You’ve got Acumatica, and it works great. With a user-friendly interface, role-based dashboards, configurable workflows, and detailed reporting functions, it does everything you could ask for in an ERP. It even offers industry-specific solutions, so that it's tailored to your organization’s needs.
The question is, are you taking every essential step to get the most out of your ERP?
Between economic uncertainty, rapidly changing market conditions, and the evolving nature of the workplace, you want to take advantage of every tool at your disposal to optimize cash flow. If you’re not yet ready to invest in an automated AR solution — like Quadient AR — here are four top tips that will help you maximize the value of your ERP.
Reduce Time Consuming Data Entry and Operations
Manual data entry is not only a drain on your AR team’s time. It’s also prone to mistakes. The generally accepted standard is that at least 1% of all data entered manually will be incorrect. That number can be compounded when you are working between multiple systems and required to move data from place to place.
Acumatica provides relief to this process by offering predictive entry, as well as flexible screen layouts that will help reduce the amount of time spent entering and fixing data. The software also validates dates on forms and projects, automatically rejecting those that do not match the information entered on a master calendar.
To make invoicing more efficient, it provides you with the ability to set up recurring billing, meaning you no longer need to manage the process manually. Bills are sent out on a regular schedule that your customer can anticipate and expect.
Customized workflows and approvals provide access to customer reports and bills, so all relevant teams can quickly access the data that they need to perform their job.
Tailor the Billing Process to Customer Needs
Your customers have varying needs and expectations. The ability to meet a customer where they are is key to improving customer experience and satisfaction. Not only does this help you receive payments faster, but it improves the lifetime value of an account, ensuring both your current and future success.
Not every customer will want their information delivered in the same format or through the same medium, and Acumatica allows you to plan for that. Data can be assembled in PDF, spreadsheet, or HTML, and then delivered via your customer’s preferred communication channel, be that through digital or physical mailings.
By supporting multiple base currencies, Acumatica allows you to work with your international customers as well. The system also has an automatic translation function so that your team is always working in a single currency.
Level Up Your Reporting
Manual reporting for accounts receivable is rife with problems. Team members waste time gathering data from disparate sources and simple typos can wreak havoc by altering equations based on the information gathered. Even if you manage the process without errors, you still lack any kind of data contextualization. After all, data is just noise without the ability to gain actionable insights from it.
Using Acumatica, reports and dashboards allow you to keep track of customer activity and spot potential problems. You can also monitor developments such as expiring credit cards on customer files, over-limit accounts, and aging accounts. This helps you to stay ahead of issues that have the potential to disrupt your cash flow.
Protect Your Credit Process
Creating and enforcing a credit policy is key to maintaining your organization’s financial health. Acumatica supports this process by facilitating the enforcement of credit limits at the time of purchase and invoicing. The ERP can also block invoice processing or issue warnings to customers when necessary. Conversely, with the relevant data at hand, the software also gives you the ability to temporarily increase credit limits for customers.
When accounts are past due, Acumatica helps your team create customized messages and dunning letters. Relevant data and supporting documentation can be easily attached to the letter, as well as information on any fees that may have been accrued. When a payment is made, the software can automatically apply it to the oldest outstanding document, ensuring that aging invoices are handled first. This helps keep customer accounts current.
Each of these Acumatica functions can help make your accounts receivable more efficient, reducing your days sales outstanding (DSO) and improving both cash flow and customer satisfaction.
What Does Automation Add?
With an impressive set of features, it’s tempting to think that you don’t need another solution to successfully navigate the AR process. But when it comes to your finances, good can often be the enemy of great.
Ask yourself this:
- What if, instead of being bogged down by routine tasks, our AR team could take a proactive, strategic approach to collecting?
- How would it impact our cash forecasting and growth initiatives if we could leverage machine technology to accurately predict when payments will be made?
- And what if we could accomplish all of this while improving customer satisfaction and the lifetime value of our accounts?
By adopting an accounts receivable automation solution that works with Acumatica — like Quadient AR — you can accomplish all of these goals and more.
Learn how in our blog post: 4 Valued-Added Benefits of Integrating Acumatica with Quadient AR
