Transform Your Order-To-Cash Processes With Automated Cash APplication
AUTOMATED CASH APPLICATION TOOL
In the order-to-cash process, cash application the stage at which customers’ payments are posted to their accounts is vital aspect. On top of ensuring the customer’s invoice is accurate and the payment details are properly received and recorded, cash application can be complicated part of the order-to-cash process. But utilizing an automated cash application solution can not only simplify the order-to-cash process, but also reduce the burden of tedious manual activities, boost your efficiency and accuracy, and help you make data-based decisions.
To leverage the best cash application solutions for your order-to-cash process, you’ll need to know what to look for in order to determine which solutions are the best fit for you, and the steps needed to ensure successful implementation.
Making an Informed Decision
When researching automated cash application solutions, you’ll need to take number of considerations into account. First and foremost, you’ll want to determine what type of cash application processing works best for your specific organization and order-to-cash process. An automated cash application with integrated customer credit capabilities may be most suitable for some companies, while others may prefer solution that automates customer payment remittance and invoice reconciliation.
In addition to the specific features of the solution, there are other factors to look at, such as customer service and support, scalability and performance, analytics, integration with other solutions and businessesystems, and future changes and updates to the software. For example, to optimize customer service, you’ll want to access an integrated customer portal that allows customers to manage their accounts, review past payments and invoices, and track orders all in one place.
Implementing Solution
Once you’ve selected the solutions that work best for your organization, you’ll need to plan the implementation process. When following best practices for the implementation of an automated cash application solution, you’ll want to start by assessing your current architecture and processes and then building gap analysis for the new solution.
Creating proven workflow for customer payments will maximize efficiency. As general rule, you’ll likely want to create two separate payment processes: one for large customers and another for smaller customers. This is especially true if you’re hoping to get paid quickly and accurately. You’ll also want to set notifications to alert you to certain invoices that require manual attention, like those with high or zero balances.
You’ll also want to prepare your team for the new solution. This may involve configuring set reporting and metrics, as well as processes for scaling with volume, automating and tracking customer payments, and more. Finally, build in testing and training so your team familiarizes themselves with the solution and can iron out any kinks in the workflow.
Conclusion
In order to harness the best automated cash application solution for your order-to-cash process, you’ll need to have thorough understanding of your needs and expectations, as well as do your research. This will allow you to select the solution that works best for you, customize it to suit your process, and properly implement and train your team, leading to smoother and more efficient order-to-cash process.
