CFOs with vision are making their mark through automating manual tasks and delivering better visibility over accounts receivable data in the process. Armed with fresh financial insights, they are better positioned to shape the future of their companies. Making them a crucial player in driving business growth.
When we talk about a modern finance team, we’re not talking about token acts such as a hybrid working model. True innovation runs much deeper. Embracing tools that give a competitive edge by making AR data more visible and easily accessible is a must.
Benefits of automation
Automating your AR is a no brainer in general. Implementation is quick, as are the rewards. It’s a massive time saver, freeing your team from mundane, manual tasks. Most teams using automated AR see KPIs such as DSO and overall cash flow improve within a matter of weeks. But the real clincher is that visibility over AR data is much improved at both a team and management level.
Finance leaders should be excited about the proximity to customers and payment data automation can deliver. As Matt McFedries, co-Founder and CEO of CreditorWatch Collect has noted
“Automation isn’t about robots. It’s about getting intel on your chances of invoices being paid. It’s about having two-way conversations with customers, but without having to spend hours conducting these.”
Customer centric businesses are more successful. Data which helps you understand your customers better, communicate with them promptly and has the silver lining of faster payment times is gold. With automation running your AR process, access to accounts receivables data is as easy as jumping onto a dashboard. View data by accounts, check in on KPIs such as DSO and dive into the data deeper as you prepare board reports.
As with all new tools introduced, you may encounter some resistance from team members or have some that struggle. This in itself is helpful for building that future focused, strategic finance team. If you’ve got people struggling to embrace new technology, particularly tech that is on the basic end of the scale, this is a red flag. It’s worth having a chat with them, reiterating the company and team strategy and really understanding if they’re on board with the type of team you’re creating. This will help ensure you’re delivering the best finance tech stack, and also building a strategically minded team.
These days it’s a case of data makes the world go round. Whether it’s hard to access, poor quality or slightly different depending on who in the team owns it. If your data’s not up to scratch problems will occur. Automation is one easy step which delivers significant results.
CreditorWatch Collect helps businesses of all sizes worldwide automate their AR from automated reminder workflows through to integrated payment portals and one-click debt collection. If you’re looking to propel your finance team, position yourself as a strategic finance leader and generally make your life easier we’d love to have a chat.