Receivables Document Management

Accounting is a complex professional task that requires tracking many moving parts with dollar values attached. One forgotten invoice or uncashed check is all it takes to throw calculations off and prevent books from balancing.

This is why so many companies turn to accounts receivable document management. It makes it easier to track financial documents and automate parts of the accounting process.

What Is Document Management for Accounts Receivable?

Document management provides the perfect solution for properly storing and organizing all your accounts receivable documents. Companies today need software to streamline their accounts receivable process. This turns most documents into electronic copies that become far easier to sort.

The specific features of those software platforms vary based on the software you choose. Each software might also have packages associated with them. These are some common features to look for:

  • Automated invoicing
  • Drag-and-drop file organizing
  • Electronic search
  • Simplified signature capture
  • Third-party integration

What Is an Automated Accounts Receivable Process?

An automated accounts receivable process describes an AR process with few to no manual tasks. When AR is automated, specific factors trigger certain responses. For example, the software might automatically send invoices based on predetermined schedules for each client or customer. Similarly, it might send payment reminders when invoice payments are 48 hours late.

What Are Accounts Receivable Document Management Benefits?

Transitioning from a manual to an electronic process takes time. It also requires some capital investment and staff training. So, is it worth it? In virtually every instance, the answer is a resounding, “Yes.”

Here’s why:

  • Better compliance – When saved electronically, the likelihood of losing documents required for compliance reasons are slim.
  • Enhanced satisfaction – Finding electronic documents is as easy as using a search query, so your AR team can respond to client requests much faster.
  • Greater flexibility – If you always wanted to run your business from home or on the road, an electronic system can make it possible to access AR documents remotely.
  • Increased productivity – Automating individual tasks provides more time for your AR department to focus on value-adding accounting tasks.
  • Less frustration – Neither your clients nor your AR department needs to sort through piles of paperwork to find what they need.
  • More efficient use of space – With more empty file rooms, companies can make better use of the space for an office, breakroom, or other facilities.
  • Reduced errors – Automating tasks reduce the risks of errors commonly associated with tedious, manual tasks, such as data entry.

What Are Some Examples of Accounts Receivable Documents?

Knowing what documents to track and organize can make a huge difference. Even though software automates processes, managers first need to instruct the software on what to automate and when.

Some of those documents may include:

  • Compliance documentation
  • Import/export documentation
  • Invoices
  • Pick or pack slips
  • Proofs of delivery
  • Purchase orders

Using electronic tools to transform the AR process can help businesses get paid faster and easier. Find out how Gaviti can help.

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