Account Receivable Software: A Step-By-Step Guide For Executives
Account Receivable Software Providers
In the present business landscape, efficiency, quality, and cost optimization are parameters of utmost importance to accounts receivable departments. Manual approaches to finance, billing, and collection processes leave room for error, steal time, and erode profits. Fortunately, there exist several so-called order-to-cash Softwaresolutions that promise to alleviate the burden on Accounts Receivable departments in an enterprise.
This survey of order-to-cash Softwaresolutions will help executives become acquainted with the available options and guide them through the process of procuring, installing and utilizing solution in their business. As Accounts Receivable departments constitute the primary repository for the financial records of company, the solution the executive chooses must be adaptable to the companies particular needs and designed to improve their system of financing.
1. Identify Target Companies
By far the best way to get an understanding of the available order-to-cash Softwaresolutions is to research companies that offer them. Because these sorts of systems are tailored to particular business with distinct models, procedures and portfolios, researching vendors based on other companies that employ the same sort of solution can prove insightful.
2. Research Potential Vendors
With several potentially beneficial vendors in hand, executives must familiarize themselves with the full range of features available in each solution. The executive should ask the vendor questions such as:
? What is the total cost of the solution?
? How secure is their data and how do they ensure their customers’ data is protected?
? Does the vendor provide system integrations with other programs?
? Does the vendor have any experience with customers similar to their organization?
? What kind of support and service does the vendor offer?
? How quickly can the vendor deploy the solution?
? Does the vendor offer customized solutions to their specific needs?
? Is it possible to run trial period of the software before making any commitments?
3. Determine Upgrade Needs
Once several vendors have emerged as possibilities, executives should approach the acquisition process by examining how the product relates to their existing setup. Executives should consider revisiting their current Accounts Receivable processes and protocols to determine new IT needs.
4. Choose Vendor
At this point, executives should have narrowed their selection to manageable number and should be feeling more informed about the prospect of integrating this sort of Softwaresolution into their existing framework. Executives should exercise caution in who they choose and accept as vendor, as recent security breaches have caused turmoil for executives and their companies alike.
5. Test it Out
Before purchase, many vendors offer executive trial period of sorts, which allows them to test the solution out on small scale and determine whether the solution fits their needs. This is crucial to the decision-making process and should be taken advantage of whenever possible.
6. Revitalize Accounts Receivable Process
Integrating an order-to-cash Softwaresolution into an existing Accounts Receivable process may require significant reconfiguration, as many current systems do not contain the necessary upgrades or infrastructures. Executives should entrust integration to qualified it istaff, as any latency or noncompliance could result in significant data losses.
7. Measure Results
The ultimate test of any novel solution is its effectiveness. While integration and adjustment may cost executives time, money and effort, the real test of success lies in the ability of the Accounts Receivable process to maximize output and improve the bottom line.
Accounts Receivable departments play an integral role in business transactions and the ability of companies to receive payments from customers. Finding an order-to-cash Softwaresolution that helps these departments achieve their goals requires research, documentation and keen observation from executive staff. Executives should use this guide and diligence to ensure the solution chosen is perfect fit for their Accounts Receivable needs.
