On the Accounts Receivable side of the house, teams are continually bombarded with requests from customers. Responding to requests for documentation, researching account and payment statuses, sending dunning notices, and following up on outstanding balances consume time daily, increasing the burden on AR teams that are already stretched thin.
Time is spent manually gathering data for analysis, seeking approval or authorization, and communicating with internal and external stakeholders, taking time away from more meaningful and impactful activities.
For a firm employing 15 collectors who work 32.5 hours per week on following up with customers for payment, advanced automation could cut their workload in half, thereby saving more than 12,000 hours per year. To put it into perspective, that would be 1,584 days recovered each year.
Organizations that automate AR processes allow teams to streamline collections, speed up payments, prioritize team performance, and handle helpdesk inquiries.