Traditionally, accounts receivable has been done manually, usually by an accountant or business manager. The task of creating invoices, communicating billing, collecting payments, and tracking the cycle was a time-consuming process that could fall prey to human error.
With the adoption of computers, email, spreadsheets, and accounting software, this process became much more streamlined, allowing the work to become more automated, accurate and require less manpower. Now, with the availability of specialized software, A/R automation has taken another step forward, greatly increasing efficiency, reducing errors, and mitigating the need for additional staffing and overhead.
While automated A/R services can seem like a big investment, the benefits usually vastly outweigh the expense. Did you know that invoice automation pays for itself within an average of 6 to 18 months?