Account receivable (AR) refers to the money the company is owed in return of products and services provided. After the delivery of product and service, an invoice is sent to the client and the company expects the payment. Until this payment is received, the company holds this as ‘Accounts Receivable’.
‘Accounts Receivable’ manages customer accounts and improves payment collections by automating the processes of tracing receivables on a real-time basis. It helps to generate invoices, send statements, collect and apply payments, verify balances, aids debit/credit note booking, facilitates approvalsand deliver customer reports.
In short, less time is spent on sorting information, performing manual entries and then awaiting long physical approval processes.
- Ensures 100% invoice delivery
- Facilitates more cash flow visibility and monitoring
- Reduce Days Sales Outstanding (DSO)
- Integrates with SAP
- Supports Multicurrency
- Reduce operating costs and data entry errors by capturing customer order forms and purchase orders electronically.
- Provides with instant access to information in a central location.
- Provide for security in access controls.