There is a little-known secret among finance teams, AR Managers and CFOs. Deep inside, most of them have a certain amount of mistrust when automating any process. After all, a known (even if notoriously inefficient and frustrating) process is usually transparent, whereas the new automated process is a mysterious “black box”. Data A comes in, output B comes out. How do you know it’s right?
There is no quick and easy way to get over the fear of the “black box”. Some professionals like to get into the logistics of how the program data flow works. Others have to test the system to get comfortable. No matter what course of action is chosen, it is important to recognize that some fears of automation are based on facts, and others can be dispelled as myths. Here are three concerns we hear about most often.
Myth 1: Automating AR will make my finance team obsolete.
Fact: Great automation solutions are human-centric. They empower people by taking on routine and predictable tasks. The result leaves your team with more time to do things people do best. If managed right, back office automation is a great opportunity for building stronger customer relationships and finally allocating more time to strategic planning. It is unlikely that robots will take over your company; however, you may see more efficient and focused humans.
Myth 2: Automating AR is not worth the cost of the investment.
Fact: You have probably heard some nightmare stories of multi-million dollar software consulting and implementation projects. It is no wonder that most CFOs tighten their hand around an imaginary purse any time someone brings up new software. While there are certain set-up costs, most companies find that the new solutions pay for themselves quickly. Modern cloud-based solutions seamlessly plug into your existing technology and come with the benefit of flexible pricing. Many have intuitive interfaces, which minimizes training time and allows your team to see efficiencies right away. And, with the software maintained on the cloud, you never have to worry about having to upgrade your server or manage program version updates.
Myth 3: Automating AR won’t work in my industry/company.
Fact: Back office processes exist in every industry, and your situation may not be as unique as you think it is. Any activity that is repetitive, rules-based and high in volume can be automated with great results. Best-in-class modern platforms also allow finance managers to retain a fair degree of control. Process workflow, dashboards and reporting can be customized to fit the way your team works best.
Myth Busters: Don’t be afraid of AR automation.
Losing control over a known process may be a common fear, but platforms like YayPay can give your accounting department more control over your receivables thanks to increased visibility, better analytics and an intuitive action-driven dashboard. Integration with ERP and CRM platforms is seamless – which means less data entry and greater ROI on your overall investment in technology. If your team is still struggling with a legacy manual process, it is time to give AR automation another look.
YayPay is an AR workflow software and CRM that empowers CFOs and AR Managers to accelerate cash flow and make AR management more productive. Click here to explore what automation can do for your AR department or schedule a demo.