While scaling up, businesses need to ensure that their teams are equipped with the right tools to climb up the ladder faster. For most mid-sized companies, credit turned cash is the fuel for business. Mid-sized businesses are growing to adopt technology-enabled solutions to improve AR. With a range of solutions available in the market, finding the right solution could be a major challenge. One of the primary aspects of choosing the right solution should be assessing the compatibility with the vendor. When evaluating solutions, often businesses come across solutions that are either too primitive or too robust for their needs. Businesses need to find a middle ground to solve their problems at an effective cost.
This blog explores the key features that make any AR solution for mid-sized businesses holistic and how businesses can understand their fitment with a prospective vendor.
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 A/R Suite is a complete accounts receivable’s solution designed for mid-sized businesses to put their order-to-cash on auto-pilot with AI-powered solutions. It leverages automation to fast-track key accounts receivable functions including eInvoicing & Collections, Cash Reconciliation, and Credit Risk Management powered by RadiusOne A/R Apps to improve productivity, maximize working capital, and enable faster cash conversion. Affordable, quick to deploy, and functionality-rich: it is pre-loaded with industry-specific best-practices and ready-to-plug with popular ERPs such as NetSuite and Sage Intacct. The HighRadius RadiusOne A/R Suite is designed to automate labor-intensive processes while streamlining credit and collections activities for faster A/R processing, better cash flow and improved profitability.