While the C-suite juggles several strategic business issues around growth, operations, employee culture, customer service and more, accounts receivable (AR) deserves special focus. Why? If your business does not get paid and cash does not get applied promptly, customer credit replenishment, future sales, and cash flow are all negatively affected. Additionally, the payment experience you provide to customers is part of their overall impression of doing business with you, and innovative businesses are prioritizing ways to innovate around each and every customer touchpoint.
In the post-pandemic era where employees are working from the office, at home, and on the road, organizations must take extra care to ensure their accounts receivables can be processed in a timely and accurate way while meeting the needs of both employees and customers. This has become especially true as more customers want to pay using digital methods, and payments are received through a growing number of channels including in-person, mail, lockbox, portals, and more.
Studies show that:
- 64% of firms are shifting away from physical invoices
- 70% of firms plan to digitize AR processes within three years¹
- 66% of senior executives say cash flow is among their top three concerns ²
Getting ahead of increasing aging balances and decreasing both average days late and days sales outstanding (DSO) will remain key areas of focus as senior executives — particularly CFOs–prioritize healthy cash flow. The power to positively improve AR team’s results in these shifting times is found in AR automation.
Click to dive into our 3-page executive guide, Why AR Deserves More C-suite Attention, for more details about how AR can affect your ability to manage working capital, increase sales, and deliver a winning customer experience at the same time.