Sure, your QuickBooks system gives you a place to manage the financials, but it does not help you with the real problem- there is never enough time to get everything done! When you rely solely on your QuickBooks system and manual accounts receivable management, there are many challenges; it’s a productivity killer, riddled with errors, data is never real-time, contact and account information is buried deep in independent email accounts, invoicing takes too long, and its costly to pay for the manpower you need to manage it all.
If you utilize an accounts receivable management system to help you automate some of those tasks above, your collectors will finally be able to spend most of their day actually talking to customers and dealing with issues; not digging through emails, updating spreadsheets, or prepping for a phone call.
One of the most significant changes you will after you automate QuickBooks accounts receivable management is the way collectors spend their time and the value that can add to customer relationships and your cash flow. Many companies see productivity levels of their employees double, if not triple, after implementing debt collection software because centralized data allows collectors to quickly reference information and customer histories which makes them more responsive to customers while powerful automation takes care of the rest.
A study by The American Collectors Association illustrates the difference between managing accounts receivable manually, and utilizing accounts receivable management automation:
• Average number of calls per collector each hour
o Manual: 13.5
o Automated: 17.5
• The average number of active accounts handled per collector:
o Manual: 780
o Automated: 1,713
• Average number of payment promised per hour:
o Manual: 6.4
o Automated: 10.5
• Average number of debtor contacts per collector each hour:
o Manual: 6
o Automated: 8.5
Accounts receivable management software works in tandem with QuickBooks to help companies of all shapes and sizes collect the money owed to them much faster than with QuickBooks alone. The software improves overall methods and procedures to help collectors do their job faster and more effectively. With built-in workflow, automated customer communications, and deep insight into invoice and account status, your collectors can proactively manage collections, avoid invoice disputes, handle special payment terms, and much more.