Why are Businesses choosing Custom Software for AR & AP management?

Cash flow is the basic fundamental unit of any type of business. A well-managed data system of accounts receivable and accounts payable is a marker of steady cash flow which in turn reflects your business growth.

Off lately, much emphasis has been laid upon the importance of effective management of your AR & AP. Several hours of hard work with manual efforts are used to maintain your balance sheets. But is your AP & AR managed well enough? Is it immune to manual errors? Is it truly a marker of your inbound and outbound cash flow?

Management of AR & AP has become a great issue for all business types. Well, who doesn’t love incoming cash as it is what we want? Isn’t it true? To burst your bubble, read this, “Inefficient AP & AR management decreases your cash flow by up to 23% leading to severed ROI”. Here are some more challenges you will face if you stick to traditional manual AR & AP management instead of bespoke software

1. Double Payment
2. Incorrect data entries
3. Time-consuming process
4. Double data entries
5. Inefficient storage & slow processing
6. Obscured data analysis
7. Unbalances expense sheets

Wondering how to minimize your loss and manage your accounts in a systematic manner? Your answer lies in switching to custom software

With the recent advancements in business fields, bespoke software is grabbing business’ owners attention for all the right answers. Customized software simply integrates into your existing system and give you more creative control over your business process. With customized AR & AP, managing your expenses has become very easy and efficient.

Here’s why you should switch to custom AR & AP today:

1. Client management

Client management is one of the biggest problems every business face when its AR & AP is not managed properly. Uncustomized AP & AR makes your expense management program more tedious and prone to error.

Purchase order (PO) updates are one of the leading causes of worry for several businesses. In the absence of customized AR & AP, your data system becomes prone to late entries leading to communication gaps. Rectification of such faults uses up a lot of time hence leads to late payment ultimately leading to severed client retention rate and customer satisfaction. Management of several clients at one platform is also a huge pain for business owners.

Customized AR & AP with bespoke software will help you to automate your client management process. Manage multiple clients at one common platform. You can manage your client’s accounts efficiently by creating custom financial reports and send estimates. Now you can also send your invoices in multiple languages and currencies with a custom invoice software. Save your time and effort and schedule your payments too with customized AR & AP. A small investment in easing your client’s experience will go a long way to ensure maximum client satisfaction rate and better returns.

2. Facilitating Payment

Your clients really appreciate it when you give them several facilities that enhance their user experience.

Limited payment options often leave your clients in a business predicament as they are unable to send their payments. Businesses that cater to international clients face this problem on a daily basis. Payment reminders along with the inclusion of late payment charges into your accounts is another challenge for your accountant when he manually manages your AR & AP.

With custom software for AP & AR management, you can make your client’s experience much more convenient. A customized software will automate your payment processes by scheduling your payment while giving several payment gateways for your client to choose from. You can keep a real time tab on your payments and manage your overdue at a single platform with a custom invoice software.

3. Time and cost effective management

It is imperative to adopt business methods that makes your actions convenient and minimize your time and cost utilization.

When you are handling multiple clients, things often become a mess. You have to cater to your clients with the utmost satisfaction but are unable to do so due to mismanaged finances. Moreover, manual data entry takes up a lot of hours of your accountant which could have been used on other projects. Due to the longer duration of time spent on a single project, your other projects get delayed leading to delay spiral.

Thankfully AR & AP management with custom software helps you save a bounty on your time and cost. If you switch to customized AP & AR with custom invoice software, you can save a lot on your business resources. It automates your business process and increases the utility of your actions. You can adopt time effective methods like scheduling your payments, sending reminders, expense management, financial forecasting and much more to enhance your business productivity.

We understand that switching over to a new setup isn’t an easy task, but with custom invoicing software, it becomes a smooth sail. You can customize your software as per your needs and requirements and integrate it into your existing legacy systems hassle free.

Still wondering how will it benefit your business and increase your business growth? Here’s how it will benefit your business and increase your growth

1. Improved client retention rate
2. Timely payments
3. Streamlined cashflow
4. Enhanced Return on Investments
5. Improved customer satisfaction rate
6. Boost your productivity
7. Enhanced employee efficiency
8. Efficient expense management

Read how to: Simplify your Business Management with a Customized Software Solution

In the end

In order to keep your business relevant in this fast paced world, it is important to imbibe the new technologies which will enhance your business processes. One should always look for recent trends and adapt in order to keep their business steady. Customizing your AR & AP management has become synonymous with efficient business management and has become an integral part of every business nowadays. We hope that by reading this article you were able to get a deeper insight and can now decide more wisely about bespoke software suits you.