Accounts receivable (AR) is the lifeblood of any business that offers goods or services on credit. Sending invoices, tracking customer payments, following up with those who haven’t paid, and reconciling payments in your accounting system are all key to financial health and profitability.
But AR can be challenging and resource-intensive. The collections process is especially frustrating, and missteps here can damage customer relationships.
Accounts receivable automation is a powerful solution to the drudgery of repetitive and error-prone AR tasks. With AR automation, your AR team can collect more quickly on customer accounts — without hurting customer satisfaction — and reclaim time and resources for more value-adding work.
Businesses that send invoices to clients and customers have to track those invoices and the accompanying payments, keeping tabs on which entities owe how much money. Accounts receivable (AR) is the discipline of doing this work, tracking how much money customers owe for products and services you’ve already delivered.
But what exactly does it mean to automate accounts receivable?
AR automation uses software to simplify how businesses manage invoices and payments, helping them reduce manual work and get paid faster. For example, automated systems can:
While you can manually complete every AR task, there are many good reasons to consider automating where you can.
For one, manual processes just aren’t very efficient. Tasks accumulate in inboxes and on desktops (physical and digital), waiting for the human responsible to take action. Often, the accounts receivable process lacks visibility as well. Until the right person completes the right tasks, you can’t fully see and understand the full financial picture.
Manual AR also leads to high rates of human error. In fact, nearly 60% of accountants make several financial errors a month (and 18% make mistakes every single day).
Automation, on the other hand, increases efficiency, visibility, and accuracy, making a potentially huge time and money-saver for your business.
CFOs, finance departments, and AR teams are the most obvious winners, but AR automation can deliver value in other areas too. Data gleaned from AR automation platform analytics can inform sales and buying cycles, budget projections, and even marketing direction.
Businesses that do high-volume invoicing typically see the most benefit, particularly those in B2B SaaS, professional services, and manufacturing.
AR automation isn’t just a novelty or a convenience anymore. It’s quickly becoming essential for businesses that want to keep a competitive edge. Here are three reasons why.
AR process costs can vary to a pretty surprising degree. One study found that the AR costs per $1,000 in revenue ranged from $0.18 to $0.58, on average, for large, high-performing companies. But for smaller, lower-performing companies, these numbers reach $0.28 to $2.77.
While the difference between $0.18 and $2.77 may not seem like much, consider how this scales. The lowest performers are spending 15 times as much on AR as the highest-caliber businesses. So for every $1 million in revenue, one company is spending $180 on AR processes. The other? $2,770.
At first glance, an increase in AR seems like a good thing — it means you’re doing more business. But one of the biggest variables in AR is how long it actually takes for payments to hit your account.
If your processes don’t scale to match the increased workload, payments for those sales can get stuck in limbo, and delinquencies might start piling up. Eventually, you’ll start to feel the squeeze on cash flow.
AR automation can speed up the AR-to-revenue timeline thanks to automated invoices and payment reminders. Pulling in more of that outstanding cash sooner reaps all sorts of benefits, helping your business better forecast revenue and easing cash flow pressure. Hiring and strategic investments also benefit from having clear financial projections and more cash on hand.
Today’s CFOs need more data and insights so they can report effectively to shareholders and plan well for the future. As a result, CFOs are increasingly pushing for real-time visibility into all facets of the organization’s finances, including AR.
Some tools and platforms that automate AR functions can deliver reports and insights in real time, empowering CFOs, AR teams, and other finance professionals with the data they need to drive better decision-making.
You’ll find numerous platforms and SaaS tools that can automate part or all of your AR processes. Exact functionality will vary, but you’ll find these powerful key features in every high-quality accounts receivable software solution.
AR automation starts at the invoice creation stage, and any quality tool will be able to automatically generate invoices for sales and/or services rendered. It should also send automated reminders about late payments or trigger email follow-up sequences for those with outstanding invoices.
You’ll simply integrate the software with your POS, accounting system, or sales platform, set up templates and automated workflows, then watch the invoices create themselves — no typing or copy-pasting required.
To speed up payment timelines, you want to make it as easy as possible for customers to pay. AR automation software often includes or integrates with payment collection tools, enabling you to offer flexible online payment methods.
With an easier and more convenient payment process, you’ll create a better customer experience and potentially shorten the time invoices sit unpaid.
