Manual payment processing is quickly becoming a relic of the past. As companies look for places to cut back and restructure amid COVID-19, businesses need to implement greater automation and create better business-process efficiencies to protect profitability and client relationships while enabling highly skilled workers to focus on more strategic work.
According to a Markets and Markets report delivered in mid-2020, the Intelligent Process Automation (IPA) market is expected to grow to $16.3 Billion in 2025 with a Compound Annual Growth Rate (CAGR) of 10.2%. However, this forecast was delivered before the full impact of COVID-19 could be determined.
While we expect future IPA reports to show a slower growth rate as organizations grapple with post-COVID-19 recovery, Markets and Markets stands by its assessment that early adopters of IPA technology position themselves to gain a significant competitive advantage.
The Takeaway: As your competitors aim to cut technology budgets, consider leaning in further to intelligent process automation by making strategic investments to improve efficiency right now.
Discover 6 ways a payment processing automation tool like ConnectBooster can integrate with the Kaseya Business Management Solution (BMS) to improve financial outcomes for your company:
- Mitigate Poor Customer Experience
Manual collections and accounting simply aren’t practical in the wake of COVID-19. Between USPS delays and limited banking hours, it’s never been more inconvenient for your customers to pay you by check. Nor has it ever been more likely that accounting errors will create awkward scenarios with your clients; with more employees working from home and distractions increasing, the opportunity to be one digit or decimal off is increasing.
When it comes to sending or receiving payments, it’s of utmost importance that information be processed properly. Miscalculating an invoice amount, or requesting a second check from your client because the first got lost in the mail, could both really put a damper on the relationship going forward. Pitfalls like this are easily avoidable with process automation.
- Free Up Accounting Talent for Strategic Projects
Your AR team is likely comprised of talented professionals. As such, isn’t their time better invested in completing strategic projects that have the potential to fundamentally transform financial outcomes for your business? Probably so. Give your AR team space to transform accounting processes by employing a tool that automates repeatable AR tasks like data entry, invoice reconciliation, client communications and of course, payments. Most MSPs who implement ConnectBooster + Kaseya save up to 20 hours per month with ConnectBooster’s time-saving automations.
- Improve Payment Visibility and Outcomes
Part of effective payment automation involves tracking and integration with your professional service automation (PSA) platform. Beyond simply processing payments, your tool should increase visibility throughout the organization to payment status by pinging your PSA or BMS with helpful reminders and updates.
- Keep Clients’ Sensitive Banking Data Secure
Manual invoicing compromises security and can expose your company as well as your clients to threat actors, but adding a payment processing automation tool with a PCI-compliant payment vault ensures there’s no chance of sensitive data getting exposed or lost.
- New Efficiencies with Tight PSA to AR Integration
Companies invest quite a bit of time and effort in trying to make disparate systems work together. Instead, consider using tools and platforms that were designed to work together. While there are many payment process automation solutions to choose from, it just so happens that the ConnectBooster payment automation tool is specifically built to integrate seamlessly with the Kaseya BMS.
- Get Paid in Under 48 Hours
In some sectors, cash flow is slowing down as organizations face financial setbacks. Manual AR processes can also be a barrier to getting paid faster. Without automated payment processing in place, organizations are likely to wait much longer for payment. By adding ConnectBooster to their existing PSA or BMS, 74% of companies were able to reduce aging AR by at least 30 days—going from 48 to 1.4 days.
Why Kaseya BMS Users Choose ConnectBooster for Payment Automation
Getting paid is a vital part of running a business. For this reason, it’s a good place to start when adding process automation technology. Today, how much time is your team spending on the payment process? If you’re like most businesses, the answer is probably too much.
If you’re ready to get paid up to 30x faster, save 8-20 hours per month managing AR, and gain payment automation that equips you to quickly scale into new markets and product areas, it’s time to consider adding the ConnectBooster payment process automation tool to your Kaseya BMS.
Case Study: How ConnectBooster helped one company increase annual revenue by 20%.