ERP systems are extensively used in small as well as large -scale industries to make key business operations more automated and efficient for productivity and revenue growth. Automation is adopted on a large scale in the products industry as compared to the services industry, since it helps to reduce turnaround time, wastage and makes critical processes such as purchase, inventory, supply, customer service and aftersales transparent.
Below are some advantages of Accounts Receivable Automations:
Automation for accounts receivable is exceptionally beneficial for reducing costs. Generating electronic invoice is cost effective than its paper counterpart. The space needed for storing these electronic documents is virtual in nature with more security measures compared to paper based.
For an accounting manager, it is very difficult to get department wise information to measure productivity if done manually. Automation of accounts receivable identifies, tracks and measures productivity of departments as well as users in a matter of minutes and with the central depository feature, you can compare the performance of any given month or year to plan the course ahead.
In case of any changes being made in invoices or payment processes in accounts receivable, other dependent calculations are easily rectified and the system keeps a log of all the changes made detailing the nature and mapping the user for any future reference.
Most important benefit of accounts receivable automation is improvements in customer service. Many customers today require e-invoicing solution to get the invoice before the due date. Storing such documents is easy in an ERP software and helps in establishing better communication between customers and the company.
Automation in accounts receivables makes the process of calculations hassle-free and less time-consuming eliminating any manual errors and extra time taken to calculate or recalculate with fewer resources.