Receivables automation combats the hassles of getting paid, puts cash in hands and creates new opportunities
Without having to focus time and attention on manually reconciling remittance data with incoming payments, accounts receivable (AR) departments would be well-situated to engage in more strategic, forward-looking activities. These departments could put monies to better use, build the groundwork for market share and actual-dollar growth, and better tackle the supply chain and customer-facing needs that persist and fluctuate with external dynamics.
However, according to a recent report issued by the Aite Group, “Deploying Emerging Technology to Improve Remittance-Details Processing,” more than 50 percent of enterprises—including large, multinational corporations and mid market companies alike—can claim no touchless processing of remittance documents whatsoever. A number of factors contribute to this; some have an easy fix while others would seem insurmountable, yet a considerable array of technologies and best practices exist to drive manual work out of the accounts receivable role.
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