The benefits of automating AR-management are numerous, these are the four main benefits that your business will experience by automating its AR-management:
By automating your AR-management, your business will typically be able to save 80% of manual labour time - thus significantly reducing the cost of AR-management.
Companies that deal with sales invoices often see AR- management as one of the most resource-intensive and administrative tasks. On average, it costs companies 10,50£ in administrative expenses to process one payment (AR). manage a single debt collection. Typically, 90% of these costs can be attributed to manual processes.
The following illustration shows the costs that are typically included in manual AR-management processes:
There is no doubt that automated AR-management is a top priority for many CFOs. The software company Visma has recently made a CFO analysis (2) that examines the most important decision criteria for CFOs when choosing software solutions.
The analysis shows that:
• Automation of manual processes is at the very top of the priority list
• Automation of invoicing and AR-processes, respectively, are among the highest priority areas that CFOs want to automate