An insightful summary of the essential skills required to steer your accounts receivable in the right direction while climbing your career ladder at the same time!
Accounts Receivable used to just be about dialing for dollars, but it has now transformed into a strategic function that helps CFOs improve working capital management and reduce bad-debt write-offs. In addition, A/R departments have been experiencing exponential raises in productivity through the aid of advanced technologies, such as Artificial Intelligence and robotic process automation.
As an A/R professional experiencing this digital transformation, are you wondering what skills do you need to stay ahead of the curve? We have the answer.
According to a recent survey by HighRadius:
✓ 53% of the A/R professionals surveyed consider understanding the transformation of A/R processes with new technologies such as AI and RPA to be the next big skill that they need to acquire.
✓ 26% believe that leveraging data analytics and reporting can help them slice and dice their accounts receivable to know the real issues.
✓ 16% believe that developing a robust credit and collections policy framework can help them rudder their accounts receivables in the right direction (away from bad debt!)
✓ 5% believe that defining a stringent collections strategy would be a key transformation in their A/R space.
Keeping in mind these requirements of all the credit and A/R leaders, we have summarized the 5 key essential skills that any A/R personnel would need to excel in order to climb their career ladder. The following chapters describe these essential skills and what needs to be done to excel in each.