How much do you currently pay for invoice collections?
You might be surprised to learn that this amount is more than you thought. If you do the work yourself of have a member of the team responsible for accounts receivables, you are likely spending money on this process that could be reduced with better automation from HappyAR. Here are some questions to ask yourself about current AR spend...
Does your company send invoices?
If so, any measurable improvements in invoice payments can benefit your company by freeing up more money for growth, reducing costs related to late payments, and preserving your client relationships.
For each invoice you send per month, consider a low-end estimate of $20 savings for each one that is supported with AR automation. This amount usually increases with larger dollar amount invoices.
Do you follow-up on invoices yourself?
Accounts receivable tasks tend to be repetitive. If your time is being pulled away from strategic initiatives to follow-up on outstanding invoices, give yourself a hypothetical hourly rate and consider the work that goes into each invoice to be around 30 minutes per month on average.
Example: As the CEO, my time is worth $150 per hour and I send 30 invoices per month. 30 invoices per month = 15 hour of focus work, or a value of $150 x 15 = $2,250 per month.
Do you employ an AR resource or outsource to a third party?
Salary.com says: the average AR Manager salary in the United States is $89,268 as of July 28, 2021.
HappyAR allows you to dramatically reduce internal and external AR resource time spent on tasks by providing them with integration communication channels, proven workflows and copy, and complete visibility that reduces repetitive tasks.
Do some of your invoices go past due?
If you’re like most companies, almost all of your invoices are paid on time. For the 10% that aren’t, the demand on your cash reserves could negatively impact your business goals.
Late invoices and ones that go to collections could easily cost your business tens of thousands of dollars per year if a collections solution isn’t set in place early.
Do you rely on repeat business?
HappyAR can help sales efforts in a few ways. First, not much ruins a relationship quite like non-payment does. With HappyAR, communication throughout the AR process has more visibility and automation included. The risk of an invoice going past due is massively reduced.
Second, with HappyAR, sales team members can have their own visibility into the payment status of their own clients. Knowing when they may get paid on a commission and that their company is doing their part in collecting can be a big motivator for future success.
Would others benefit from knowing when money is coming in?
Sales isn’t the only additional function that can benefit from greater visibility into account receivables and invoice collections.
The executive team, operations, legal, and third-party organizations like VAR and affiliate partners can have customizable access to the HappyAR systems at no additional cost.
That’s a big difference over paying for additional access for them in your accounting and ERP systems.
All accounts include full functionality regardless of how much you pay.
We're committed to helping every company get their invoices paid faster and better, so free accounts have the same features as paid accounts.
All accounts include unlimited assigned users.