Healthy cash flow is the lifeblood of any business, but managing your accounting and accounts receivable can be a time-consuming, resource-intensive process. By combining accounts receivable automation with outsourcing, organizations can optimize their accounting departments, improve cash flow and free up valuable human resources to focus on more strategic tasks.
Here's how it works:
Accounts receivable automation software manages the tedious, repetitive tasks that accounting employees would normally handle. Those associates can then “manage by exception,” versus having to manually review, input and process every single invoice, purchase order or request. The AR automation software sends invoices, tracks down overdue payments and reconciles accounts.
Business process outsourcing provides the resources of a large, in-house accounting team but without having to hire, train and manage that team. Accounting providers like ScaleNorth manage everything from bookkeeping to AR/AP operations, to Controller-level support. This ensures a smoother receivables process while streamlining overall accounting efficiency and reducing overhead.
By adopting both AR automation software along with an outsourcing model, companies are free to focus on what they do best: growing their businesses, serving their customers and leveraging new opportunities. They can also rest easy knowing that the combined power of AR automation like Versapay and an accounting team like ScaleNorth will ensure a predictable, reliable cash flow for their operations. By streamlining accounting departments, the powerful duo also helps organizations seamlessly grow and scale.
Versapay simplifies the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with artificial intelligence (AI). The company’s Account Receivable Efficiency Suite integrates directly with NetSuite, which means users can accept and process payments from any sales channel within their enterprise resource planning (ERP) platforms.
Versapay also offers a customer portal add-on that companies use to accept and process payments within NetSuite via a self-service customer portal. The AR automation platform supports collaboration with customers via the cloud, and its cash application module uses AI to automatically match and apply any payment from any channel.
Using AR automation, accounting departments can scale quickly and efficiently. “As a business grows, a full AR solution that is more than just payment acceptance, such as Versapay’s, can scale to accommodate increasing transaction volume and complexity,” says Christina Wedge, the company’s Director of Partnerships. “As demand fluctuates, accounting departments can scale up or down as needed, and without the constraints of manual processes or the need for additional resources.”
Versapay’s platform also helps businesses improve the customer experience while simplifying their own back-office operations. “In today’s fast paced business environment, more businesses are prioritizing their AR processes while optimizing the customer experience,” Wedge explains. “The right AR solution accelerates cash flow, reduces time-consuming and labor-intensive processes that are often costly, and provides customers with a central location to view payment terms and pay invoices.”
The combination of AR automation and outsourcing is a powerful one that growing companies can’t afford to ignore. Once companies hit a certain size or revenue threshold the question becomes, should we hire an experienced, in-house accounting team or offload this non-revenue generating function to a reliable, reputable provider?
By outsourcing specific accounting functions to a qualified provider like ScaleNorth, organizations gain instant access to a team of experienced professionals at a fraction of the cost of hiring a full-time employee. They can also free up internal resources, scale on demand and tap into the power of ScaleNorth’s deep financial and technical acumen.
Other key wins that companies experience when adopting AR automation software while outsourcing their accounting include more accurate books, faster closing of the books, increased ability to scale, and the ability to focus on strategic initiatives versus day-to-day financial responsibilities.
With Versapay’s AR automation suite simplifying the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with AI, and with ScaleNorth’s outsourcing offering in your corner, you’ll be able to automate a significant portion of your manual processes while saving time, money and stress along the way.
With AR automation and outsourced accounting, you’ll also be able to improve your supplier relationships, gain better visibility into your accounting processes and improve data accuracy. You’ll be able to address exceptions in real-time, resolve problems faster and get the positive cash flow that you need to be able to build your business.
To learn more about Versapay’s robust AR automation platform or ScaleNorth’s finance and accounting outsourcing offering, contact us today.
