2018 has come and gone, and many finance and accounting teams have just closed out their books for the year. But as they begin to pick their heads up from regular grind of closing activities, many accounting and finance professionals are starting to gaze out at the rest of the year ahead and contemplate what can be made better by this time next year.
We’ve talked a lot about how A/R automation can help businesses save time, reduce errors, scale effectively, and get paid faster. However, there’s another key area where A/R automation workflows pay off: monitoring risk as it relates to customer credit.
Accounts receivable (A/R) is arguably one of the most important functions of a business. If customers are paying for any percentage of their purchase on credit, this critical department (or individual) is, in many cases, solely responsible for collecting payments. Without those payments, the company may not survive. And yet, even though A/R plays such a critical part of a surviving (and thriving).