Accounts Receivable

Automate Accounts Receivable with Centime

Improve collections effectiveness, reduce overdue payments and boost working capital with our powerful AR automation software.

FAQs

Accounts Receivable (AR) Automation FAQs

What is AR automation?

AR automation is the process of automating accounts receivable tasks such as invoice creation, payment reminders, and collections. Centime streamlines and optimizes the AR process, reducing manual labor and errors while improving cash flow and customer relationships.

How is Centime different from other AR automation options on the market?

Most AR automation platforms focus exclusively on managing outflows, while ignoring the larger picture of optimizing working capital to get control of your cash. Centime is the only all-in-one cash management and business banking solution on the market. We provide a best of breed, centralized platform to automate AP and AR, forecast cash flow, and secure credit – all in one place so that you can strategize every single dollar.

Will Centime’s AR software work with my accounting software or ERP?

Centime works exclusively with NetSuite, QuickBooks Desktop and QuickBooks Online. Our targeted focus means we deliver one of the deepest ERP integrations on the market for these accounting systems. There’s little IT lift needed to connect Centime with NetSuite or QuickBooks so businesses can start capturing and processing invoices instantly.

How does Centime handle data security and privacy?

Centime is committed to protecting businesses with bank-level security. Our PCI SAQ A and SOC 1 certifications ensure that your data remains safe at all times.

What is the difference between AP and AR automation?

While both AP and AR both affect your cash flow, they are fundamentally opposite. Accounts receivables refer to outstanding balances due to a company for providing goods or services on credit, whereas accounts payables refer to money that your business owes another for goods or services received. More specifically, AP automation refers to any technology that digitizes part of or the entire AP workflow, while AR automation refers to tools that optimize the AR workflow.

How does Centime integrate with my accounting software?

Centime integrates through an API connection which facilitates a bidirectional sync between the two systems. Learn more about our NetSuite and QuickBooks integrations.

What are the ways that my customers can pay with Centime’s AR software? 

ACH and credit card through CentimePay. When CentimePay is used, Centime provides automatic cash application to those receivables.

How can I build a business case for automating AR?

When making a business case for AR automation, it's crucial to highlight its multiple benefits. Firstly, it dramatically reduces the time and resources spent on manual data entry and invoice processing, allowing staff to focus on more strategic tasks. Secondly, AR automation can enhance cash flow management through faster invoice processing and payment collection, reducing Days Sales Outstanding (DSO). Thirdly, it minimizes errors associated with manual processes, thereby improving accuracy and customer satisfaction. Finally, with real-time tracking and analytics, businesses gain better visibility of their AR processes, aiding in decision-making and strategy development. By emphasizing these points, businesses can effectively justify the investment in AR automation.

Can I use Centime’s AR automation as a standalone product or do I have to sign up for the full suite?

Of course! Centime offers both standalone and all-in-one cash management solutions depending on your business needs. See our pricing page for more information.

How do I automate the accounts receivable process and accelerate collections?

To automate the accounts receivable process and accelerate collections, businesses can implement AR automation software like Centime. Centime’s AR automation software simplifies the customer payment experience and improves working capital via automated payment reminders, secure payment methods, and documented customer interactions. For more tips on improving your collections process, check out this blog.

What are the benefits of AR automation?

Automating the AR process results in fewer manual data entry and human errors, faster payments, large time savings, more working capital, and stronger customer relationships.

What are some of the KPIs related to AR automation?

Three major AR metrics to consider include: AR Turnover Ratio, Days Sales Outstanding (DSO), and Collections Effectiveness Index (CEI).

Which accounts receivable KPIs can I track in Centime?

Centime’s streamlined AR software enables businesses to easily track KPIs like Days Sales Outstanding (DSO), Collections Effectiveness Index (CEI), and more. Easily view performance by period and monitor payment patterns by customer.

What does the manual AR process look like versus an automated AR process? 

Manually managing accounts receivable involves time-consuming steps like creating invoices, tracking payments, and calling customers to remind them of overdue bills. This often leads to costly errors. With automated AR workflows, businesses can use software to streamline these tedious tasks, saving time and improving accuracy. By freeing up time that was previously spent on manual labor, businesses are then free to focus on more strategic initiatives to propel their growth.

Does Centime have a customer payment portal?

Yes. Our Customer Portal enables customers to easily access and pay their outstanding invoices in a centralized secure billing portal. In turn, you'll receive faster payments from customers and gain end-to-end visibility of the audit trail. Learn more about our Customer Portal here.

Top-Rated AR Automation Software

John Eckman

John Eckman

CFO

"Our collections effectiveness has skyrocketed with Centime. Not only do we collect 92% of payments on time now, but when customers pay late, it is on average by just seven days."

Amber McGee

Amber McGee

Controller

"Using Centime AR, we now automatically remind customers when their payment due date is near. Centime AR has made our incomings more predictable and made our team more productive."

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