A Primer On Accounts Receivable Dispute Management
Dispute Management In Accounts Receivable
The Order to Cash (OTC) software package provides comprehensive solution for business to better manage the invoicing and collect payment process. As business leader in the Finance department, you should consider utilizing the OTC Softwares Dispute Management Module. It is designed to optimize the resolution of debtor disputes that arise in Accounts Receivable, providing business with streamlined and efficient process.
This article begins with lengthy introduction to Dispute Management and how it operates in Accounts Receivable, followed by step-by-step guide on how to use the Dispute Management Module within the OTC software package.
Introduction to Account Dispute Management
When business issues an invoice, the customer receiving the invoice may disagree with their balance due, i.e. dispute the invoice. The reasons for this can vary, for example, the customer may feel that the invoice does not accurately reflect the goods or services purchased, or the customer may have already paid for the service, or the customer might dispute future payment or late fee. In order for the Accounts Receivable department to resolve the dispute, customer and vendor negotiations are essential. These negotiations should be done as efficiently and quickly as possible both for commercial acumen, as well as customersatisfaction.
The Dispute Management Module in the OTC software provides an automated process to streamline and optimize the dispute resolution process. It is comprehensive tool that allows your Accounts Receivable department to capture customer activity, review customer receivables, and hear customer feedback via central and secure platform.
Here is step-by-step guide in using the Dispute Management Module of the OTC software package, which is designed to optimize the dispute resolution process in Accounts Receivable.
Step – Set Up and Assign New Disputes
The Dispute Management Module of the OTC software provides the business leader and Accounts Receivable department with the ability to set up, assign, and track customer disputes.
First, the business leader must create customer dispute system. This requires defining the types of disputes that may arise through customer receivables, and the process of how each one should be handled. Once the system is set up, disputes can be assigned to the Accounts Receivable department members. It is important to note that these assignments need to be carefully reviewed and monitored for consistency.
Step – Capture Customer Activity
The Dispute Management Module enables the Accounts Receivable department members to capture customer activity in relation to the dispute, such as any incoming customer emails and phone calls. This activity is then stored in the customer dispute database, allowing the Accounts Receivable department to quickly and efficiently track the dispute. By capturing customer activity, the Accounts Receivable department is then able to more accurately assess the dispute, and better understand the customers position.
Step – Review Customer Receivables
Using the Dispute Management Module, the Accounts Receivable department can review the customers receivables and automatically reconcile customer payments. This allows the Accounts Receivable department to more accurately assess the customer dispute and the necessary steps for successful resolution.
Step – Provide the Customer with Feedback
The Dispute Management Module allows the Accounts Receivable department to provide the customer with feedback regarding their dispute. This includes providing the customer with status update on their dispute, as well as providing an explanation of their dispute resolution process. By providing frequent feedback to the customer, it helps to improve customersatisfaction during the dispute resolution process.
Step – Resolve the Dispute
Using the Dispute Management Module, the Accounts Receivable department can quickly and efficiently resolve customer disputes. This is done through access to data pertaining to the dispute and customer receivables, as well as providing efficient and effective communication channels.
Conclusion
The Order to Cash software package provides business with an effective and organized solution for Accounts Receivable dispute management. By utilizing the Dispute Management Module within the OTC software package, business are able to streamline and optimize the dispute resolution process, allowing them to quickly and efficiently resolve customer disputes and maintain customersatisfaction.
