If you work in financial management and accounts receivables (AR), I am going to safely assume that you appreciate quickly and accurately recouping revenue. I also assume that minimizing customer risk and payment defaults are a concern to your AR team. If these assumptions are correct, you’ll want to review the details below about how operating cloud-based AR solutions can significantly improve your accounts receivable competencies and processes.

  1. Do cloud-based AR solutions improve financial management? Yes. Organizations with AR solutions in the cloud were found to be 57% more likely to have automated reconciliations between incoming payments and outstanding invoices. This expedites operations, improves accuracy, and frees up resources to focus on client-centric tasks requiring additional individual attention.
  2. Can you process payments faster? Yes. Those organizations with AR solutions that reside in the cloud were found to process payments 2.9 times faster than those not in the cloud (processing time was measured in days). Cloud-based solutions vastly out pace non-SaaS solutions, because SaaS AR solutions are also 22% more likely to have automated posting to general ledger capabilities.
  3. Does AR in the cloud reduce the amount of paper-based processing? Yes. Those organizations with AR solutions that reside in the cloud were 27% more likely to have automated invoice creation than those not in the cloud.
  4. How might risk management be improved with AR solutions in the cloud? AR solutions in the cloud are 68% more likely to have the capability to set credit limits based on customer risk profiles. Those AR solutions in the cloud also are 100% more likely to offer real-time visibility into current exceptions by customer, problem type, etc.
  5. Do AR solutions in the cloud enjoy higher levels of on-time payments? Yes. Purveyors of AR solutions in the cloud are 9% more likely to capture on-time payments when compared to non-cloud-hosted AR solutions.