How An Order To Cash Solution Streamlines E-Invoicing

Deliver Invoice Through Eipp

As C-Suite executive in the finance department, the need to increase efficiency and accuracy in processing the Order to Cash (OtC) process is essential for successful revenue generation. It includes the order management, invoicing, and cash allocation, and also accounts receivable collections management. Traditionally, paper invoices are still being used to communicate orders and payments between buyers and suppliers, especially for process-intensive and large volume orders. However, to maintain competitive edge and capitalize on the ever-changing business climate, you need more efficient Order to Cash solution that fast-tracks e-invoicing process and enhances inward flow of payments across the enterprise.

E-invoicing, when embedded in the Order to Cash process, provides value to both buyers and suppliers. Suppliers, for instance, gain access to up-to-date customer purchase and payment information necessary to maintain accuracy in inventory management, streamline accounts receivables, payments and correspondences. On the other hand, buyers benefit from enhanced visibility and control of invoice information, faster approval process, and improved accuracy in inventories. E-invoicing, when used in the OtC process, helps business to deliver and approve invoices efficiently and accurately, thereby minimizing labor intensive manual processes, reducing errors during the approval process, and ensuring payments are received quickly.

If you are considering comprehensive Order to Cash solution, here is step-by-step guide to help you streamline and deliver invoice through eipp.

Step 1: Establish customer information. Create customer profiles by retrieving customer purchase order information and accurate customer contact and payment details. This allows you to automatically generate direct ordering, invoicing, and remittance information.

Step 2: Monitor invoices received. Set up line- or item-level acceptance criteria to ensure accuracy. Include tracking features for every invoice sent, received and accepted for payment.

Step 3: Generate invoices. Generate invoices from order entries and customer profiles, including customerspecific terms and conditions and payment terms. Invoice information can then be validated and approved automatically.

Step 4: Allocate payments. Analyze, track, and allocate incoming payments. This allows real-time tracking, monitoring and cash-flow analysis throughout the Order to Cash process.

Step 5: Track invoices for visibility. Use an eIPP-integrated solution to obtain visibility into the status of every order and invoice. This way, you can receive up-to-date customer purchase and payment information quickly and efficiently.

Step 6: Monitor collections. Monitor all accounts receivable collections and implement customerspecific rules to identify and resolve discrepancies and adjustments.

Step 7: Reconcile invoices and payments. Reconcile all invoices, payments and credits across the enterprise quickly and accurately.

Step 8: Analyze data Overall analysis and reporting allows you to identify and optimize process inefficiencies and flow of invoices and payments.

By adopting an Order to Cash solution to streamline your e-Invoicing process, you can benefit from improved control, visibility, increased efficiency and accuracy in your overall financial workflow systems. With an eIPP-integrated solution, you can cut operational costs, reduce missing payments, free up financial resources and realize better ROI.