Mergers and acquisitions are common in the industry. However, with each one, your organization takes on additional systems where important receivables are stored. Working across multiple systems has the potential to slow down any department, but it can be especially detrimental to your Accounts Receivable (AR) team.
An ECM, or enterprise content management system, that supports your AR team is crucial.
Why your ECM matters for AR
When data is spread throughout multiple AR systems, it can be problematic for your organization’s AR department, creating inefficiencies and increasing the likelihood of errors. Ultimately, this means that it takes longer for your business to get paid – and that’s never a good thing.
An ECM that consolidates the relevant data from each of the various AR systems enables your staff to process more receivables in less time. Now, they have access to all the information they need in one location. And, you can even eliminate the learning curve associated with new systems by selecting an ECM capable of mimicking the functionality of the AR system with which your staff is most comfortable.
How your ECM can reduce risk
The right ECM does more than help optimize your AR department operations – it helps protect your organization from unnecessary risk. If your organization is storing information across multiple AR systems – particularly older systems – you run the risk of system failure or sunsetting. In either scenario, you stand to lose access to vital accounts receivable records. An ECM that consolidates all relevant account data ensures that you retain access to the information you need.
If your organization is considering upgrading your content management system or even cloud storage services, be sure to consider the needs of your AR department – and how an ECM that supports AR may benefit your organization’s bottom line.