One of the pivotal aspects of efficient AR management is its dynamic nature. With the economic impact of COVID-19, it is more important now than ever to have a fluid blueprint for handling receivables. As per a report by PAYMENTS, 72.5% of the business are adopting A/R automation in 2021. This makes the digital transformation the heart of the new-age-AR model.
Here is what a checklist for an efficient AR solution would look like:
A solution with these features could enable finance teams to:
Once businesses understand what the solution offers, it is equally important for them to assess the solution provider and their compatibility with the business and its policies.
While receivables solutions offer a range of functionalities, businesses need to determine what are their needs. Along with the price, multiple factors come into play when determining the success of the solution; a crucial one being the vendor’s assessment.
Here are some questions that will lead you to your perfect A/R automation partner:-
Asking the right questions can help businesses understand:
Understanding how multiple vendors approach these concerns can help businesses build their trust in the solution while understanding it’s full potential. Add-ons such as a virtual assistant, in-app voice calling, real-time risk alert can further improve the overall experience with the solution. The success of AR Management solutions largely depends on the relationship between the vendor and the customer. It is essential to assess if the vendor fits within the businesses’ standards before moving forward.
In the after-effects of COVID-19, it is evident that businesses need to adapt and move towards a digital receivables landscape. Although there are multiple solutions available in the market, only the right vendor will aid the digital transformation every growing business requires. The latest IDC MarketScape report takes a deeper dive into the need for digital adaptation for the receivables team and assesses the vendors present in the mid-market. The report has outlined the holistic criteria which are crucial for judging A/R automation solution providers for companies in the mid-market revenue tier.
The HighRadius RadiusOne AR Suite is a complete accounts receivable solution designed for mid-sized businesses and SMBs to automate eInvoicing, Collections, Cash Reconciliation, and Credit Risk Management to enable faster cash conversion and maximize working capital.
It is quick to deploy and ready to integrate with ERPs like Oracle NetSuite, Sage Intacct, MS Dynamics, and scales to meet the needs of your order-to-cash process.
Lightning-fast Remote Deployment | Minimal IT Dependency
Prepackaged Modules with Industry-Specific Best Practices.