Automated Collection Software

Collecting client payment is never an easy process; it’s a tedious, time-consuming, full-time position that inhibits your financial team from other necessary AR processes. Investing in collections automation software can streamline your AR collections process, making it easier and quicker to collect outstanding debts.

What Is Automated Collections Software?

These tools basically automate your accounts receivable collections process by giving your team new features and functions that streamline common AR processes:

Alert your AR team of discrepancies
Match collections to outstanding invoices
Send invoice reminders
Track payments

Software is an important tool to add to your accounts receivable collections process. Rather than spending time manually handling each account, invoice, and overdue debt, the automation software will handle it for you.

Benefits of Automation in AR Collections

If you struggle with unpaid invoices and need an efficient cash collection system, you’re not alone. Many businesses find the process difficult and time-consuming, so unpaid payments continue to pile up. Automation software helps your AR team in several important ways:

Reduce invoice costs

With automation software, you’ll be eliminating the costly and time-consuming practice of manually sending invoices, outstanding debt reminders, and collection notices. With the right software tools, you’ll be able to unburden your AR team from manual collections processes so they can focus on other tasks.

Increase cash flow

You’ll notice an increase in cash flow with invoices and the collections process being handled through automation software. Invoices will be sent faster, which means you’ll get paid faster.

Improve efficiency

Since AR software reduces the amount of time your accounts receivable team spends on invoicing and the collections process, they’ll have more time to devote to other important tasks. Your team won’t have to spend time emailing clients, processing payments, or uploading documents to client accounts. Once implemented, you’ll notice your collections process is reduced from weeks to mere days.

Increase accuracy

By taking out the human element, you reduce the chances of human error. You’ll receive consistent, real-time data on client accounts without the worry of a calculating error.

Save on labor costs

By automating your collections process, you won’t require your AR team to spend countless hours working on nothing but collections and matching payments to invoices. This will save you money and time on labor costs that can be better spent elsewhere.

Identify patterns

With easy-to-follow data and a software dashboard, you’ll have a better opportunity to identify patterns in client payments, processing, and other AR functions. With the more data you collect on your process, you’ll have a better chance to optimize your accounts receivable and get paid faster.

A Leader in Collections Automation Software

Even if your AR team follows accounts receivable collections best practices, collecting outstanding debt remains a difficult process. There’s little time in the day to devote the necessary resources needed for debt collection emails or phone calls, filing legal paperwork, and keeping track of outstanding accounts.

Gaviti’s automation software will reduce the burden on your AR team and ensure your cash flow doesn’t stall from unpaid debt. Contact us today for a free demo!