AR automation software also simplifies ledger updates, enabling real-time reconciliation and reporting. When payments arrive, the software can intelligently pair them with the right invoices, keeping your books up to date automatically. With this capability, you can save time, increase accuracy, and make audit prep easier.
Most systems can send you early warning flags for overdue invoices as well, enabling you to set up appropriate and timely dunning workflows to collect those overdue payments.
Some AR automation platforms go even further, providing credit risk scoring for prospective customers, so you can minimize risk before the first invoice.
Any AR automation platform must integrate cleanly into your existing tech stack. If you’re using QuickBooks or NetSuite, for example, make sure that the software you’re considering can pull the right data from those systems and send the right data back to them.
This is all about simplicity and accuracy. When your systems can talk to each other, you don’t have to manually enter data into the second system, eliminating the chance of introducing errors during data entry. Centralized reporting is also a plus, since your reporting tools will have access to all the relevant data.
There are a few misconceptions about AR automation software that make some businesses hesitant to adopt it. But fortunately, these potential pitfalls are easy to overcome with the right tools, strategies, and AR automation best practices.
Implementing major software systems can be intense, and experienced business leaders probably have nightmarish flashbacks to a software rollout gone wrong. They don’t want to repeat it!
This isn’t a likely outcome for this situation, though, as most AR automation platforms integrate smoothly with the rest of your tech stack and offer fast, low-lift onboarding.
Take Stable, for example. While our platform isn’t a full-spectrum AR automation solution, we can support many elements (like remote check deposits). And our platform is incredibly simple to implement, with painless onboarding and guidance all along the way.
One common objection to automation is loss of control. Veteran AR team members may bring up alarming stories of exceptions they caught that saved the company thousands of dollars. If they lose control of the process, won’t they miss issues like these?
The truth is, automation in AR doesn’t take away control. It actually enhances control, giving AR teams customizable workflows and complete transparency while all but eliminating manual errors.
Pricing is another common objection, especially for smaller teams with lower budgets. You can appeal to the price-conscious stakeholder by framing the conversation around value and return on investment (ROI).
Automation can reduce days sales outstanding (DSO), lower non-payment rates and write-offs, and free up resource hours. So most organizations actually realize a high degree of savings here, not to mention the boost to team efficiency and morale.
Every AR automation platform has its own focus and target market, which leads to differing strengths and relative product fit. Consider these four priorities as you evaluate competing platforms.
First, consider how well a platform will be able to adapt as your business grows. Some solutions support large enterprise businesses and would be overwhelming (if not overwhelmingly expensive) for a mid-sized business.
But on the other hand, the larger you scale, the more your AR volume grows. You don’t want to outgrow the software you’re choosing today, so make sure to pick a solution that works well today and the next several years.
Second, consider who will be using the platform day to day. They probably aren’t highly technical — they’re finance people. So prioritize solutions that are easy for non-technical finance teams to use and require minimal manual configuration.
Consider what kind of support resources the software provider offers as well. The last thing you want is to spend hours poring over technical manuals, trying to figure out why your workflows aren’t actually working, while customer support has seemingly dropped off the map.
Look for solutions that enable your team to collaborate well together. Shared dashboards, tagging, and approval chains should be standard. Remember: Part of why you’re investing here is to increase transparency and visibility. Democratizing access is a great way to do so.
The best AR automation platforms enable real-time insights through superior data analytics and reporting capabilities. So prioritize solutions that provide real-time dashboards and can generate and export reports automatically for a quick, painless month-end close.
AR automation helps businesses reduce DSO, gain a better understanding of their cash flow, and much more. But if you receive paper checks in the mail, you’ll need an additional solution to fully streamline invoice reconciliation: a virtual mailbox with remote check deposit capabilities.
Stable is a virtual mail management provider that removes the physical and operational friction from check deposits and reconciliation — and here’s how:
We digitize every piece of mail you receive, giving you immediate access to your physical mail in your online dashboard. And as soon as a check arrives, our system notifies you immediately so you can take action, or auto-deposits your checks if you so choose.
This is especially valuable for hybrid and remote businesses that don’t have or regularly visit a physical office. With Stable, you can reduce waiting periods, deposit money sooner, and initiate reconciliation faster — no matter where you work from.
The last thing your business needs is more information siloing. Automation is all about breaking down silos, not creating new ones.
