Leverage Technology to Grow Your Accounts Receivable Business

Leverage Technology to Grow Your Accounts Receivable Business

It’s hard to imagine adding more unknown factors to the uncertain future of running a business this year. Thinking about your company’s growth at this time may even be scary. The fact is, though, you should embrace this time of disruption to prepare your business for an even stronger future. The easiest starting point is to leverage technology to optimize daily office operations. 

You can target remote work processes and the evolving ways to secure and manage cash flow to improve your business. These areas offer big opportunities to upgrade your processes with minimal daily disturbance.

Leverage Technology For Your Remote Workforce

Over the last few months, millions of people have been working outside of a traditional office. As more companies experiment with remote workers, you should optimize how employees can perform from a home office set up

High-performing remote teams can be a differentiator between you and your competition. There are tools available to make sure the transition to a long-term remote workforce is done correctly. Give your staff the resources they need to work effectively in a remote location.

Internal Teamwork Applications

Cross-departmental communication is hard enough when everyone is in the same location. As you take advantage of this more remote workforce, you may find teamwork and office culture have suffered. 

A divided workplace can create logistical, morale and performance issues. Luckily, there are tools available to help remote workers connect with each other as if they were in the same office. Communication and collaboration applications are a must-buy if you are interested in growing your remote workforce.

Leverage Technology to Grow Your Business

HR Software Platforms

If you want to leverage technology to improve your business behind the scenes, consider upgrading your human resources processes.

After adopting remote work policies, human resource professionals will need to rely on technology to keep up with these changes. HR software has become more popular in recent years to accomplish this. These types of tools can transform the way your HR staff manages employee matters of all types. 

Do your research to choose the right software for your company. Each provider offers different features that may or may not be useful or necessary for your office. A few questions to ask when looking over each platform are:

  1. Do you have a budget for this purchase?
  2. Are you going to use the software for hiring and onboarding?
  3. Do you need the platform to be able to conduct time tracking and payroll?
  4. Is employee learning management a priority?

After you answer these questions, you should be able to better make a decision about what HR provider will help your company to be more agile and productive.

Review Your Finances And Payment Work Flows

Managing finances for a business is not easy, but there are ways to simplify the process. Securing loans can alleviate business finance pressure and implementing payment tech can optimize the amount of revenue you retain.

Online Business Loans

Oftentimes, growing your business costs money. If your company has withstood the recent economic difficulties but could use a little financial help upgrading the technology that will improve your business long-term, consider your funding options. 

The capital needs of every business will be different. Some companies will only need a small chunk of cash to fund their growth spurt, while others may need $100,000 or more. Whatever route you decide to take, a small business loan may be worth researching.

Just like big banks, some online lenders offer small business loans, sometimes with an easier application process. Online lenders may also provide quicker funding, making the process less stressful. 

When using a loan to grow your business, be mindful of how much money you truly need. To make sure that you do not take out more than you can handle, use a business loan payment calculator.

Accounts Receivable Payment Technology

As technology continues to change how people pay for products and services, your company must keep up with the times. If your business is lagging behind in payment security and compliance, or preferred payment methods, now is the time to make a change. 

Security and compliance - An accounts receivable payment hub can optimize how your company receives payments (especially for remote staff). Opt for a payment software that protects sensitive consumer data and eliminates the need for staff to handle credit card information while completing transactions. This makes PCI compliance easier for remote staff.

Preferred payment methods - Your payment software options should also offer the payment methods and channels consumers prefer. Look for: 

Also make sure your payment processing software offers digital signature authorization, accepts credit card ACH payments, and offers continuous tech support.

As you begin to leverage technology through different digital offerings, you can check out sites like Crunchbase to discover even more options to help your business grow. Also take advantage of software comparison sites that allow you to read reviews from other customers, compare pricing and features, and narrow down what products are right for you.

If you're interested in upgrading your payment processing software but don't know what features to consider, download our Payment Processing Buyers Guide for more:

Download The Payment Processing Buyer's Guide:
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