Imagine a typical job description for an AR and Collections manager. On paper it may look quite similar across companies and even industries. However, as many professionals can attest, a manager’s actual day-to-experience can vary considerably from company to company. Many factors contribute to these real-life differences. Company culture, industry specifics, and reporting structure all matter. However, technology may be the ultimate force that has the power to define workflows and shape the manager’s day.
Meet John - Who does his job with excel and manual workflows
Consider John, an Accounting and Collections Manager in a $200M household name manufacturing company. In an economic slow-down, any function that wasn’t driving revenue was viewed by the company as a low priority, and today John’s department is still using older systems and manual workflows. The accounting department is starting to feel the consequences. John has to spend countless hours every week sitting in meetings in an effort to connect the dots between sales and accounting. When he is finally at his desk, he is either fixing the damage done to client relationships because of staff mistakes, or catching manual errors in Excel-based account aging reports. Despite long days at the office, John finds it difficult to get traction and make progress.
Meet Jane - Who does her job with automated workflows
Compare that with Jane’s situation. Jane is also an Accounting and Collections manager. She works for a $300M biotech firm that chose to automate the AR and collections process last year. With technology taking care of the routine tasks, Jane’s team gets to work on analytics, special projects, and client relationships. Jane herself can focus on addressing requests from the CFO, and moving forward on big-picture strategic initiatives. She is working hard, but because her “busywork” is automated, she can actually make progress on what matters.
AR Automation minimizes errors, frees up time, and more
They're simplistic analogies but John and Janes are just two examples that illustrate what we know from experience: companies of all sizes across many industries can benefit from automating routine functions. Better technology can allow department leaders to minimize errors, free up time, and create better relationships - both inside and outside of the company.
Today’s solutions are intuitive, which means your team can skip the awkward “getting to know the system” phase and get to work. They include deep CRM integrations to streamline workflows and improve internal communications. That, in turn, translates into company growth – something that’s relevant for every company. If you are considering AR and collections automation, talk to us at YayPay – we have helped many teams maximize the value of the back office, and can do the same for you!