So far in this blog post series we’ve covered how accounts receivable software is beneficial to a lot of different areas in a company, from the C-Suite to credit and collections and even customer service and sales reps. The one area that you probably never thought we’d cover as an area that accounts receivable software can help is actually outside of your company, the third-party bookkeepers, lawyers and collection services you hire can actually benefit from a software product you use internally. Below, we’re going to highlight how.
One of the hardest things to deal with when including a third-party collections service in your collections process is handing over the account information for customers. You either have to create spreadsheets to give to them or call them every time a new customer becomes delinquent. With accounts receivable software, you can simply give them access into the software and assign them the customers that need to be collected on.
Whether you have an in-house legal team or a third-party that you employ to help you with your legal collections, they can’t do much without a history of all communications between you and the customer. They need to be able to see what promises were made and broken, what efforts were put in to collect before legal actions were taken and more. All of this can be stored in accounts receivable software and subsequently retrieved by the legal persons as an “inquiry user”. They can then attach demand letters and legal notices to be sent to customers.
When dealing with outside bookkeeping services it can be really difficult to keep all the information clear and in one spot. Usually, information ends up in disparate systems or manual data entry is used to combine everything together. This leaves a lot of room open for errors and mistakes. Allowing your bookkeepers access into an accounts receivable software allows them to enter this data in as they go, as well as access the data they need to do their job.
There are many people within the business process that benefit from accounts receivable software, far outside just the accounts receivable and accounting department. Many areas of a business are intertwined, so it is no surprise that many would benefit from automating just one process.