Since the introduction of cloud-based A/R systems, strategic finance leaders are no longer debating, “Should we modernize?” but asking a more urgent question: “What happens if we don’t?”
Today’s A/R teams require flexibility, scalability, and speed – and in a world where client expectations are high and change frequently, agility is no longer a luxury. It’s risk management.
Many businesses have already upgraded overly manual, task-intensive A/R processes, and with the right partner, redefining how you close books doesn’t have to be intimidating.
When reliable becomes risky
A once reliable A/R system becomes unstable the moment it forces people to work around it instead of with it. For many businesses, this goes beyond outdated software versions or legacy on-prem systems with deprecated support. Do any of these steps sound familiar?
- Using Outlook for payment follow-ups
- Exporting data to Excel for merging
- Merging PDFs to complete a transaction
These manual processes don’t just result in longer hours for A/R teams. Sales gets frustrated because clients complain about difficult payment processes. Operations can’t get accurate data for planning. Leadership questions why cash isn’t flowing.
It’s important to recognize the universal warning signs that your A/R process is working against you, not for you. Are clients regularly confused where and how to pay? Is your Days Sales Outstanding (DSO) not improving (or getting worse)? Does your team never take time off because the process falls apart without them?
Doing more with the team you have
A common solution is hiring out of the problem, but oftentimes, adding more people to a broken process doesn’t solve it; it multiplies it. Technology can help a team be more agile – and even better, more strategic – without extra headcount.
The key to embracing automation is understanding its role in enhancing the experience and skill of existing talent, not replacing it. When automation effortlessly handles repetitive tasks like follow-ups and resending invoices, employees can focus on value-added tasks that grow their careers, boost revenue, and build meaningful customer connections.
When upgrading to a new system, work with frontline staff to evaluate options and redefine processes – and acknowledge change doesn’t have to mean loss. Technology doesn’t deprecate what’s working; it reinvents so it’s faster and easier to get to desired outcomes, whether that means lower DSO, fewer manual touchpoints, lower error rates, or other ways your team defines success.
The future of finance
While the status quo may seem simple enough, it’s critical to consider the effects it’s having on your team – and ultimately on your clients. The goal of technology automation isn’t just faster processing; it’s risk management and strategic lift.
When employees are freed up from repetitive tasks and chasing overdue invoices, they’re empowered to contribute to higher-level decisions and investments that help take business to new heights. And when paying is simpler for clients, they’ll not only respond faster to the immediate invoice in hand but be more eager to work with your business and deepen your partnership in the future.
Discover how Flywire helps enterprises accelerate their invoice-to-cash process.