It is undeniable that AR represents a vital part of businesses. Considering the impact it has in business cash flow, making sure AR team is productive is more important than ever. The new normal has left AR teams understaffed and with customers holding on to cash during this period of financial distress, this urges teams to work smarter and to make their efforts and tasks as effective and efficient as possible.
The following 5 ways will help you boost productivity across your AR team.
1. “If you can’t measure it, you can’t improve it”.
It is critical for a business to clearly understand the performance of the AR team vs. metrics, both at a team and an individual level, in order to identify areas of improvement. Having full visibility of performance will allow businesses to make informed and timely decisions.
2. Eliminate manual tasks
It is fairly common for AR to be loaded with manual tasks and processes which are usually tedious, time consuming, have a high margin of error and do not help to increase the cash collected. Productivity is lost between scheduling follow ups, preparing reports and information required from customers, searching for the right person to contact, check emails, review notes, make phone calls and so on.
3. Provide the right tools for your team
In order to perform, your AR team needs to have the right set of tools available to deliver expected results. Ensuring your ERP and/or Accounting system allows them to efficiently manage the receivables, customers, updates, follow ups is crucial. Moreover, it is important to have clear and defined processes that run smoothly across the team, so each specific role knows what action to take in the right timing.
4. Make it easy for customers
The easier it is for customers to communicate, get effective and timely responses to their requests and pay, the easier it is for your AR team to do their job. At the end of the day, AR works as a customer relationship area as well, managing customers’ needs, establishing valuable relationships, providing customers with more than one payment option, having account details updated and working more as a partner than a supplier can make the difference between getting paid on time or late.
5. Ensure a positive environment
Management should also ensure optimal working conditions for their employees. It is essential to have motivated employees that work for your business with the same passion and commitment, as well as targeting a common goal. Their work is valuable and very important, so reinforcing that message will undoubtedly improve their performance.
A productive AR team is focused on building strong, trustworthy relationships while securing a position of priority in payments and increasing the cash flow. Anything that keeps them away from doing this is having a negative impact on your business, that’s why an automated AR system will help you achieve all of the above and this is how:
- Prioritized list of tasks: An automated list of tasks will be available for each team member to help them focus on what really is important
- One single platform managing it all: No need to waste time looking up for emails, notes, contacts, or following up, the platform will fully and efficiently manage your team, tasks and processes and will allow your team to focus on increasing cash flow and building relationships.
- Performance reports: Measure and track individual and team performance vs. metrics at any given time.
- Customer Portal: Streamline payments, enable your customers to access their account details and statements, make communications easier and solve disputes faster.
Don’t wait any longer, boost productivity across your AR team with our automated solution. Schedule your demo with YallaCollect today and see it for yourself!