Everyone can agree that managing a single invoice from quote-to-cash shouldn’t take 11 hours, nor should 15 different people be involved to complete the process. But our Progressing Payments Report found that this is what goes into manual invoice processing. Many businesses are still relying on manual processes and outdated legacy systems to manage their AR process. Yet, what’s the cost to employee morale?
An efficient AR process is essential for any company that depends on invoices for payment. Your AR process directly impacts cash flow, employee productivity, customer experience and your ability to plan for the future. And inefficient, manual processes can bring your business to a halt.
But, manual invoicing processes take a toll on employees, who are forced to waste their time and energy on practices that could be replaced by digital solutions. AR delays can lead to additional employee dissatisfaction by slowing raises and straining resources. This impacts employee morale and encourages individuals to seek other opportunities that better use their skills and time.
Strengthening your business’s cash flow with more automated, digital AR software can improve your company’s financial management and improve your ability to retain top talent.
Stop Wasting Employee Potential on Manual Invoice Processes
According to our report, 27% of businesses say they face challenges retaining top employees because of their poor accounts receivable processing. Even employees not directly involved in the AR process are impacted by the negative effects the processes have on operations.
Take, for instance, BlueSnap customer Valvoline. Before implementing AR automation, their accounts receivable team was always behind, trying to collect late payments. With BlueSnap’s AR automation solutions, they were able to reduce their Days Sales Outstanding by 87% and to free their team up to do more value-added work.
Improve Employee Productivity & Morale with Automation Software
Human resources teams understand the costs and resources needed to hire and ramp new employees. In an attempt to avoid them, many companies are planning to invest more in AR automation software, believing it will help improve productivity (32%) and increase employee morale (18%).
While businesses may have been hesitant to incorporate more automation in the past, the positive impacts of improving cash flow, increasing productivity, reducing human error and positively impacting employee retention make looking at AR automation solutions a priority today.
Investing in AR automation is an investment in what your employees desperately need to function properly and remain productive. If businesses continue to resist changing with the times, there will be clear impacts on their staff. Then, in addition to cash flow and inefficiencies, companies will also have to deal with the painful, yet avoidable issue of recruitment. All of this presents a legitimate threat to the health of any organization, but fortunately, a little AR automation can go a long way to keep businesses running smoothly.
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