With a unified Stable dashboard, finance teams can view checks, initiate deposits, and track transactions all in one place. It’s a strategic way to improve both day-to-day operations and end-of-month close processes.
Our one-click or automated check depositing services help you turn paper checks into working capital faster (and without a trip to the local bank branch). Stable uses bank-grade encryption to keep your digitized checks — and the rest of your mail — safe and secure.
We’re HIPAA compliant and SOC 2 certified, and our secure processing centers ensure that your confidential information remains safe. Plus, processing checks through your virtual mailbox can significantly reduce risks by decreasing the number of human touchpoints.
When you deposit checks remotely through Stable, we automatically extract specific data fields (payer, payee, check amount, memo line) and sync that information with your reconciliation workflows.
You’re also able to build powerful workflows on top of your accounting tool stack with Stable’s API and webhooks, enabling you to extend automation deeper. Our solution offers unique value to finance teams looking for ways to accelerate reconciliation without sacrificing accuracy.
Accounts receivable automation can deliver real business value, bringing in more of your outstanding revenue faster and with less manual effort. But to get the most out of your AR automation efforts, consider switching to a virtual mailbox from Stable.
Your Stable mailbox acts as a centralized digital hub for all your incoming documents — including check payments. By keeping everything unified in a well-integrated and automation-friendly mail platform, you can get more value out of AR automation and further streamline your accounting workflows.
Ready to streamline your AR processes for better financial health? Get started with Stable now!
Accounts receivable (AR) is the lifeblood of any business that offers goods or services on credit. Sending invoices, tracking customer payments, following up with those who haven’t paid, and reconciling payments in your accounting system are all key to financial health and profitability.
But AR can be challenging and resource-intensive. The collections process is especially frustrating, and missteps here can damage customer relationships.
Accounts receivable automation is a powerful solution to the drudgery of repetitive and error-prone AR tasks. With AR automation, your AR team can collect more quickly on customer accounts — without hurting customer satisfaction — and reclaim time and resources for more value-adding work.
Businesses that send invoices to clients and customers have to track those invoices and the accompanying payments, keeping tabs on which entities owe how much money. Accounts receivable (AR) is the discipline of doing this work, tracking how much money customers owe for products and services you’ve already delivered.
But what exactly does it mean to automate accounts receivable?
AR automation uses software to simplify how businesses manage invoices and payments, helping them reduce manual work and get paid faster. For example, automated systems can:
While you can manually complete every AR task, there are many good reasons to consider automating where you can.
For one, manual processes just aren’t very efficient. Tasks accumulate in inboxes and on desktops (physical and digital), waiting for the human responsible to take action. Often, the accounts receivable process lacks visibility as well. Until the right person completes the right tasks, you can’t fully see and understand the full financial picture.
Manual AR also leads to high rates of human error. In fact, nearly 60% of accountants make several financial errors a month (and 18% make mistakes every single day).
Automation, on the other hand, increases efficiency, visibility, and accuracy, making a potentially huge time and money-saver for your business.
CFOs, finance departments, and AR teams are the most obvious winners, but AR automation can deliver value in other areas too. Data gleaned from AR automation platform analytics can inform sales and buying cycles, budget projections, and even marketing direction.
Businesses that do high-volume invoicing typically see the most benefit, particularly those in B2B SaaS, professional services, and manufacturing.
AR automation isn’t just a novelty or a convenience anymore. It’s quickly becoming essential for businesses that want to keep a competitive edge. Here are three reasons why.
AR process costs can vary to a pretty surprising degree. One study found that the AR costs per $1,000 in revenue ranged from $0.18 to $0.58, on average, for large, high-performing companies. But for smaller, lower-performing companies, these numbers reach $0.28 to $2.77.
While the difference between $0.18 and $2.77 may not seem like much, consider how this scales. The lowest performers are spending 15 times as much on AR as the highest-caliber businesses. So for every $1 million in revenue, one company is spending $180 on AR processes. The other? $2,770.
At first glance, an increase in AR seems like a good thing — it means you’re doing more business. But one of the biggest variables in AR is how long it actually takes for payments to hit your account.
If your processes don’t scale to match the increased workload, payments for those sales can get stuck in limbo, and delinquencies might start piling up. Eventually, you’ll start to feel the squeeze on cash flow.
