Do you work in accounts receivable? Have you or your colleagues ever been overheard muttering words of frustration as you search for missing remittance information, mis-key information, or call a customer to collect payment only to find out it was already received? With a rapidly growing to-do list that includes processing payments, manually applying cash, updating credit lines, sending bills to collections, fielding customer payment disputes and managing reporting, it’s no wonder that accounts receivable teams can often feel overwhelmed. And with cash being the lifeblood of a business, the pressure is high.
AR teams must manage everything from paper checks and wire transfers to credit cards and payment portals. As the payment ecosystem expands, so does remittance complexity, making reconciliation more challenging. Many AR teams experience the same pain points, which ultimately impact productivity and job satisfaction.
Download our list of 6 Things That Drive AR Pros Crazy to find out how the frustrations you and your AR colleagues feel in a typical day are actually signs of opportunity.
Next time you say “Wait… what is this payment for?” you can rest assured you are not alone. More importantly, let’s learn how you can answer that question with ease in the future.