What is Accounts Receivable Management?

 In simple words, it is the practice of obtaining money from clients or customers for products/ services within a given period of time. AR Management to ensure that every step involved in the payment collection process is adequately tracked, managed, and well planned. In this blog, we will discuss more about What is Accounts Receivable Management?

The process is a vital component of building liquidity and profitability and avoiding bad debts – and it involves many more things than simply receiving payments on invoices.

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A powerful and efficient AR Management Process can, in fact, make the difference between dwindling capital and a successful business. 

It helps companies maintain a healthy cash flow and is paramount for any company’s long-term success.

Paper-based processes slow down the whole invoice-to-cash cycle –essential tasks, such as generation of invoices

• Paper-based processes slow down the invoice-to-cash cycle –essential tasks, such as generating invoices, starting campaigns, reconciling accounts, etc. take a lot of time and the help of multiple teams.

• Manual & paper-based invoicing process results in a lot of extra work and introduces many points of failure that can naturally lead to collection delays.

Manual processes do not give AR Teams the complete picture of the status of open receivables and their cash flow across the order-to-cash cycle. Master SAP with top-notch SAP classes in Pune. Learn from industry experts and enhance your skills for a successful career. Enroll now! 

 the AR teams are constantly looking backward and that means that they are not able to catch important trends. This could actually result in a lack of growth opportunities.

It’s time that AR departments move away from their labor-intensive, inefficient way of working and respond to the constantly rising demands of companies to improve working capital metrics.

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It’s time that AR departments recast themselves in a much bigger strategic role as value-creators that free working capital and actively contribute, not only to the company’s growth but also towards improving customer experience.

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And so, Accounts Receivable Teams are under tremendous pressure to optimize their processes and rethink accounts receivable and accounts receivable management in a more strategic way. The overall strategic goals are to shorten the invoice-to-cash cycles, reduce costs, improve process visibility, and release additional liquidity.

Author:-

Priyanka Jubre

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