Salespeople tend to consider a sale complete when the customer places the order. The accounting department and senior managers generally take a longer view. For them, the sales process ends when the customer pays the bill. And, this can be a challenging. Reaching the final step in the order-to-cash cycle has typically required a fair amount of labor. There’s also the potential to damage client relationships if the process isn’t handled well. At the same time, the business suffers if it fails to collect on receivables—and continue to take orders from a customer with worsening credit. Luckily, advances in software, as exemplified by Acumatica’s Accounts Receivable, are making things easier for everyone involved.
AR software tracks money owed but not yet collected. It also generates invoices, sends statements, applies for payments, verifies balances, tracks commissions and delivers customer reports. It has traditionally been a mostly manual process. However, automating the process steps and the tracking of receivables enables companies to streamline operations and increase customer satisfaction. The cloud-based software, part of the Acumatica cloud ERP suite, is accessible anytime, anywhere, from any device. The AR module is fully integrated will all other Acumatica financial software.
Benefits of the Acumatica Accounts Receivable (AR) Module
Acumatica AR enables AR managers to reduce uncollectable debts through user reports and dashboards that assist in spotting potential problems. The reports allow AR managers to keep up with over-limit accounts, aging accounts and expiring credit cards. The software’s predictive entry and flexible screen layouts can reduce the time spent entering data and minimize errors. Users can make sales contracts the basis for the billing of recurring fees, one-time fees, setup and overages. The workflow and approval processes are fully customizable. AR supports multiple currencies and automatic translation to keep everyone thinking in one currency.
Boost Customer Satisfaction
Acumatica AR allows users to create HTML, PDF or Excel documents that can be printed or e-mailed to customers. The software retains full records of all customer invoices and statements for future reference and auditing. It also provides credit card processing for PCI-compliant credit card payments making payments simple for customers.
Improve Flexibility and AR Efficiency
Acumatica AR allows for recurring billing with customizable templates to manage a wide range of fees such as minimum charge amounts. Start and end dates, renewal terms, a billing schedule and line items can streamline the process of handling recurring billing and minimize the amount of manual entry required. The software also supports billable hours and customer support hours.
With deferred revenue recognition, Acumatica AR provides for the use of codes for individual line items at the point of invoice to support any revenue recognition requirements. The software will automatically recognize the current part of deferred revenue and generate the correct transactions. It further supports parent-child relationships, such as those that exist between headquarters and branch office accounts. Users can control credit at the parent account level, if that is required.
How Accounts Receivable Software Can Work For You
Getting AR right can take some focus and effort. We can help. Whether it’s implementation or development, when you work with ASC, you’re leveraging the collective experience of a team that brings 23 years of results and more than 350 implementation projects. To learn more about how Acumatica can help your sales process and AR management, contact us for a demo.
Additional Financial Management Resources
Why Financial Management Needs to Deliver Powerful Purchasing and AP
Financial Management Necessities for the Product-Based Business
Keeping Track of the Financials: What to Look for in General Ledger Software