AR automation can speed up the AR-to-revenue timeline thanks to automated invoices and payment reminders. Pulling in more of that outstanding cash sooner reaps all sorts of benefits, helping your business better forecast revenue and easing cash flow pressure. Hiring and strategic investments also benefit from having clear financial projections and more cash on hand.
Today’s CFOs need more data and insights so they can report effectively to shareholders and plan well for the future. As a result, CFOs are increasingly pushing for real-time visibility into all facets of the organization’s finances, including AR.
Some tools and platforms that automate AR functions can deliver reports and insights in real time, empowering CFOs, AR teams, and other finance professionals with the data they need to drive better decision-making.
You’ll find numerous platforms and SaaS tools that can automate part or all of your AR processes. Exact functionality will vary, but you’ll find these powerful key features in every high-quality accounts receivable software solution.
AR automation starts at the invoice creation stage, and any quality tool will be able to automatically generate invoices for sales and/or services rendered. It should also send automated reminders about late payments or trigger email follow-up sequences for those with outstanding invoices.
You’ll simply integrate the software with your POS, accounting system, or sales platform, set up templates and automated workflows, then watch the invoices create themselves — no typing or copy-pasting required.
To speed up payment timelines, you want to make it as easy as possible for customers to pay. AR automation software often includes or integrates with payment collection tools, enabling you to offer flexible online payment methods.
With an easier and more convenient payment process, you’ll create a better customer experience and potentially shorten the time invoices sit unpaid.
AR automation software also simplifies ledger updates, enabling real-time reconciliation and reporting. When payments arrive, the software can intelligently pair them with the right invoices, keeping your books up to date automatically. With this capability, you can save time, increase accuracy, and make audit prep easier.
Most systems can send you early warning flags for overdue invoices as well, enabling you to set up appropriate and timely dunning workflows to collect those overdue payments.
Some AR automation platforms go even further, providing credit risk scoring for prospective customers, so you can minimize risk before the first invoice.
Any AR automation platform must integrate cleanly into your existing tech stack. If you’re using QuickBooks or NetSuite, for example, make sure that the software you’re considering can pull the right data from those systems and send the right data back to them.
This is all about simplicity and accuracy. When your systems can talk to each other, you don’t have to manually enter data into the second system, eliminating the chance of introducing errors during data entry. Centralized reporting is also a plus, since your reporting tools will have access to all the relevant data.
There are a few misconceptions about AR automation software that make some businesses hesitant to adopt it. But fortunately, these potential pitfalls are easy to overcome with the right tools, strategies, and AR automation best practices.
Implementing major software systems can be intense, and experienced business leaders probably have nightmarish flashbacks to a software rollout gone wrong. They don’t want to repeat it!
This isn’t a likely outcome for this situation, though, as most AR automation platforms integrate smoothly with the rest of your tech stack and offer fast, low-lift onboarding.
Take Stable, for example. While our platform isn’t a full-spectrum AR automation solution, we can support many elements (like remote check deposits). And our platform is incredibly simple to implement, with painless onboarding and guidance all along the way.
One common objection to automation is loss of control. Veteran AR team members may bring up alarming stories of exceptions they caught that saved the company thousands of dollars. If they lose control of the process, won’t they miss issues like these?
The truth is, automation in AR doesn’t take away control. It actually enhances control, giving AR teams customizable workflows and complete transparency while all but eliminating manual errors.
Pricing is another common objection, especially for smaller teams with lower budgets. You can appeal to the price-conscious stakeholder by framing the conversation around value and return on investment (ROI).
Automation can reduce days sales outstanding (DSO), lower non-payment rates and write-offs, and free up resource hours. So most organizations actually realize a high degree of savings here, not to mention the boost to team efficiency and morale.
Every AR automation platform has its own focus and target market, which leads to differing strengths and relative product fit. Consider these four priorities as you evaluate competing platforms.
First, consider how well a platform will be able to adapt as your business grows. Some solutions support large enterprise businesses and would be overwhelming (if not overwhelmingly expensive) for a mid-sized business.
But on the other hand, the larger you scale, the more your AR volume grows. You don’t want to outgrow the software you’re choosing today, so make sure to pick a solution that works well today and the next several years.
Second, consider who will be using the platform day to day. They probably aren’t highly technical — they’re finance people. So prioritize solutions that are easy for non-technical finance teams to use and require minimal manual configuration.
