How business owners can use cash flow automation to their advantage.
Save time.Cash flow automation streamlines the accounts payable and accounts receivable process, saving time for the business and letting business owners focus on strategic business initiatives. Payment approvals are handled electronically, instead of requiring an executive to sign a physical check, and payment and billing records can be reviewed remotely. They can log in from any connected device – laptop, PC or tablet – to provide approval. That way they don’t have to wait until they’re in the office to sign checks, which can delay payment and cause late fees.
Monitor cash flow.Cash flow automation stores payment records electronically, making it easier for owners to track AP and AR activities in real time. They can access a dashboard that shows the current status of payments both sent and received. There’s no need to hunt down team members to get the latest information on a payment. The increased visibility and status tracking helps with catching invoice overcharges, question vendor services or spot any recurring issues.
Improve customer service.Customers can be sent an invoice automatically, and they have the option of paying online. They can even set up auto-payments, increasing convenience and adding an extra layer of regularity to the business’ cash flow. With invoicing taken care of, the business owner can take a closer look at customers’ buying patterns and preferences through the year and strategize ways to better engage them.
Make informed decisions.A cash flow automation service gathers all of the business’ payables and receivables data in one place. This enables owners to leverage the data to better understand how the business is performing, as well as areas where it might improve. Automation services will often include analysis tools as well, like cash flow management, which predicts company performance.
With cash flow automation, the business owner has everything they need in one dashboard; creating efficiencies and allowing him or her to best utilize their limited time. There are a variety of cash flow automation services available. At Commerce, we help businesses make the most of their cash flow with CashFlow Complete, with custom packages tailored to the business’ unique needs. When set up correctly, a cash flow automation service makes life easier for everyone, including the business owner.