Of course, not all automated invoice reminders are the same. Many companies report significant reductions in time to collect after implementing automated chasing. Also, if your business offers multiple payment options, this method will subtly encourage invoice-holders to pay electronically, which will get you your money more quickly. When using digital channels like email and SMS, you can include direct links to your payment platform, giving customers the opportunity to handle any outstanding invoices immediately - before they have time to forget. Sending out automated, recurring notifications can help keep the lines of communication open and routinely leads to better business relationships. But when these communications are templated and automated, you can be more confident that your notices are understood. Establishing a consistent message and setting customer expectations across multiple touch points without a formalized, repeatable process can prove difficult.
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So instead of your team spending time composing reminder texts or digging through spreadsheets and emails to determine which customers need to follow up with an automated invoice reminder, they free up time to focus on more productive or complex tasks.įor any given invoice cycle - particularly those that hit the 90-day mark and beyond - you might end up contacting your customer over a dozen times. The purpose of automation is to make processes run more smoothly with limited or no human intervention.
Offloading these repetitive and sometimes monotonous tasks delivers several advantages.
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Manually chasing overdue invoices opens the door for human error and cumbersome manual processes to undermine the efficiency of your accounts receivable efforts. The Benefits of Automated Invoice Follow-ups However, some tools might also notify your staff to take action through task assignments, such as prompting an account representative to call the client directly. Once the rules are established, an automated reminder platform will handle most of these touches independently as each scheduled date arrives. This cadence will dictate when and how a customer should be contacted (e.g., send a friendly SMS reminder message 3 days before the payment is due).Ī typical cadence might look something like this: After choosing a tool, you'll set up a cadence - or set of rules governing your outreach- for invoice-related communications.
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Increasingly, businesses are opting for A/R automation or collections software with built-in, automated chasing functionality. And typically, these contacts are scheduled when an invoice becomes 30-, 60-, and 90-days overdue, increasing the urgency of their tone as time progresses. These touches might occur through email, letters, text, messaging app, or even over the phone. What Is an Automated Invoice Reminder?Īn automated invoice reminder solution is an application or tool that allows the user to set up recurring communications - requiring little to no human intervention - with customers to follow up on (or chase) outstanding and past-due invoices. And that's why many businesses, rather than trusting in the resilience of human memory, have begun automating simple but often overlooked tasks - tasks like overdue invoice reminders. But when the humans experiencing this doubt are your accounts receivables team, that can be a problem. It's a doubt that we've all felt at some point, and forgetting things - sometimes even important things - is just part of the human experience. but you may have also forgotten where you put that. Or maybe you've done it already? Either way, you're confident that it's something you shouldn't forget, which is why you wrote yourself a reminder.
There's a really important task that you should be doing right now, but you can't quite recall what it is.
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