The health and welfare of both the present and future generations are seriously being jeopardized by climate change, and if we don’t take cognizance of this looming challenge now, then it may be too late! Governments are lowering their carbon footprint by implementing various environmental initiatives and regulatory measures. The shift to a green economy will affect corporations and all other economic actors. Owners of businesses should consider their internal procedures and determine what can be changed immediately. Well, automation of accounts receivable is one of the most straightforward, advantageous, and significant interventions that companies can implement to envision a better future.
Although a cleaner environment and a greener world are the primary objectives of a sustainable economy, the advantages go well beyond that. Businesses that choose greener production techniques and more sustainable business practices not only lower their carbon footprints but also develop more innovation. Furthermore, the digital revolution that has accelerated due to COVID-19 is there to stay in this techade. Businesses who were quick to adopt or employed creative tech-powered solutions have been able to lessen the damage that lockdowns have had caused.
Let’s explore how Accounts Receivable Automation can lend a substantial impact to a greener future:
AUTOMATED AR REDUCES PAPER WASTE
Offices produce a large amount of wastepaper and according to one estimate, an office worker uses 10,000 sheets of paper a year on average. Companies require more paper for human invoicing as they expand and accumulate a larger book of business. Even though many businesses have tried to go paperless, over 70% of organizations are still reportedly using paper invoices, and some, still faxing them.
AR Automation Solutions such as Inebura rely on emailing invoices – this not only reduces errors such as misspellings of invoice/customer details but also brings down the need to paper invoices to almost zero, significantly cutting down on the quantity of paper a business uses. Moreover with in-built digital tools, such as customer self-serve portals and integrated digital payments, AR Automation Software such as Inebura cut down on the number of paper checks reducing paper waste even further. Also, your customers can pay you electronically and you can receive your funds faster.
AR AUTOMATION REDUCES THE NEED FOR OFFICE SUPPLIES AND ENERGY
The use of paper is not the only inefficient component of manual billing procedures. Even though it might not seem like much, the energy and resources required to make address labels, stamps, envelopes, and use of printer ink add up along with transportation emissions. When you consider the number of bills you send out each month, the energy required to mail each envelope from your place of business to your client's location adds up—not to mention the customers that require many invoices to be paid for.
With Inebura, almost everything can be done electronically via email and/ or online customer portals eliminating the need to print, send, or fax invoices and letters. This also eliminates the need to have an unending supply of printer cartridges that are difficult to recycle.
AR AUTOMATION CAN HELP LOWER THE CARBON FOOTPRINT OF YOUR BUSINESS
AR automation may have the most environmental impact when it comes to enabling remote work for AR teams. It has been established that corporations reduce their energy consumption and carbon footprint when workers work from home, even if studies have produced conflicting conclusions about whether overall energy consumption has decreased since remote work has become more common. When AR automation software is used in place of manual procedures, it offers greater flexibility and enables interested firms to offer work-from-home opportunities.
Remote businesses generate less trash and use less energy because no one needs to commute to the office; they use less fossil fuel and produce less air pollution because of work from home. Furthermore, a substantial amount of energy is required to heat, cool, and power office buildings, and when teams work remotely connected vide an AR automation platform this energy requirement is substantially reduced.
OPTIMIZING WORKFLOW EFFICIENCY
Faster Payment Cycles in AR automation accelerates payment processing and reconciliations, avoiding delays that can lead to inefficiencies or extended use of office resources.
Also, smart workflows help in eliminating redundant or unnecessary steps in the process, optimizing energy and resource use, and lowering the overall carbon footprint of the business operations.
So, the bottom line is that incorporating AR automation into business processes can not only enhance operational efficiency but also contribute significantly to a company’s sustainability goals by reducing waste, optimizing energy consumption, and lowering carbon emissions.
Be a responsible corporate, switch to automated AR Management with Inebura. To know more, write to sandeep@inebura.com