Accounts Receivable: Solving Your Order To Cash Challenges
Accounts Receivable Software Programs
Accounting for all of your receivables is essential, yet at times challenging, to effectively manage in any order to cash Softwaresolution. With properly implemented accounts receivable software programs, financial transactions can be monitored, tracked and accounted for accurately. This article will provide comprehensive step-by-step guide for the use of accounts receivable software programs and the associated order to cash solution.
This comprehensive tutorial will assist an executive in the finance department who is looking for an all-encompassing order to cash solution. The target audience of the article is contemporary knowledgeable investor or decision maker in the C-suite. The article will be written in an active, comprehensive tone, while focusing upon the involved order to cash challenges and accounts receivable Softwaresolutions from C-suite perspective, with vocabulary of PhD’s level.
The accounts receivable (AR) process begins with invoicing customers and continues through the collection of payments for services and goods delivered. In many organizations, order-to-cash (OTC) processing is conducted in manual system and is then manually transferred to an ERP system for integration into the overall consolidated financials. This process can leave customers, vendors and personnel to navigate the system manually and with no room for automated error checking.
The step-by-step guide below will assist executives in the finance departmentseeking to resolve their order to cash challenges and leverage accounts receivable Softwaresolutions.
Step 1: Research and Research Again
The first step is to thoroughly research the current system in place to ensure seamless and effective transition to proposed Softwaresolutions. This can be done by compiling list of all current software processes used in the order to cash solution and the period of utilization. Prior to the implementation of any accounts receivable software programs, it is essential to determine the processes that are used in the order to cash solution, their period of utilization, and the roles and responsibilities of each participant involved to ensure the proposed software programs will best balance the existing system.
Step 2: Set Goals
Once the current system has been evaluated, executives should set specific goals for the implementation of the solution and resulting accounts receivable software programs. Typically, goals should be set for the expected speed of implementation and its associated timeline, the ideal process structure, the desired business outcomes and any subsequent performance metrics. By setting specific, attainable goals, executives can ensure that their order to cash challenges are adequately addressed and best met by the accounts receivable Softwaresolutions.
Step 3: Prepare to Implement
Now that the goals have been set, executives should prepare for the software implementations by evaluating the account structures and updating them if needed. The structures must be tailored to the order to cash solution and the accounts receivable software programs to ensure uninterrupted financial management. Executives should also identify the departments or personnel needed to assist with the system set-up, review roles and responsibilities, and confirm the availability of those personnel. By preparing to implement the system before it is launched, executives can ensure that the order to cash solution runs efficiently and the accounts receivable software programs are effectively incorporated with the existing system.
Step 4: Testing and Training
Training is essential to understand the process and ensure successful implementation of the accounts receivable software programs. Executives should provide adapted and customized processes for their order to cash solution based on the ERP system and the current use of accounts receivable software programs. thorough system testing should also be conducted prior to final launch of the Accounts Receivable Softwaresolution, to verify accuracy, make note of any irregularities, and secure quality assurance from all parties.
Step 5: Final Consultation and Launch
The final step is for executives to review the Accounts Receivable Softwaresolution and the associated order to cash solution with their internal stakeholders prior to the launch. This final consultation is necessary to ensure all parties are in agreement with the proposed solution, revisions have been made where needed, and order to cash challenges have been addressed. Once all sign-offs have been obtained, the Accounts Receivable Softwaresolution can be launched.
In conclusion, by following the comprehensive steps included in this guide and prepared in C-suite perspective, executives in the finance department can confidently tackle their order to cash challenges and greatly reduce manual processes and transfer rates. By establishing proactive, attainable goals and preparing for the upcoming implementation, executives can ensure the Accounts Receivable Softwaresolution is launched and running effectively while alleviating the order to cash related challenges.
