The Optimal Benefits Of Accounts Receivable Software


This article provides guide for executives in finance departments who are interested in evaluation of order to cash solutions as part of an efficient accounts receivable process. The advice is designed with C-Suite audience in mind, requiring PhD-level vocabulary. The following steps will provide the most agile and cost-effective order to cash system currently available.

1. Define Accounts Receivable Requirements. Before choosing accounts receivable software, make sure to define goals and objectives. This could include an ideal invoicing cycle, or the process with which customers should pay invoices. It is essential to identify what features and capabilities are needed to meet stated goals.

2. Research Options. Research the accounts receivable software options that are available. Engage with industry experts, such as software consultants, as well as customers who have firsthand experience with various vendors? solutions. Consider both cloud-based software, as well as on-premise systems.

3. Evaluate Vendors. Once potential vendors are identified, begin an in-depth evaluation of each one. Criteria should include such variables as user/application interfaces, pricing models and available features functionalities. As part of this step, it is vital to experience demonstrations, either in person or through video, of software solutions.

4. Engage System Integrator. Determine which vendor the software selection process points to and then consider system integrator for the implementation of the accounts receivable system. It is important to select an integrator with successful track record, and experience in the chosen vendor?s software.

5. Manage the Project. Supervise the integrator?s team as they execute the project from start to finish; this includes providing training to ensure successful adoption. During the project, regularly review the integrator against the established project timeline to ensure that deadlines are met.

6. Monitor Ongoing Maintenance. After successful program installation, monitor the performance of the accounts receivable software over time. This important step will help to identify areas which can be improved in the overall process.

Accounts receivable software can help business maximize its cash flow, automate invoice processing and reduce errors. More than ever before, having the right solution in place is not only beneficial, but essential. By following the steps outlined above, executives can move swiftly and confidently toward the ideal order to cash process and gain the optimal ROI.