Morison Cogen LLP

Accounting, Audit & Tax Services

Client Portal | Secure Upload267.440.3000

  • Home
  • About Us
    • What We Do
    • Why Choose Us
    • Partners
    • Managers
    • Partners Emeritus
  • Services
    • Accounting
    • Audit
    • Tax
    • Financial Management
  • News and Posts
    • Business
    • Employer
    • ETRA
    • Federal Tax Posts
    • Individual Tax
    • Not for Profit
    • Small Business Tax
    • Featured
  • Contact Us Today
    • Join Our Mailing List
  • Morison Global

December 23, 2021

Digitizing the accounts receivable process

While digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper based. Businesses that automate the accounts receivable process may accomplish several operational and financial goals. Here are five key benefits that organizations can unlock when they “go digital.”

1. Manual processing is minimized; efficiency is maximized

Generating a paper invoice is a laborious process, especially when there’s a digital alternative. Instead of creating, printing and mailing an invoice, organizations can autogenerate electronic invoices and e-reminders for overdue payments.

This reduces the administrative burden considerably. Plus, e-billing saves on office supplies such as paper, envelopes and stamps.

2. The payment process is faster

Digitalization streamlines the cash conversion cycle. The accounting department doesn’t need to spend time mailing paper invoices and late notices. Instead, staff can be reassigned from administrative tasks to value-added ones, such as budgeting, forecasting and cash management.

On the flipside, customers that pay electronically — or set up an autopay option — don’t need to waste time cutting a check. Plus, the recipient of an e-invoice may be more likely to pay quickly to capture discounts or merely remove the payment from their to-do list.

3. Customers can use their preferred payment method

Instead of forcing customers to issue paper checks, they can make payments using digital payment options, including credit cards, ACH or wire transfers. Businesses that sell directly to consumers may also accept payment via PayPal, Venmo or other digital payment apps. These alternatives may incur lower fees than those charged by credit card companies.

4. Customer loyalty may grow

Organizations that facilitate digital payment are easier to do business with. Reducing customers’ administrative burdens can, in turn, increase customer loyalty. It can also remove the potential for conflict that may result when payments go missing or arrive late.

5. The potential for fraud decreases

Paper checks may be susceptible to fraud. Digitalization removes the need to store and mail paper checks, mitigating the potential for employee fraud. And because there’s no longer a need to mail checks, it prevents the interception of checks by a third party.

We can help

Contact us for help digitalizing your accounts receivable process. We can also help train your staff to transition to more strategic roles in your company.

© 2021


Filed Under: Business, Featured

Recent News and Posts

Renting to a relative? Watch out for tax traps

2023 tax calendar

5 benefits of outsourcing your accounting needs

Tips to help prevent accounting and tax errors

Update on remote auditing

News and Posts by Category

  • Business
  • Employer
  • ETRA
  • Featured
  • Federal Tax Posts
  • Individual Tax
  • Not for Profit
  • Small Business Tax
  • tax
  • Tax Tips

Items of Interest

Merger Announced!

Morison Global Press Release

Tax Planning Guide

Global Tax Insights

Peer Review Letter

CPA-USA Association

Join Our Mailing List

About Morison Cogen

Morison Cogen LLP is a full-service certified public accounting, tax, and business consulting firm serving private and public companies, not-for-profit organizations, and the personal accounting needs of individuals in the U.S. and around the world....read more

Get Connected

Morison Cogen LLP
484 Norristown Road, Suite 100
Blue Bell, PA 19422

P: 267.440.3000
F: 267.440.3001
E: info@morisoncogen.com

Copyright © 2023 Morison Cogen LLP