The Perils Of Not Harnessing The Power Of Automated Order-To-Cash Software
AUTOMATED AR POINTS
The competition to succeed in todays complex, ever-evolving financial landscape is unrelenting. Companies need to leverage cutting-edge technology to stay on top and remain profitable. But for time and resource-strapped finance executives, the task of seeking out and implementing the technologies that fortify their processes can seem insurmountable. The key to success is streamlined order-to-cash (O2C) system that runs efficiently and accurately.
Improved Visibility
Any successful automated O2C software gives finance teams an immediate view into the entire cycle, from purchase orders to invoices and payments. By providing comprehensive, up-to-date data throughout the process, executives can get an accurate analysis of the status of their operations as whole, eliminating guesswork and reducing clerical errors.
Taking step back, executives can better understand their O2C procedures, identify how much time and money is spent on each step, and identify any inefficiencies they can address. With this real-time understanding of their situation, they can respond to frequent changes in customer demands and make long-term plans for stability and growth.
Boosted Profitability
Automation combines the speed of its computer processing with data accuracy and accessibility to provide an unbeatable formula for finance teams. Instead of leaving teams with the mundane task of tedious and time-consuming data-gathering, automated O2C software offers an effective way for finance teams to review and update information as needed to generate more accurate financial reports.
Not only does this system save personnel time by automating invoice announcements and customer credit reviews, but its calculations are far more reliable than manual entry. For example, automation ensures that discounts and late fees are applied accurately and the customer?s entire balance is always accurately reflected in the records.
Generally, automated O2C software streamlines cash flow improvement. Research shows businesses automating their O2C processes reduce costs by up to 40 percent. Not only can firms reduce employee costs due to fewer hours and personnel needed to crunch data, but they can also reduce the cost of paper statements, outsourcing expenses, and third-party costs and collection fees.
Enhanced Security
The so called paperless office is no longer pipe dream — automated O2C software is safe, convenient way to store and transfer important financial data. The data stored in automated O2C solutions is safe from both physical and digital vulnerabilities, reducing the risk of data theft and the cost of security measures.
Not only is finance data stored securely, but documents can be made available across multiple services, systems, and locations when necessary. Having security protocols in place not only shows clients that data privacy is taken seriously, but customers also have the option of creating their own passwords for access to their documents and payments.
Furthermore, automated O2C software meets numerous international compliance standards. This can be essential for multinational organisations with complex payment processes.
The truth is, modern finance is an ever-evolving entity, and all too often, the demands of O2C do not keep up with the changes. Embracing automated O2C software is an opportunity to meet the present challenges of competitive business environment while propelling company into the future. An automated O2C solution offers suite of benefits that go beyond transactional financial processes. C-suite executives should take advantage of the features automated O2C software has to offer for enhanced profitability, improved visibility, and heightened security.