Consider what kind of support resources the software provider offers as well. The last thing you want is to spend hours poring over technical manuals, trying to figure out why your workflows aren’t actually working, while customer support has seemingly dropped off the map.
Look for solutions that enable your team to collaborate well together. Shared dashboards, tagging, and approval chains should be standard. Remember: Part of why you’re investing here is to increase transparency and visibility. Democratizing access is a great way to do so.
The best AR automation platforms enable real-time insights through superior data analytics and reporting capabilities. So prioritize solutions that provide real-time dashboards and can generate and export reports automatically for a quick, painless month-end close.
AR automation helps businesses reduce DSO, gain a better understanding of their cash flow, and much more. But if you receive paper checks in the mail, you’ll need an additional solution to fully streamline invoice reconciliation: a virtual mailbox with remote check deposit capabilities.
Stable is a virtual mail management provider that removes the physical and operational friction from check deposits and reconciliation — and here’s how:
We digitize every piece of mail you receive, giving you immediate access to your physical mail in your online dashboard. And as soon as a check arrives, our system notifies you immediately so you can take action, or auto-deposits your checks if you so choose.
This is especially valuable for hybrid and remote businesses that don’t have or regularly visit a physical office. With Stable, you can reduce waiting periods, deposit money sooner, and initiate reconciliation faster — no matter where you work from.
The last thing your business needs is more information siloing. Automation is all about breaking down silos, not creating new ones.
With a unified Stable dashboard, finance teams can view checks, initiate deposits, and track transactions all in one place. It’s a strategic way to improve both day-to-day operations and end-of-month close processes.
Our one-click or automated check depositing services help you turn paper checks into working capital faster (and without a trip to the local bank branch). Stable uses bank-grade encryption to keep your digitized checks — and the rest of your mail — safe and secure.
We’re HIPAA compliant and SOC 2 certified, and our secure processing centers ensure that your confidential information remains safe. Plus, processing checks through your virtual mailbox can significantly reduce risks by decreasing the number of human touchpoints.
When you deposit checks remotely through Stable, we automatically extract specific data fields (payer, payee, check amount, memo line) and sync that information with your reconciliation workflows.
You’re also able to build powerful workflows on top of your accounting tool stack with Stable’s API and webhooks, enabling you to extend automation deeper. Our solution offers unique value to finance teams looking for ways to accelerate reconciliation without sacrificing accuracy.
Accounts receivable automation can deliver real business value, bringing in more of your outstanding revenue faster and with less manual effort. But to get the most out of your AR automation efforts, consider switching to a virtual mailbox from Stable.
Your Stable mailbox acts as a centralized digital hub for all your incoming documents — including check payments. By keeping everything unified in a well-integrated and automation-friendly mail platform, you can get more value out of AR automation and further streamline your accounting workflows.
Ready to streamline your AR processes for better financial health? Get started with Stable now!
Accounts receivable (AR) is the lifeblood of any business that offers goods or services on credit. Sending invoices, tracking customer payments, following up with those who haven’t paid, and reconciling payments in your accounting system are all key to financial health and profitability.
But AR can be challenging and resource-intensive. The collections process is especially frustrating, and missteps here can damage customer relationships.
Accounts receivable automation is a powerful solution to the drudgery of repetitive and error-prone AR tasks. With AR automation, your AR team can collect more quickly on customer accounts — without hurting customer satisfaction — and reclaim time and resources for more value-adding work.
Businesses that send invoices to clients and customers have to track those invoices and the accompanying payments, keeping tabs on which entities owe how much money. Accounts receivable (AR) is the discipline of doing this work, tracking how much money customers owe for products and services you’ve already delivered.
But what exactly does it mean to automate accounts receivable?
AR automation uses software to simplify how businesses manage invoices and payments, helping them reduce manual work and get paid faster. For example, automated systems can:
While you can manually complete every AR task, there are many good reasons to consider automating where you can.
For one, manual processes just aren’t very efficient. Tasks accumulate in inboxes and on desktops (physical and digital), waiting for the human responsible to take action. Often, the accounts receivable process lacks visibility as well. Until the right person completes the right tasks, you can’t fully see and understand the full financial picture.
Manual AR also leads to high rates of human error. In fact, nearly 60% of accountants make several financial errors a month (and 18% make mistakes every single day).
