Automating The Accounts Receivable Process With Disputed Management Software
Dispute Management Accounts Receivable Software
The accounts receivable process can be notoriously complex and time consuming. As result, organizations across the globe have sought to automate this process with Order to Cash Softwaresolutions. Disputed management software, in particular, has become an increasingly popular method for improving both efficiency and accuracy.
With this type of software, finance departments have the ability to record, manage, and resolve outstanding disputes against invoices. Customers are usually faster to pay when disputes can be submitted, tracked and adjudicated with electronic tools. The software also offers easy cross-referencing and option to transfer data to the accounting system.
Here is step-by-step guide on how to get the most out of disputed management software for accounts receivable automation.
Step 1: Begin by selecting solution. When evaluating the available options, consider features such as an intuitive user interface, self-service features, integration capability and scalability. Pay attention to the design and scalability of the platform as these are integral to successful automation process.
Step 2: Plan and set up your dispute management process. Work closely with executive stakeholders to map out the workflow. Adopters should decide who may submit disputes and how those requests will be channeled. best practice is to fully document the process and cycle times.
Step 3: Establish dispute validation criteria. Establishing an agreed-upon hierarchy of dispute categories and detail can help avoid manual intervention. Detailed disputes also help avoid delays in resolving and placing invoices on hold.
Step 4: Configure automated emails. Configure emails to ensure customers and third-party stakeholders are notified quickly and consistently about dispute progress.
Step 5: Set up automated dispute tracking. Dispute automation encourages collaboration and data-sharing within and across departments. Setting up automated dispute tracking allows various teams and stakeholders to connect within single platform enabling faster turnaround of disputes.
Step 6: Configure dispute reporting. To ensure that disputes are both monitored and managed on regular basis, consider creating an automated dispute reporting system. This should be tailored to businesspecific goals and should cover key performance indicators such as dispute volume, resolution time and cost savings.
Step 7: Integrate the dispute management software with existing systems. This will greatly boost efficiency by enabling data to be passed between the two. As business tend to use variety of software, integration becomes key to minimize manual handling.
Step 8: Monitor and Revise. Monitor the dispute process in real-time. Assess performance, identify any potential issues and revise workflow processes to ensure continual improvement.
The journey towards automating the accounts receivable process with disputed management software may be time consuming, however, the time and effort invested can prove to be both beneficial and rewarding. End-users can benefit from improved customer relationships and reduced receivables cycle times, while also enjoying cost savings from an automated workflow process.
