Acquiring A Robust Automated Cash APplication Solution: A Practical Guide For Finance Executives
Automated Cash Application Solution
Finance executives in the C-Suite are fully aware of the need to streamline the order to cash process. Timely and accurate cash application is essential to accelerating cash flow and optimizing stakeholder resources. Herein, we examine the benefits of adopting an automated cash application solution and discuss how to select and deploy the most appropriate option.
The Benefits of Automated Cash Application Solutions
An automated cash application solution is designed to automate the manual, labor-intensive processes involved in running accounts receivable. The long list of payoffs associated with automating mundane tasks is impressive and could make compelling case for the need for such solution. Executives stand to benefit from:
? Reduced labor costs Automation enables higher efficiency and accuracy, freeing up human resources to focus on more strategic or value-adding tasks.
? Improved visibility of cash flow Automation generates more frequent and accurate data that show an up-to-date picture of available cash.
? More efficient customer relations Automation reduces incorrect payments and insufficient records, allowing more efficient and proactive communication with customers.
? Scalability Automation easily scales with the business and can accommodate spikes in activity and changes in volume.
Establishing Parameters for Your Automated Cash Application Solution
Once the decision has been made to adopt an automated cash application solution, it is important to first identify the scope of the project. Executive-level stakeholders must decide on the scalability of the solution and define the scope of the accounts receivable process. This includes activities such as data entry, the format of invoices, document management, and the accounts receivable ledger. Once the scope of the solution is established, compare vendors and providers to find the most appropriate automated cash application solution for the organization.
Selecting Your Automated Cash Application Solution
In evaluating vendors, consider the features and functionality available and its relevance to the organizations current needs. Review customer reviews and ask vendors? references to assess the reputation of the provider and guarantee technical support and services. Verify the security measures deployed against cyber threats and test the ease and usability of the product. Verify the reliability and stability of the system, its compatibility with other platform technologies, and the scalability of the solution. Finally, ensure it is cost-effective for the organization.
Deploying Your Automated Cash Application Solution
Once the solution is selected, initiate the deployment process. View the deployment from two perspectives, the cost of deployment and the scope of the process. Review the topology of the existing infrastructure and, if needed, upgrade existing infrastructure for seamless integration with other internal systems. Implement user training to ensure staff is comfortable using the product an engaged user base increases productivity and encourages adoption. Finally, initiate testing, verifying that the automated cash application solution meets the requirements and be fully integrated with existing systems.
Conclusion
The boardroom is primed to reap the rewards of an automated cash application solution. To C-level executive such as Chief Financial Officer, the clear benefits such solution offers are unrivalled. Resources can be reoriented to value-adding activities and teams benefit from increased productivity and accuracy. When researching solution and deploying the system, executive-level decision makers should prioritize the scalability, features, and costs. Ultimately, the right choice will result in successful implementation and optimization of accounts receivable for an organization.
It is imperative for finance executives to accurately assess their current accounts receivable process and gain an in-depth understanding of the available automated cash application solutions to determin
