Are your accounts receivable workflow processes slowing down your turnover time? Are you looking for a way to improve your processes and reduce days sales outstanding (DSO)? Look no further than Vanguard Systems’ enterprise accounts receivable automation software.
Vanguard Systems’ AR automation solution is a platform-agnostic system that can help your business cut the time from invoice to payment substantially. The system effectively helps you manage your accounts by automating repetitive tasks and allowing your team to focus on revenue-building work like collections and customer relationship maintenance.
What Is an Accounts Receivable Automation System?
An accounts receivable automated system is a software program that tracks and assists with AR functions. Accounts receivable invoice automation begins with an invoice. Each of these AR invoices is or uploaded to the system, where the workflow captures it and turns it into a workflow task.
At this point, the tracking process begins. When the invoice is paid in full, the system will mark the task as closed. If it is still open, regular notifications will be sent both to the customer and to AR clerks when it’s time to make contact or when a bill is officially late.
Depending on the age of the invoice, the accounts receivable software will start carrying out certain tasks until payment is received. If the invoice is 31 days old, for example, the system will automatically email the customer with their first late notice, requesting payment status or contact with your business.
On day 36, the task is routed to an AR clerk, who can start making follow-up calls to get a status on the payment. On day 45, the second late notice is emailed to the customer. After 60 days, the task officially escalates to calls, credit holds and collections, depending on how your business handles delinquent payments.
Any replies to emails are automatically directed to a group mailbox for AR problems and users can drag and drop the email into the system workflow for tracking purposes.
These invoice-based tasks are also useful for handling problems that arise in the production process. For example, your business can flag an invoice if the customer receives damaged goods, immediately routing the invoice to internal personnel for dispute resolution, ensuring payment is collected as soon as possible. The system also logs any payments or orders associated with the invoice for auditing and customer service purposes, so it takes less time to access information associated with an invoice.
Why Use Vanguard’s Accounts Receivable Management System?
The Vanguard System manages your AR invoices from creation to payment. It manages alerts, notices and documentation. This is made even easier by Vanguard’s platform-agnostic setup, which means the software will work on any system and integrate with any software platform your company uses. No matter your primary software, our accounts receivable automated system will help you get paid for your goods and services faster while cutting back on labor costs.
A few of the key functions of the Vanguard AR processing software include:
- Email Invoices: While paper invoices tend to arrive within three to five days, emailed invoices arrive the same day as sent, cutting back your turnover time by three to five days and opening communication with your customer.
- Visibility: The AR system is organized intuitively, improving visibility and control. It also allows AR clerks to categorize invoices by age or by client.
- Snapshots: Each invoice task includes all the information needed for AR and customer service. Each view contains supporting information including invoice details, customer information, the invoice, BOL, shipping documents, payment options, comments and task age. All of this is available in a single view for convenience.
- Communication: On top of email invoices, clerks can email support documents straight from the workflow and upload communications from customers into the workflow. This helps improve customer relationships and communication while also serving to expedite payment.
- Reporting: Easily and quickly set filters for ad-hoc reporting and export your report to an MS Excel Spreadsheet.
With Vanguard’s accounts receivable system automation software, your business can successfully accelerate your cash flow, reduce your average days sales outstanding (DSO), reduce labor costs, streamline your invoice management systems and improve your customer relationships overall.
Companies of all types and sizes have experienced these benefits, including engineering, manufacturing, telecommunications, healthcare and retail businesses both large and small. No matter your organization’s size or industry, Vanguard’s accounts receivable management system can help your business thrive as well.
Demo Vanguard Systems Software Today
Interested in learning more about Vanguard Systems and our accounts receivable automation software? See it for yourself with a free, no-obligation demonstration. We want you to see it in action so you can understand how your business can benefit from this incredible software system. Schedule your demonstration today or learn more about Vanguard AR automation solutions by calling 800-445-1418 or contacting us online now.
See How Vanguard Systems Software Works Today
The best way to see how Vanguard Systems software works to protect and maximize the efficiency of your business is to see it in action for yourself. We want every business to be able to benefit from our services, so we’re happy to offer a free, no-risk, no-obligation demonstration of what we can do. To schedule your demo or discuss ID Protect or any of our other software applications, call 800-445-1418 or contact us online now.