An Overview Of Electronic Presentment In An Order To Cash Solution
E-Presentment
A modern Order to Cash (O2C) workflow solution can provide wealth of advantages for finance department, streamlining billing processes, reducing manual labor and errors, and allowing for greater control over the entire revenue cycle. Among the suite of features available through an O2C SaaS package is electronic presentment, secure, efficient method of delivering and tracking invoices, statements, and other documents to the accounts receivable departments.
As C-Level executive and finance leader, it is essential to be aware of the strengths and opportunities that e-presentment brings to an O2C platform. In this guide, we’ll cover an overview of the process, potential benefits, and factors to consider before implementing an e-presentment solution.
What is Electronic Presentment?
Electronic presentment, usually shortened to e-presentment, is the technology-enabled transfer of document files from the enterprise to their accounts receivable department. This process typically includes the secure delivery of PDF documents from server or cloud database to recipient’s email or web portal configured for the document delivery.
Organizations that employ fully integrated e-presentment solution have seen significant improvement in the speed, accuracy, and control of the delivery and tracking of invoices and other related documents. Improved customerservice and better security are additional benefits of developing an e-presentment strategy.
Benefits of Electronic Presentment
Speed and Efficiency: By automating the delivery and tracking of invoices and statements, organizations are able to reduce manual labor, minimize bottlenecks, and ultimately, shorten payment cycles. This enables teams to focus on higher-level tasks and strategic initiatives, rather than spending time on mundane tasks associated with sending out invoices and statements.
Accountability and Security: An e-presentment system decreases the opportunity for human error that can occur with manual document data entry or editing. It also provides better visibility into usage data, helping to identify fraud and accurately monitor document delivery. By sending encrypted documents with secure links, business can ensure that their data is delivered in the safest manner possible.
Improved customerservice: Being able to track the status of documents allows an organization to more readily determine if the recipient received the document and how long it has been open without being paid. This allows the team to take proactive approach to customerservice, offering customers helpful reminders, follow-up calls, or other communication channels to proactively address slow payments. Additionally, integrated e-presentment solutions enable users to access customized documents with gain greater control over the overall customer experience.
Implementing an Electronic Presentment Solution
One of the primary considerations when incorporating electronic presentment into O2C platform is finding solution that is integrated and tightly coupled with the O2C systems. businesseshould opt for solution that can be embedded in their existing O2C workflow, with compatibility across multiple systems and processes.
it is also important to choose platform that can be tailored to the individual needs of the organization and its customer base. Look for solution that offers plenty of customization options and easily integrates into one?s accounting system. This will make it easier to create tailored documents and send them to the customer with the click of button.
Finally, secure platform should be must when considering an e-presentment tool. it ishould be built with extensive customer permissions and authentication options, with corresponding access to stored documents, customized documents, and usage tracking.
Conclusion
An e-presentment solution is valuable addition to any integrated O2C platform as businesseseek more control of their revenue cycle and customer experience. When implemented correctly, e-presentment can bring host of advantages, from improved customerservice to greater accountability and speed. Ultimately, tailored e-presentment solution with the right authorization and authentication options provides business with the transparency and customersatisfaction they need. As C-Suite executive, it is important to have comprehensive understanding of the advantages and limitations of e-presentment when evaluating O2C solutions.
