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The 4 Ways Billing Automation improves Morale and Productivity for your Accounts Receivable Team

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Accounts receivables teams play a vital role in maintaining companies’ cash flow. However, too many AR teams utilize manual billing processes that are time-consuming and error prone.

The solution? To implement an automation-based billing tool that is tailored precisely to the company’s requirements. Such billing automation software streamlines time-consuming, manual tasks. Put simply, it allows accounts receivable teams to do more with less effort.

With the right software provider, they can automate invoice generation, reduce errors, synchronize data across systems with ease, increase payment processing speed, streamline dispute management, and more.

Let’s dig into these benefits in detail, explaining how billing automation software boosts morale and productivity for your AR team. 

Why is billing automation a must-have in 2023?

In today’s competitive business landscape, there is a wide range of modern technologies and smart automation solutions that can help companies push growth and success tremendously. Companies need to take advantage of such new technologies, otherwise, they run the risk of falling behind their competitors.

And tools that increase productivity and morale offer the best of both worlds. Employees can do more and will enjoy their job more. It’s a win-win. Take billing automation software, for example.

Billing automation streamlines the invoicing process by reducing manual tasks, minimizing errors, and increasing the speed at which payments are received. Accounts receivable management, transaction posting and closing can also be highly automated in this way.

This has a direct impact on a company’s bottom line and plays a vital role in improving the AR team’s overall job satisfaction.

But how, exactly?

Billing automation software allows AR teams to complete key tasks (generating invoices, synchronizing data, recognizing revenue, etc.) in just a few clicks. Productivity skyrockets.

What’s more, by automating repetitive and time-consuming tasks, employees can focus on more value-added and creative tasks. This makes their work more fulfilling and boosts team-wide morale.

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1. Automated billing and invoicing

Billing automation software automatically generates and sends invoices based on predefined criteria. The system automatically uses the correct invoice templates and populates them with dates, prices, discounts, taxes, and other charges based on predefined rules, ensuring that the invoices created are correct and tailored to each customer. And in any required language and currency.

This eliminates the need for manual data entry and reduces the risk of errors.

For example, the healthcare provider Oviva uses Nitrobox for the complex billing of patients and health insurance companies. Thus, in the first step, not only were invoice templates configured for the complex health insurance and patient billing, but also the complete accounts receivable accounting was automated.

In Oviva’s case, implementing Nitrobox’s billing automation software:

  • Reduced the time spent on invoicing from 1.5 weeks per month to just 1 day
  • Lowered the cost per invoice by up to 78%
  • Allowed them to instantly clear their backlog of 4,000 invoices

These productivity increases are impressive. However, they’re not the only advantage companies gain by implementing billing automation software.

By automating tedious and time-consuming manual invoicing processes, the AR team can devote their time and energy to more strategic tasks, such as cash flow forecasting and customer relationship management.

Employees feel more valued when engaging in higher-level activities rather than mundane, repetitive tasks. Team satisfaction increases, while employee churn decreases. One simple process—automated billing and invoicing—unlocks new levels of productivity and morale.

2. Real-time data synchronization

Billing automation easily integrates with existing IT infrastructure and connects to core systems like customer relationship management (CRM), banking, payment providers, accounting software and more to update data in real time.

This offers several key benefits that contribute to a more efficient and enjoyable work environment for AR teams.

  • Prevents duplicate or missing entries: Billing automation software prevents duplicate/missing entries by syncing data across systems, minimizing errors and keeping information up-to-date.
  • Reduced stress and workload: Real-time data synchronization eliminates the need for manual data entry and reconciliation. Team members can avoid the stress and frustration associated with handling data discrepancies.
  • Enhanced collaboration: When all relevant data is automatically updated and synchronized across platforms, team members can easily collaborate and share information without the need for extensive back-and-forth communication. This fosters a cohesive, collaborative work environment.
  • Improved decision-making: With access to up-to-date and accurate data, AR teams can make more informed decisions regarding credit management, collections strategies, and cash flow forecasting. This empowers employees to contribute more significantly to the company’s success. In turn, this leads to a greater sense of job satisfaction and accomplishment.
  • Improved customer relationships: Real-time data synchronization ensures that customer information is consistently accurate and up to date. This enables the AR team to address customer inquiries and concerns more effectively, leading to improved customer satisfaction and stronger relationships.

Free your AR team from manual data entry, once and for all. See for yourself the impact it has on both productivity and morale.

3. Faster payment processing and allocation

By implementing billing automation software, companies get paid faster. It’s that simple.

Invoices are issued on time, every time. And thanks to billing automation providers’ client-centric payment management solutions and the easy connection to a wide range of payment types and payment providers, companies can offer exactly the payment options their customers love.

And don’t forget that these payment preferences differ from country to country, which brings with it enormous complexity in terms of processing, payment allocation, posting, handling currency conversion, exchange rate fluctuations, etc., especially if all this has previously been done manually.

Using billing automation software means that all that is handled automatically. From payment processing to payment allocation and posting, so that even multi-currency accounting can be completed quickly and on time.

It also means businesses face fewer late or missed payments. For example, Oviva reduced late payments by 50% after implementing Nitrobox’s billing automation software.

With this newfound cash flow, companies can better allocate resources to enable growth, or to secure the company’s future. The AR team’s increased performance plays a vital role in this.

AR teams can see the direct impact of their efforts on the company’s financial well-being, boosting team morale, motivation, engagement, and overall job satisfaction. They are more likely to be recognized for their efforts, further boosting morale.

What’s more, AR teams can spend less time on collections and more time focusing on strategic activities, such as analyzing customer payment patterns and optimizing collection strategies.

This shift towards more high-value and creative tasks increases job satisfaction. Team members can engage in activities that directly contribute to the company’s growth and financial health.

4. Streamlined dispute management

Billing automation significantly streamlines the dispute management process.

AR teams can prevent disputes with automated dunning and collections capabilities, periodically reminding customers what they owe to minimize late payments.

They can identify discrepancies early on by automatically comparing invoices with purchase orders and contracts. When disputes do occur, the AR team can easily access and organize all relevant documentation, such as invoices, contracts, and communication records, in one place.

Then, they can sync this information across to customer-facing departments (for example, to customer service personnel), to help resolve disputes quickly and efficiently.

Streamlining dispute management via billing automation reduces stress and enhances productivity. What’s more, it also plays a key role in safeguarding the company’s customer relationships.

Unleash your AR team’s potential with billing automation

Manual invoicing processes can reduce AR team productivity and negatively impact morale. Employees are forced to handle mundane, repetitive, error-prone tasks that drain their energy and focus. Customers receive inaccurate invoices that tie both them and the issuer up in lengthy payment disputes.

But it doesn’t have to be this way.

Nitrobox’s Monetization and Billing Platform can help your business thrive. The smart SaaS solution automates multidimensional revenue processes and enables enterprises and scaling startups to launch recurring revenue products, such as subscriptions, pay-per-use, digital one-time transactions, or any hybrid model on a global level.

Achieve top-line growth while reducing costs and increasing customer lifetime value by ensuring great customer billing and payment experience. Liberate your AR team from billing nightmares. Unlock newfound productivity and enhance AR morale with Nitrobox’s billing automation software.

Ready to learn more? Get in touch to schedule a personal demo with one of our monetization experts. 

Not only your accounts receivable team will thank you. That’s a promise

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