Accounts receivable can present various challenges for businesses, especially when dealing with chargebacks and deductions, such as impacting cash flow and financial stability. Some common problems include reduced margins, wasted man-hours, manual processes, and inadequate reporting.
A solution to these challenges is the implementation of accounts receivable automation software. It can affect the entire claim-processing workflow. By using accounts receivable automation software, businesses can enhance efficiency, save manhours, and recover their hard-earned revenue efficiently.
Accounts receivable automation software like iNymbus offers numerous benefits. In this blog post, we will explore the top 5 benefits of using accounts receivable automation software, which can revolutionize your accounts receivable management process, boost productivity, and drive financial growth for your business.
Top 5 Accounts Receivable Automation Benefits:
Time Savings: The accounts receivable department handles deductions and chargebacks manually and often deals with hundreds or thousands of claims monthly. The process usually takes 15 minutes or more per claim, resulting in hours spent solely on attempting to recover losses. iNymbus harnesses the capabilities of Cloud robotics automation, which offers a cost-effective and efficient solution to the time-consuming manual process of handling deductions and chargebacks.
Reduced Human Error: Traditional processes involve manual handling, which leads to errors, delays, and inefficiencies. AR automation software leverages the power of cloud-based robotic process automation (RPA), it automates the handling of retailer and shipper claims, eliminating human errors.
Automated Document Retrieval: The AR department frequently deals with all types of claim documentation from various sources like portals, EDI, and emails. AR automation software can automatically retrieve all claim documentation, organize all claim documentation, and upload denied claim packets to vendor portals for dispute resolution.
Scalability: Scalability is the key feature of Cloud-based deduction management software. They offer scalability to suit businesses of all sizes and flexibility to adapt to specific requirements, promoting efficiency. Unlike traditional solutions, cloud-based software like iNymbus offers a high degree of scalability to businesses of all sizes.
Data Analytics: Accounts receivable automation software comes with advanced data analytics, providing vendors with comprehensive insights into chargeback trends, root causes, and recurring patterns. By analyzing extensive data sets, businesses can uncover valuable information that enables informed decision-making, the identification of areas for improvement, and the proactive resolution of issues before they escalate.
Conclusion:
Accounts receivable automation software offers a comprehensive solution to streamline and optimize the accounts receivable process. By leveraging cutting-edge technologies like cloud-based robotic process automation (RPA), businesses can automate the handling of retailer and shipper claims, reducing the time and effort required for manual processing. By implementing accounts receivable automation software like iNymbus, companies can enhance efficiency, recover hard-earned revenue effectively, drive financial growth, and tackle deductions from all the big players, be it Amazon Deductions or be it Walmart Shortages.
