Give Collections a Makeover: How Automation Eliminates the Tedious Tasks of Traditional Collections
2,000 hours.
For mid-size companies, most collections teams spend more than 2,000 hours annually on routine, labor-intensive accounts receivables and collections tasks. For larger enterprises with collections teams consisting of approximately25 people, this number jumps to 16,000 hours of routine, manual work.
Responding to requests for documentation, researching account statuses, and following up on outstanding balances takes time away from more impactful activities. It’s no wonder why 45% of finance and accounting practitioners feel repetitive work is a massive drain on the organization.