Automation, on the other hand, increases efficiency, visibility, and accuracy, making a potentially huge time and money-saver for your business.
CFOs, finance departments, and AR teams are the most obvious winners, but AR automation can deliver value in other areas too. Data gleaned from AR automation platform analytics can inform sales and buying cycles, budget projections, and even marketing direction.
Businesses that do high-volume invoicing typically see the most benefit, particularly those in B2B SaaS, professional services, and manufacturing.
AR automation isn’t just a novelty or a convenience anymore. It’s quickly becoming essential for businesses that want to keep a competitive edge. Here are three reasons why.
AR process costs can vary to a pretty surprising degree. One study found that the AR costs per $1,000 in revenue ranged from $0.18 to $0.58, on average, for large, high-performing companies. But for smaller, lower-performing companies, these numbers reach $0.28 to $2.77.
While the difference between $0.18 and $2.77 may not seem like much, consider how this scales. The lowest performers are spending 15 times as much on AR as the highest-caliber businesses. So for every $1 million in revenue, one company is spending $180 on AR processes. The other? $2,770.
At first glance, an increase in AR seems like a good thing — it means you’re doing more business. But one of the biggest variables in AR is how long it actually takes for payments to hit your account.
If your processes don’t scale to match the increased workload, payments for those sales can get stuck in limbo, and delinquencies might start piling up. Eventually, you’ll start to feel the squeeze on cash flow.
AR automation can speed up the AR-to-revenue timeline thanks to automated invoices and payment reminders. Pulling in more of that outstanding cash sooner reaps all sorts of benefits, helping your business better forecast revenue and easing cash flow pressure. Hiring and strategic investments also benefit from having clear financial projections and more cash on hand.
Today’s CFOs need more data and insights so they can report effectively to shareholders and plan well for the future. As a result, CFOs are increasingly pushing for real-time visibility into all facets of the organization’s finances, including AR.
Some tools and platforms that automate AR functions can deliver reports and insights in real time, empowering CFOs, AR teams, and other finance professionals with the data they need to drive better decision-making.
You’ll find numerous platforms and SaaS tools that can automate part or all of your AR processes. Exact functionality will vary, but you’ll find these powerful key features in every high-quality accounts receivable software solution.
AR automation starts at the invoice creation stage, and any quality tool will be able to automatically generate invoices for sales and/or services rendered. It should also send automated reminders about late payments or trigger email follow-up sequences for those with outstanding invoices.
You’ll simply integrate the software with your POS, accounting system, or sales platform, set up templates and automated workflows, then watch the invoices create themselves — no typing or copy-pasting required.
To speed up payment timelines, you want to make it as easy as possible for customers to pay. AR automation software often includes or integrates with payment collection tools, enabling you to offer flexible online payment methods.
With an easier and more convenient payment process, you’ll create a better customer experience and potentially shorten the time invoices sit unpaid.
AR automation software also simplifies ledger updates, enabling real-time reconciliation and reporting. When payments arrive, the software can intelligently pair them with the right invoices, keeping your books up to date automatically. With this capability, you can save time, increase accuracy, and make audit prep easier.
Most systems can send you early warning flags for overdue invoices as well, enabling you to set up appropriate and timely dunning workflows to collect those overdue payments.
Some AR automation platforms go even further, providing credit risk scoring for prospective customers, so you can minimize risk before the first invoice.
Any AR automation platform must integrate cleanly into your existing tech stack. If you’re using QuickBooks or NetSuite, for example, make sure that the software you’re considering can pull the right data from those systems and send the right data back to them.
This is all about simplicity and accuracy. When your systems can talk to each other, you don’t have to manually enter data into the second system, eliminating the chance of introducing errors during data entry. Centralized reporting is also a plus, since your reporting tools will have access to all the relevant data.
There are a few misconceptions about AR automation software that make some businesses hesitant to adopt it. But fortunately, these potential pitfalls are easy to overcome with the right tools, strategies, and AR automation best practices.
Implementing major software systems can be intense, and experienced business leaders probably have nightmarish flashbacks to a software rollout gone wrong. They don’t want to repeat it!
This isn’t a likely outcome for this situation, though, as most AR automation platforms integrate smoothly with the rest of your tech stack and offer fast, low-lift onboarding.
