For many businesses, Covid-19 heightened management's focus on cash, disrupted supply chains, and reduced sales. As a result, accounts receivable (A/R) departments faced increased pressure to facilitate faster receipt and application of payments. Caught off-guard, many patched together short-term fixes to automate their receivables workflows and accelerate cash application.

As the pandemic continued, many of those organizations turned their attention to payments activity. They evaluated their options for moving away from paper and manual processes toward electronic and automated solutions. As a result of this process, many companies accelerated their payment technology roadmaps, sometimes implementing technologies they had not even considered prior to Covid.

Now, those companies must dedicate that same level of focus on comprehensive improvement to re-evaluating the A/R processes that may have fallen by the wayside after early-pandemic quick fixes. With some research and help from their banking teams, A/R and treasury professionals can find technology solutions that streamline their receivables processes along three vectors: digitizing and automating A/R processes, optimizing the client experience, and revising their credit strategy.