Improving Accounts Payable Turnover With Order To Cash Software
Accounts Payable Turnover In Days
Every business needs to ensure its accounts payable (A/P) records are both accurate and transparent. In order to do this, business need to utilize system that can quickly and automatically process payments. One such system is Order to Cash (OTC) software, solution designed to streamline A/P turnover in days.
For Executive teams responsible for the management of finances, OTC software provides greater understanding of their A/P process and helps decision makers make more informed decisions. OTC software can help reduce administrative expenditures, mitigate discrepancies, and ultimately improve A/P turnover in days.
To utilize the benefits of OTC software, business must understand how the solution works and integrate it with existing A/P systems. The following guide helps Executive teams through the steps necessary for proper utilization of OTC software for improved A/P turnover in days.
Step 1: Evaluate Existing Systems
Before adding any new system to your business? A/P portfolio, Executives must review existing systems to determine if they are capable of processing payments. OTC software requires secure cloud connected system, so Executives must ensure the existing A/P system meets those requirements before moving on to the next step.
Step 2: Setup Installation
Once the existing A/P system is confirmed as securely cloud-connected, Executives can begin the setup and installation process of OTC software. This process is usually conducted by an experienced software engineer and takes between two to three weeks.
Step 3: Configuration
Once the software is installed, an engineer also configures the OTC software to the desired specifications of given business. This configuration ensures the software works in tandem with the existing A/P system in order to streamline the A/P turnover process.
Step 4: Training
Once the OTC software is configured, it must be trained to the staff using its A/P system. This is where the business? software engineer comes in. He or she can provide employeewith comprehensive training of the newly integrated OTC software. employeeshould spend several hours day over the course of few weeks practicing and honing their skills with the software.
Step 5: Testing
Upon completion of the training process, Executive teams can test the OTC software to ensure it functions as planned. This is done by having sample set of staffers try the software out and report any issues encountered. Any errors encountered during the test should be reported to the software engineer and promptly fixed. This step takes merely few days and allows OTC software to pass the most important of all tests; actual use.
Step 6: Deployment
After the software passes its tests, the Executive team can deploy it to the entire staff. As part of the deployment process, Executives should distribute additional and necessary documents (i.e. manuals, quick references, etc.) to staff for ease of use. The team should also carefully monitor the software for the first few days to ensure it is running as expected.
Conclusion
By following the aforementioned steps and ensuring their existing A/P system is cloud-connected, Executive teams can get started on integrating OTC software to their business. Doing so provides more optimized and efficient A/P system capable of drastically reducing discrepancies and providing greater insight into the A/P turnover process in days.
