Order To Cash Software: A Guide For Accounts Receivable Collections
WHAT IS ACCOUNTS RECEIVABLE COLLECTIONS
Voices from the C-Suite are increasingly emphasizing the value of order to cash software for accounts receivable collections. Hurdles of inefficient and manual processes, slow payments, and smaller revenues pile up quickly without an effective, integrated solution. Companies in search of top-of-the-line technology are turning to order to cash software to improve their accounts receivable collections and optimize the customer experience.
To best leverage order to cash software, an organizationshould understand how the solution works and how best to integrate it with their existing accounts receivable decision-making systems. This guide is designed to make the process of implementing an order to cash software solution easier and more effective.
Set Your ExpectationsBefore delving into the actual implementation process, it is important to recognize the benefits order to cash software can provide. Of its many features, the most sought-after are those related to accounts receivable processing. By improving payments, order to cash software helps reduce the time and effort needed to establish and collect payments.
Plus, it can strengthen the collaboration between receivables, portfolios, and the treasury. So, when making customer accounts receivable collections decisions, users can utilize the latest customer and vendor data to accurately analyze the performance of customer payments and determine future cash flow.
Research IntegrationsThe most successful order to cash software implementations are integrations with existing accounts receivable decision-making systems. There are many choices on the market, so be sure to thoroughly research potential vendors and review their customer feedback before purchasing. Additionally, ensure the software will have easy-to-use accounts receivable processing features, like customizable dashboards and detailed reports.
Start with PilotOnce the vendor and product have been selected, it is time to begin testing. Start with pilot program that allows for the collection of customer data in the form of payments, terms and documents in the software. Depending on the size and complexity of the organization, the testing period should last from three to six months. During this time, the IT team should be able to accurately identify the resources needed to fully integrate the software with existing customer accounts receivable systems.
Configure the SoftwareIntegration between the order to cash software and customer accounts receivable systems should now be configured. This involves mapping accounts receivable customer data, including customer profiles, client payment histories, and payment terms. This process will also require mapping and importing existing customer accounts receivable records.
Analyze Reports and Make DecisionsAfter setting up the software and resolving any resulting issues, users can begin analyzing customer data and generating payments. With integrated customer accounts and open payments, users can accurately and quickly make data-driven decisions about payment imbalances, customer payments and receivables, and customer payment patterns.
Optimize with AutomationWith order to cash software, businesses can automate their accounts receivable collections processes. Automated entry allows for quick and accurate data entry, and audit trails provide visibility into potential issues. As such, businesses can easily stay abreast of invoice discrepancies, measurement delays, and payment delays. Plus, to protect against fraudulent misuse and inaccurate customer payment histories, order to cash software helps to pre-validate each payment.
ConclusionOrder to cash software helps organizations gain visibility into customer payment, receivable, and accounts. Through automation and integration, businesses can reduce the amount of time and effort needed to make and collect payments while improving the decisions they make. As such, adopting order to cash software and integrating it with existing accounts receivable decision-making systems is surefire way to optimize accounts receivable collections and achieve higher revenues.
