How to Improve Your Accounts Receivable Process: Benchmarking Tool

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Is your accounts receivable process as efficient as it could be?

The reality is that AR process management is critical to the success of any business.  Managed correctly, it can help your organization reduce bad debt, improve cash flow and minimize administrative overhead.

So how do you determine how well your current process is functioning?  A great place to start is to benchmark performance, and PricewaterhouseCoopers has developed an excellent questionnaire to help you do just that.

Check out the PricewaterhouseCoopers Quantitative Benchmarking Questionnaire

The tool contains helpful practices, including those used to identify total accounts receivable costs as a percentage of revenue, bad debt as a percentage of sales, and total remittance processing cost per remittance processed.

Completing this questionnaire can help you to accurately assess how efficient your company’s accounts receivable process is, so you can compare your company to the industry average and get a better idea of where you can improve.  And companies often report that the process of completing a benchmarking questionnaire is in itself very educational.

Other Paths to Process Improvement

Aside from benchmarking questionnaires, organizations have several options available to help improve accounts receivable performance. Some of those solutions include:

• Tracking and measuring accounts receivable performance

- Collecting the proper data can help you identify and eliminate the inefficiencies in your Accounts Receivable process.

• Reducing labour intensive activities associated with delivery of invoices by adopting automated document delivery solutions such as those provided by STR Software.

- Moving away from inefficient systems like manual fax communications and snail mail can save you money, time, and effort.

Interested in improving your AR work flow by eliminating manual document processes? Follow the links below to find out more about how STR Software’s services can improve the speed and reliability of your accounts receivable process.

Learn More!

• 8 Features To Look For In an Automated Enterprise Fax and Email Solution
• How to Confirm Email Delivery of Invoices and POs from ERP Applications
• Software Solutions Provider Automates Invoice, PO, and Statement Delivery from Oracle EBS

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