Automated Accounts Management: A Comprehensive Guide For Evaluating An Order To Cash Solution
Automated Accounts Management Service
As executives in Finance come to grips with the ever-increasing number of orders being processed and invoiced each working day, automation solutions for accounts management have become necessity. Account management tasks such as invoice creation, collections, cash application, and customer recoveries, etcetera are best-managed with the help of automation. In this guide, we?ll delve into what it takes to build an automated accounts management system and how to determine the right order to cash (OTC) solution.
First and foremost, it is imperative to define the scope and parameters of the project. Depending on existing processes and customer requirements, there may be certain factors that need to be taken into account or certain modifications that can be made to the software. it is paramount to create an accurate system map that includes all the operational steps of the accounts management process. This is an essential step in understanding how an automated accounts management solution should be designed and implemented.
Once the baseline is established, companies have the option of constructing their own account management solution from the ground up or leveraging existing Softwaresolutions. For business just starting to grapple with accounts management automation, it is almost immediately easier to build off of an off-the-shelf order to cash solution. However, as the company matures and specific customer requirements become more necessary, developing software-as-a-service tailor-made solution may be the more viable option.
When selecting an OTC Softwaresolution, executives must analyze the system from the c-suite perspective. How will the customer experience be enhanced? What process improvements should be expected? How is the data stored and secured? Answers to such questions will help determine the right fit for an organizations order to cash software. Next, companies must consider the effects of implementation. This includes risk assessment, change management control, training the team on the new system, and system integration and configuration.
Finally, prior to purchasing an automated accounts management system, it is important to perform cost-benefit analysis. How will the cost of the software compare to the expected cost savings or improvements? What functionality is available with the software and what features will still need to be added? Answering these questions can help ensure an organization is getting the most for their money and investing in an OTC software that will remain valuable and effective for long time.
By being mindful of the steps and considerations outlined in this guide, executives across finance will find the process of selecting an automated accounts management system to be easier and far more efficient. The goal remains to be able to choose the best OTC Softwaresolution for an organizations specific needs and circumstances. Furthermore, investing in the right accounts management solution can save time, increase accuracy, and ensure customers are properly invoiced in timely manner, thus helping to improve customer experience as well.
