The Xometry app works best with JavaScript enabled!
Xometry Logo
Sign In
CapabilitiesIndustriesResourcesSuppliesBecome a Supplier

CNC Machining

Other Services
ResourcesSupplier Shop Tips5 Benefits of an Automated Accounts Receivable System
Xometry Image

5 Benefits of an Automated Accounts Receivable System

Updating your receivables process is a smart investment of time and resources that will yield a strong return. Here are 5 benefits of an automated accounts receivable system.

Xomety X
By Team Xometry
 3 min read
Polystyrene Uses, Features, Production and Definition
May 21, 2022
 9 min read

One of the biggest mistakes small business owners make is not closely monitoring receivables and jumping on them when they go past due. It’s understandable. Most of us are more comfortable doing anything else -- even cleaning the breakroom -- than collecting on accounts. And yet, we all need to get paid.

Updating your receivables process is a smart investment of time and resources that will yield a strong return. Here are 5 benefits of an automated accounts receivable system:

Streamline the Process

The first step to getting paid faster is avoiding bottlenecks and other issues that cause delays. An automated AR system enables you to quickly create, track, monitor, and record every step of the process from quoting to closing out. Documents can be pre-formatted and emailed automatically, including recurring invoices and regular payment reminders.

Save Time and Money

Digitizing AR reduces the amount of time employees have to spend on billing and collecting, saves on postage and printing, reduces bookkeeping costs, and frees you up to work on more strategic activities. Ease of use is a key consideration when evaluating options; you won’t realize time-savings if the solution is too difficult for you or your customer to use.

Make Payments Easier and More Flexible

The more flexible payment options you can provide to your customers to pay you with, the easier it will be to get paid. Most automated systems allow you to set up credit card and wire transfer (ACH) payments so customers have more ways to pay. You can even add a “pay now” button to your invoices to invite customers to take care of their bills on the spot.

Improve Customer Care

Everyone appreciates relevant and timely information about their orders. Set up your system to automate shipment confirmations and payment acknowledgments, both easy-to-execute tactics that influence customer satisfaction and encourage loyalty.

Take Decisive Action

Automated AR systems give you instant access to real-time data on open invoices, receivables aging (how long the invoice has been out), and customer payment trends. These insights help you forecast cash flow, plan capital expenditures or materials purchases, and identify habitually slow payers for potential intervention. Knowledge is power.

An Automated Receivables Solution Designed for Small Shops

Xometry Pay is an automated receivables solution specifically designed to give manufacturing and machine shops like yours the power to improve internal processes, increase productivity, and get paid faster.  Xometry Pay provides a whole suite of tools that gives your shop financial security with guaranteed payments on all of your work while offering your customers more flexibility in how they pay you, helping improve receivables processing in three ways:

  1. Expanded payment options allow you to offer net-30 payment terms to your customers and accept credit cards for your work with no hassle or risk.
  2. Control your cash flow with 50% of your payout on day 1 through the Xometry Advance Card and accelerated payment options available after completing the work to net you the remaining 70% within 3 business days.
  3. No more late payments as Xometry guarantees every purchase order, so you can rest easy knowing that you’ll never have to chase a late payment again.

Start issuing purchase orders on your terms and streamline your accounts receivables process with Xometry Pay!

Xomety X
Team Xometry
This article was written by various Xometry contributors. Xometry is a leading resource on manufacturing with CNC machining, sheet metal fabrication, 3D printing, injection molding, urethane casting, and more.