How Does AR Automation Help Different Stakeholders?

Accounts receivable (AR) is the basis for ensuring healthy cash flow and a good customer experience. But manual AR takes up a lot of resources. What is the solution? Accounts receivable automation! Automating AR helps your finance team focus more on high-value tasks such as communicating with clients and building a collections strategy. Let’s take a look at how AR automation benefits different stakeholders, along with its general advantages. General benefits of AR automation:  1) It saves time: Automated AR applications save considerable time otherwise spent on spreadsheets and paper-based workflows. 2) Easy plug and play: AR applications can plug and play into the existing ERP system to improve the efficiency of day-to-day operational tasks. 3) Automation is on the rise: MarketWatch predicts that AR automation will register a CAGR of approximately 12.69% during 2020-2025. 4) Reporting gets easy: AR automation apps are built with intuitive reporting features, and easy alert options to help with smooth tracking of past-due invoices. 5) Assess credit risks before onboarding customers: An AR application makes credit risk management, calculation of credit scores, and automated dunning easy. 6) Focus on better team efficiency:  Prioritize tasks and take suggested actions based on the pre-curated worklist generated within the AR application.