Searching for the right accounts receivable (AR) management solution for your business can be tricky. Whether it’s knowing the AR solution cost or implementation time, there’s a lot of options and even more to learn about each one.
Luckily, we have some questions that will help point you in the right direction.
5 Questions when Choosing the Right AR Management Solution
1) Can the AR solution communicate with an existing ERP/business system?
Implementing a new AR solution shouldn’t go hand-in-hand with custom development. Ideally, your business should look into AR solutions that are compatible with a wide range of ERP systems and can be easily integrated. Opt for an AR management solution that works with your current ERP/business system for a shorter payoff and lower TCO.
2) How expensive is the AR solution? (How much are you willing to pay?)
When it comes to the cost of automating an AR solution, the best option is in the form of a Software as a Service (SaaS) delivery model. All data is hosted in the cloud (i.e., on-demand) and can be accessed 24/7 via the Internet. Rather than allocating funds for IT resources on a large-scale, on-premises implementation, SaaS solutions are wallet-friendly, cost-effective and quick to implement.
3) Does the AR solution allow for customization?
Maintaining brand consistency is a must for any company, big or small, so it’s important to find an AR management solution that allows you to customize customer-facing communications and portals. When automatic payment reminds are sent out, the messaging and graphical elements should reflect your company’s brand; when a customer portal is set up, the design and copy should be aligned with your company’s branding and preferred tone of voice.
4) How long will it take to implement and train employees on the AR solution?
Time is money, and you’re already spending both on purchasing and implementing an AR management solution – so you want to make sure to choose one that can be up and be running quickly. A Cloud-based AR solution offers the shortest amount of time between signing the contract and using the product.
5) Will the AR solution provide control and visibility over AR processes?
Customizable key performance indicators (KPIs) and dashboards should be among some of the analytical tools offered by any potential AR management solution. The enhanced control and monitoring they bring to AR processes make it easier for everyone involved to perform daily tasks, monitor performance, analyze areas of improvement, and allocate resources and workloads.
Looking for even more questions and in-depth answers on finding your AR management solution match? Read the Accounts Receivable Buyer’s Guide: 18 Questions to Ask When Choosing an AR Automation Solution Provider.