When I work with my engineering team designing a solution, I always ask them if we are fixing a bug or building out a feature. This is a key question to answer when we are deciding how to build. If it is a bug -- well, short term remediations are valid. If it’s a feature, we must think long term for strategy and impact.
Why is this question important? In engineering, if we are constantly fixing bugs, we are just keeping the existing process operational, as we say, keeping the lights on. We are not adding value to the product. We’re not evolving with our customer’s needs. When looking for an accounts receivable (AR) software solution, I believe you need to evaluate the same way.
Bugs are problems that emerge in the short term and are more or less standalone. They are things that went wrong that can be fixed with minimal impact to the overall infrastructure. You may have lots of bugs in your AR process to be fixed, the value of which can be calculated in actual dollar figures. Let’s say you try to save time by purchasing a piece of software that will help you move away from spreadsheets and into a cloud offering. But was that just a bug fix for juggling spreadsheets?
So as a head of engineering, here’s my question for the heads of finances out there looking at AR software solutions: What problem are you really trying to solve? Are you looking for an AR software to fix a bug or build a feature for your company?
When you add AR software to your tech stack, you are doing more than fixing bugs, you are changing how you do things. Features are what enable YayPay to grow with our customers for a smarter AR future. A bug fix will only remove an annoyance that bothered you. But a whole new feature -- those are the game changers that bring new value to the end user. Those are the things that pull in new customers, keep existing customers, and create the real value that a software -- that YayPay -- delivers. My team builds features and solutions that give you time back to be more strategic. Less time inside your inbox. More time with your customers. I talked about about this on my podcast episode with Stellar One Consulting's Star Talks.
A good piece of AR software doesn’t just optimize where and how AR teams spend their time, it creates organizational behavioral changes. Automating AR means that the way your team collects will change (less manual tasks), the way you report will change (less time and errors), the way you handle customer relationships will change (more seamlessly), and even the way your company functions can change (less friction). Treating AR software like a new feature for your company will help you and your team scale as your company grows and your number of customers grow, while the bug fixes may only make it less painful.
To learn more, take a look at our resource on the top features every automated AR software should have.