As a reseller and developer of leading ERP systems, we know what a powerful and important tool it is for any company. But we also know that, like all software, ERP systems have limitations- A/R management is one of them. They notoriously lack the depth of functionality, insight, and automation required to properly manage the complex and time consuming accounts receivable process.
Put most simply, A/R management software does it better, and here’s why.
Many ERP systems do offer an accounts receivable module and companies think they are getting everything they need from that module. The problem is that the tools and capabilities in those modules are usually minimal, lack automation, and are ineffective in supporting the entire collections process.
Below are 21 things that A/R management software can do better than the collections module in your ERP system:
- Automatically create an action list to tell collectors what to do and when for optimized productivity.
- Provide all of your collections information in one screen so you know at any given time what’s happening with your A/R collections or how you can improve your efficiencies.
- Handle disputes and dispute resolution.
- Provides a Customer Portal with Online Bill-Pay.
- Automatically send email reminders to customers about outstanding invoices (and copies of the invoice) based on rules you’ve provided.
- Attach original PDF copies of invoices to communications.
- Automatically update account information for real-time insight into your collections.
- Provides sophisticated A/R workflow management reporting.
- Flexibility to adapt and change collection and dispute management strategies.
- Automatically retrieve emails sent from customers and bring them into the system providing a centralized view of every customer interaction.
- Allows you to set service level agreements and define escalation paths.
- Track and automate all emails associated to credit collections.
- Automate the creation and assignment of actions to collectors.
- Automate closure of issues when customer payment is received.
- Automate the escalation of credit issues to managers.
- Automate the tracking of broken promises.
- Define automation and workflow based on credit class.
- Manage every aspect of your customer communication including phone calls, disputes, expected payments, and email from a single screen.
- Allows your collectors to spend more time talking to customers about payment.
- Attach supporting files to communications such as bills of lading, proof of delivery, employee timesheets, contracts, etc.
- Provide an ROI in as little as 2 months
If you are not using the right tool for the job, it’s going to be tough to get that job done well. To learn more about A/R management software, visit our resource center where you can watch videos, read white papers, download infographics, and more!