to be automated, Automated Invoicing technology increases productivity and is simple to implement in your business. To put it simply, automated invoicing is the process by which you configure your invoice process to function automatically. Automated invoice processing is a technology that offers time-saving benefits to businesses of all sizes by taking care of the invoice processing, from creation to payment reconciliation. With more traditional invoice processing software, invoices must be sent to the recipient, and then the information is entered electronically (or manually) into accounting software, or in some cases ledgers. With automated invoicing, the invoices are digitized and can be sent and received within seconds, and stored safely in a server or in the cloud. Learn how Biller Genie automates the Account Receivable department.

 

How Biller Genie Automates Accounts Receivable

 

There is an ease of use with Biller Genie that you don’t get with other Accounts Receivable Automation Software providers. There are no changes to your current process. We integrate seamlessly with your current accounting software and you can continue using your existing payments processor.  With a few clicks, The Genie can be up and running in minutes to collect on your receivables. After your initial set up, you can sit back and relax. Biller Genie Accounting Automation Software is simple to implement and easy to integrate into your current accounting software. In just a few simple steps, you’ll be saving time and money all while reducing effort and giving you the ability to worry less about the money owed to you and more about growing your business.

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Create

Since Biller Genie is integrated directly with your accounting software, all you need to do is create the invoice just like you always have and click save. The Genie then instantly syncs the invoice to our cloud.

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Send

Once an invoice is in our system, The Genie automatically sends it via email or paper mail, on your letterhead – with no effort from you.

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Remind

The Genie sends reminders, late payment notices, and other follow-ups on the custom schedule you create. There is no longer a need to make awkward phone calls or remember to email customers.

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Collect

The Genie works with your existing payment processor. Your customers can make payments online via credit card, ACH, or Apple Pay through a branded customer portal. They can also login to view history and set up auto pay, from anywhere, anytime.

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Reconcile

Once a customer pays an invoice, The Genie automatically marks it as paid in your accounting software. Manual reconciliation is a thing of the past. In just these simple steps, you supercharge your accounts receivable.

Benefits of Accounts Receivable Automation

An automated accounts receivable solution lets you streamline your approach to receivables, and provides your business with several measurable benefits that can’t be ignored.

Save Time

Instead of spending so much time searching for and generating the customer data needed, accounting staff will be able to easily run up-to-date aging reports, reach out to customers, and get money in the door much more quickly.  Automating your accounts receivable and collections effort adds up to a more efficient and cost-effective process.  Not only does that improve cash flow, but it also allows your staff to get more done in less time. With automation in place, your AR staff no longer has to manually send emails to customers reminding them that payments are coming due or letting them know that payments are late. All of these communications are sent to clients automatically—meaning your customers are never billed late. With a manual process, just think about the costly paperwork involved, frustrating copying, email, and faxing, as well as the wasted employee time better suited for more important things. Accounts receivable automation can streamline those wish-you-didn’t-have clunky tasks, reduce the time and effort focused on inefficient work, minimize mistakes, and allow your team to reinvest those savings into more meaningful work. In effect, Accounting Automation turns time into money.

Save Money

As each industry’s market landscape becomes more competitive—with the volume of competitors growing by the day and greater consumer demand driving higher expectations from their service providers—cost-cutting has become an important part of every company’s business operations. Accounting automation solutions help businesses solve their cash flow problems—or even prevents them from materializing in the first place. We all know that cash flow can make or break your business, so automating this process is vital to your business’ success. The cost of automating Account Receivable does so much more than pay for itself, it can be a savior for businesses who are waiting on overdue invoices and cringing at the thought of calling those late-paying (or never-paying) customers again. If your AR collection process relies on a vague or outdated system or your team doesn’t execute, you could have a problem that’s costing your company thousands of dollars every year.

Set It and Forget It

A good accounts receivable system allows you to set up automated invoice reminders and collection emails at user-defined intervals. That way if customers forget to pay their invoice in a timely fashion, your accounts receivable software will automatically send them a reminder notice. What’s more, leading automation solutions gives customers the ability to pay directly from the emails they receive—which sure beats forcing them to hop over to another platform to make a payment!

In addition, AR Automation software will generate a call list so collectors can quickly determine – without spending loads of time combing through spreadsheets or hand-written notes – which customers are past due, and reminders are sent automatically. Just think about the delayed communication, delay in sign-off, and the many other ways in which a simple task like invoice approval can fail to be completed when you need it. Automating the creation of invoices and getting them in the hands of the right person at the right time mitigate errors, makes you more efficient, and enables your team to communicate better with your customers. With so much work transferred to a digital process through automation, your accounts receivable team can get paid faster, which enables them to focus on the higher-level finance work like planning and strategy that sets your company up for success.

Get Paid on Time with Fewer Errors

Biller Genie customers report getting paid up to 15 days faster on invoices and a reduction in overdue balances. Invoice automation software also reduces human error by eliminating duplicate entries and by automatically reconciling payments into your accounting software. What you get is a seamless and easy invoice payment experience that really does give your customer a great experience with every transaction. One universal similarity between companies, big or small, is that SMBs rely on revenue from customers to thrive. The primary difference is that SMBs typically have fewer financial and employee resources. This means they also have less ability to absorb delays in collecting payments.

Personalized Invoices

Biller Genie offers modern solutions including a customer portal with your logo and branding where your customers can view their invoices, transaction history, and make payments while maintaining a secure, memorable, and professional environment. This provides a secure and familiar payment experience for your customers while maintaining a professional platform. This is not just convenient and favorable for your customers, but by providing various payment options you increase your chances of getting paid!

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Save Time, Effort, and Money With Biller Genie Today!

Are your accounts receivable workflow processes slowing down your turnover time? Are you looking for a way to improve your processes and reduce days sales outstanding (DSO)? While there are numerous invoice automation solutions available, some are more complete than others. Biller Genie is an award-winning cloud-based solution that automates accounts receivable from bill presentment, follow up, collection, and reconciliation – without changing your current process. In minutes, The Genie integrates with your existing accounting software to supercharge your invoicing! There is no need to learn new and difficult software. SMBs face many challenges, but Biller Genie makes so many of those disappear – seemingly by magic – but actually by automation. Biller Genie provides you with your own branded customer portal where your customers can log in to view transaction history, store payment methods, and make payments. Learn how Biller Genie works. Effectively, The Genie helps you manage your accounts by automating repetitive tasks, personalizing the customer experience, and allowing your team to focus on what’s important – growing your business. Biller Genie takes away the headaches involved in accounts receivable. Click here to learn more and get started today!

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