Account Receivable (AR) Automation
Is your organization one of many that have an enormous volume of documents moving through customer service, accounts payable (AP), accounts receivable (AR), and quality at any given moment? If so, when an issue arises, it likely takes numerous days to find the document that has the correct answer. Naviant is an expert in helping organizations with AR problems such as these, so that staff can spend time on valuable activities, like reporting and analysis, and not document retrieval.
Finding and routing paper documents takes too much time. Even more challenging is trying to see what documents have come in, what is waiting to come in, and what is running behind schedule. Without this vital information, organizations cannot make smart financial decisions. With the implementation of an ECM solution like OnBase, you can see exactly what is coming in and going out in real-time; as a result, OnBase makes cash flow management more exact and you no longer need to make best guesses based on historical data.
The accounts receivable automation software can import or scan receivables documents directly into OnBase’s database. This allows staff to quickly find documents saving them time that can now be spent on more valuable tasks like analysis, reporting, and auditing.
Benefits of an Automated Accounts Receivable System
No Additional Staff is Needed to Increase Capacity
Not only does AR need more transparency into processes, but it also needs to be able to handle the sheer volume of transactions running through it. The documents surrounding a transaction can make this process difficult because they are often separate from the data. Even if a great ERP or accounting system is helping with accounts receivable management, it cannot handle data and documents together. By integrating your ERP with OnBase, you can unite your data and documents. AR staff can stay in their familiar ERP applications and simply use a mouse-click or keystroke to find the documents related to that specific transaction or account housed in OnBase.
AR Department Audits Take Just Minutes
Finding a set of documents for an auditor can take organizations days, if not weeks. OnBase shortens this time so that pulling up the needed documents just takes a matter of minutes. Even better, you or your IT department can set up a quick username for them, with restricted access just to the appropriate documents, and let auditors find the documents themselves.
Quicker and Safer Accounts Receivable Paperless Invoice Processing Workflow
Accounts receivable workflow management automates your accounts receivable business processes allowing you to deliver invoices quicker and collect cash faster. AR Workflow automates the delivery and archiving of both paper and e-invoices, and allows businesses to track customer invoices in real-time. Just as importantly, the documents and information managed by the automated workflow processes are safer and more secure than before. Your department can truly be paperless; no more folders on desks, misplaced or misrouted files, or mysteriously lost data. Only the right people at the right time have access. And best of all, a paperless AR Workflow solution integrates with your existing ERP/business applications.
Minimize Contract Management Risk
Securely manage contracts lifecycle with AR automation. Capture and store all documents and supporting data into a single location that gives your legal team a clear scope of the entire contract. View the history of the contract as it automatically routes through your organization for review, approval, and executive with all the necessary supporting content.
Automated Sales Order and Payment Processing
An automated accounts receivable process can speed sales order processing by capturing all incoming order documents electronically and extracting order information. All documents and data are stored in one centralized location and integrate with your ERP to be routed to the appropriate staff for approval or exception handling. With an accounts receivable automation software, you create efficiency with order processing, improve your ability to serve customers with ease and accurate data, as well as, reducing days sales outstanding.
Resolving customer disputes quickly and accurately is crucial. An automated accounts receivable system that links all orders, invoices, incoming payment and related documents to customer accounts improves access to your customers’ information. Also with the integration of your ERP system, all the information you need to resolve a dispute is easily accessible and allows you to provide exceptional customer service.