Accounting Seed, an accounting solution built on the Salesforce Platform, released three new guides designed to help businesses improve their data and automate their accounts receivable (AR) and accounts payable (AP) processes.
The solutions described in the guides are informed by Accounting Seed’s automation products, including its AP Automation software and its AR Automation software, the company said in a Thursday (Dec. 12) press release.
“Today’s growing businesses are navigating a rapidly evolving financial landscape,” Accounting Seed Chief Financial Officer Peter Lambert said in the release. “These guides offer practical advice and tools to help leaders achieve greater efficiency, accuracy and strategic advantage by embracing modern accounting automation — especially with the evolution of AI.”
Accounting Seed’s Data Accuracy guide covers ways to improve data integrity, minimize errors, and explore the role of connected systems and automation, according to the release.
Its AR Automation guide provides strategies for accelerating payments, eliminating errors, improving cash flow and building stronger customer relationships, the release said.
The company’s AP Automation guide explains how to transition to automated AP processes, thereby saving time and improving vendor relationships, per the release.
Embracing AR automation has become essential for companies’ survival and growth, according to the PYMNTS Intelligence report “Businesses at Risk: The High Cost of Manual AR Processes and What to Do About It.”
Among companies that have adopted AR automation, 83% have seen improved process efficiency and accuracy, 75% indicate enhanced cash flow and savings, and 93% expect further improvements as automation becomes more comprehensive.
At the same time, the report found that 35% of firms have not automated their AR processes, 24% still rely on outdated spreadsheets, and 96% face obstacles in transitioning to AR automation, mainly due to cost concerns.
Automation and artificial intelligence are increasingly being used and transforming how businesses approach their AR function, Steve Smith, global director for strategic projects at Esker, told PYMNTS in an interview posted in October.
“AI can analyze historical data, identify patterns and help businesses make more informed decisions,” Smith said, adding that the benefits of AI and automation also include streamlining the entire receivables process.
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