Take Stable, for example. While our platform isn’t a full-spectrum AR automation solution, we can support many elements (like remote check deposits). And our platform is incredibly simple to implement, with painless onboarding and guidance all along the way.
One common objection to automation is loss of control. Veteran AR team members may bring up alarming stories of exceptions they caught that saved the company thousands of dollars. If they lose control of the process, won’t they miss issues like these?
The truth is, automation in AR doesn’t take away control. It actually enhances control, giving AR teams customizable workflows and complete transparency while all but eliminating manual errors.
Pricing is another common objection, especially for smaller teams with lower budgets. You can appeal to the price-conscious stakeholder by framing the conversation around value and return on investment (ROI).
Automation can reduce days sales outstanding (DSO), lower non-payment rates and write-offs, and free up resource hours. So most organizations actually realize a high degree of savings here, not to mention the boost to team efficiency and morale.
Every AR automation platform has its own focus and target market, which leads to differing strengths and relative product fit. Consider these four priorities as you evaluate competing platforms.
First, consider how well a platform will be able to adapt as your business grows. Some solutions support large enterprise businesses and would be overwhelming (if not overwhelmingly expensive) for a mid-sized business.
But on the other hand, the larger you scale, the more your AR volume grows. You don’t want to outgrow the software you’re choosing today, so make sure to pick a solution that works well today and the next several years.
Second, consider who will be using the platform day to day. They probably aren’t highly technical — they’re finance people. So prioritize solutions that are easy for non-technical finance teams to use and require minimal manual configuration.
Consider what kind of support resources the software provider offers as well. The last thing you want is to spend hours poring over technical manuals, trying to figure out why your workflows aren’t actually working, while customer support has seemingly dropped off the map.
Look for solutions that enable your team to collaborate well together. Shared dashboards, tagging, and approval chains should be standard. Remember: Part of why you’re investing here is to increase transparency and visibility. Democratizing access is a great way to do so.
The best AR automation platforms enable real-time insights through superior data analytics and reporting capabilities. So prioritize solutions that provide real-time dashboards and can generate and export reports automatically for a quick, painless month-end close.
AR automation helps businesses reduce DSO, gain a better understanding of their cash flow, and much more. But if you receive paper checks in the mail, you’ll need an additional solution to fully streamline invoice reconciliation: a virtual mailbox with remote check deposit capabilities.
Stable is a virtual mail management provider that removes the physical and operational friction from check deposits and reconciliation — and here’s how:
We digitize every piece of mail you receive, giving you immediate access to your physical mail in your online dashboard. And as soon as a check arrives, our system notifies you immediately so you can take action, or auto-deposits your checks if you so choose.
This is especially valuable for hybrid and remote businesses that don’t have or regularly visit a physical office. With Stable, you can reduce waiting periods, deposit money sooner, and initiate reconciliation faster — no matter where you work from.
The last thing your business needs is more information siloing. Automation is all about breaking down silos, not creating new ones.
With a unified Stable dashboard, finance teams can view checks, initiate deposits, and track transactions all in one place. It’s a strategic way to improve both day-to-day operations and end-of-month close processes.
Our one-click or automated check depositing services help you turn paper checks into working capital faster (and without a trip to the local bank branch). Stable uses bank-grade encryption to keep your digitized checks — and the rest of your mail — safe and secure.
We’re HIPAA compliant and SOC 2 certified, and our secure processing centers ensure that your confidential information remains safe. Plus, processing checks through your virtual mailbox can significantly reduce risks by decreasing the number of human touchpoints.
When you deposit checks remotely through Stable, we automatically extract specific data fields (payer, payee, check amount, memo line) and sync that information with your reconciliation workflows.
You’re also able to build powerful workflows on top of your accounting tool stack with Stable’s API and webhooks, enabling you to extend automation deeper. Our solution offers unique value to finance teams looking for ways to accelerate reconciliation without sacrificing accuracy.
Accounts receivable automation can deliver real business value, bringing in more of your outstanding revenue faster and with less manual effort. But to get the most out of your AR automation efforts, consider switching to a virtual mailbox from Stable.
Your Stable mailbox acts as a centralized digital hub for all your incoming documents — including check payments. By keeping everything unified in a well-integrated and automation-friendly mail platform, you can get more value out of AR automation and further streamline your accounting workflows.
Ready to streamline your AR processes for better financial health? Get started with Stable now!
