Accounts Receivable (AR) tends to be a perpetual challenge. Some customers will invariably pay late, or never. AR managers can now benefit from advances in AR software, however. These applications may be part of Enterprise Resource Planning (ERP) suites like Acumatica, which handle many once-difficult accounting issues.
Acumatica offers AR as part of its overall financial management solution. Using the software, AR managers can configure a customized AR function that seamlessly lives and operates within the Financial Management module. This makes sense, given how AR invariably touches on other areas of financial and business operations. A question about an overdue invoice may beget a question about order fulfillment, shipping dates and the like. When AR is part of the broader financial management setup, such work goes better.
Workflow automation is thus part of the story. It drives better productivity for AR team members. The Acumatica AR software is designed to automatically execute tasks that were previously performed by multiple people. Now, AR can eliminate human error and numerous accounting mistakes. Instead of receiving and sorting through endless emails and notes, that are impossible to keep track of, Acumatica AR users can build, organize, track and make sense of every piece of financial data.
AR with Acumatica offers invoice flexibility, along with easy acceptance of payments in multiple currencies. It automatically sends statements and verifies balances. Without having to sort through paper and spreadsheets, users can rely on the software to collect and apply payments, track commissions due and deliver customer reports. Further functionality includes credit limit verification, tracking interest and overdue charges. The software maps AR to your general ledger, enabling easy tax reporting while managing audit trails.
The software also supports revenue recognition and manages customer credit while staying in-sync with compliance rules. It integrates relatively easily with internal and external systems. For example, it can connect to any bank’s processing center as well as with other Acumatica modules or third-party applications, such as sales order management systems.
Built to give you real time access to data, Acumatica’s Accounts Receivable functionality allows for custom reporting and AR data visualization. It is now possible to see which accounts are late, which are current, and which might be presenting as collection problems. Acumatica consolidates data management, so pulling information from multiple sources becomes a thing of the past.
Acumatica offers solutions for AR to make sure that your company is paid on time. The integrated and flexible software allows for better communication between AR and the customer with its online portal. It is important for customers to have clear, user-friendly and actionable options of how they pay, so you get paid on time.
We have worked with many companies on the implementation of Acumatica for AR. While every business has its own unique of handling AR, we’ve found that Acumatica’s adaptability and customization features enable us to tailor an AR solution that will fit the way your business runs.
To learn more, or to see a demo of Acumatica AR in action, contact us for what promises to be an informative conversation.
Additional Financial Management Resources