Increasing The Efficiency Of Your Order-To-Cash Process With Electronic Presentment Software
TRACK STATUS OF INVOICE DELIVERY WITH ELECTRONIC PRESENTMENT SOFTWARE
For organizations in the Order-to-Cash process, the efficient delivery of invoices is essential for customer satisfaction and staying competitive in their industry. An ideal solution for managing this process employs the use of Electronic Presentment Software (EPS). EPS provides fast and efficient way to track status of invoice delivery, thus helping to ensure invoices are delivered on-time resulting in improved customer service, reduced costs, and better cash flow.
To understand more on how EPS can help your organization, this article will provide step-by-step guide of the features and capabilities of EPS. Furthermore, this article will explain the benefits of utilizing EPS, the specific components of EPS, and the issues that can arise when attempting to achieve an optimal Order-to-Cash experience.
Benefits of Utilizing EPS
EPS is methodology for efficiently delivering and tracking invoices. This system greatly simplifies the traditional Order-to-Cash process and results in faster invoicing and delivery, reduced errors, and better cash flow. Faster invoicing and delivery is achieved through automated content creation, real-time tracking, immediate delivery, and improved document exchange. Reducing errors is accomplished through the use of digital signatures and automated record keeping. In addition to these inherent benefits, EPS also improves customer service and lowers costs associated with Order-to-Cash process by streamlining communication and eliminating the need for excessive manual intervention.
Components of EPS
The core components of EPS include document exchange, document creation, document tracking, delivery, and customer service. Document exchange is key element of the process as it enables documents to be exchanged between separate companies in reliable, secure, and efficient way. Document creation involves generating documents in the correct format and incorporating the correct data. Document tracking allows organizations to monitor the whereabouts of invoices in real-time and verify when invoices have been delivered. Delivery is the process of sending documents to customers and receiving acknowledgement of delivery. Lastly, customer service ensures customers are satisfied with their Order-to-Cash experiences by providing helpful, knowledgeable support staff.
Step-by-Step Guide
Step 1: Implement Electronic Document Exchange
The first step in utilizing EPS is to implement reliable document exchange platform. This platform needs to be able to securely store and exchange documents between organizations, as well as securely store authentication credentials for users.
Step 2: Automate Document Creation
The next step is to automate document creation. This involves creating documents in the correct format, incorporating the correct data, and adding digital signatures. This will ensure accuracy and reduce the time needed to create documents.
Step 3: Track Documents in Real-Time
With document creation out of the way, the third step is to enable tracking of documents in real-time. This will ensure organizations are aware of their document status at any given time, thus helping to ensure fast delivery.
Step 4: Enable Delivery
The fourth step is to enable delivery by sending documents to customers and receiving acknowledgement of receipt. This can be done using variety of methods, such as email, fax, FTP, or web-based programs.
Step 5: Provide Excellent Customer Service
The last step is to ensure customer satisfaction with the Order-to-Cash process by providing staff of dedicated, knowledgeable customer service agents. This will help to provide accurate and timely answers to customers? questions, as well as help to resolve any issues that arise.
Conclusion
The aim of this article was to provide an overview of how Electronic Presentment Software (EPS) can assist organizations in their Order-to-Cash experience. While this article outlines the features and components of EPS, it also details the steps organizations must take to utilize EPS in order to maximize their Order-to-Cash process. The successful integration of EPS will result in improved customer service, reduced costs, and better cash flow. Ultimately, EPS is powerful tool for organizations looking for an efficient Order-to-Cash process.
