Order To Cash Software ? An Executive Guide
ACCOUNT RECEIVABLE SOFTWARE FEATURES
With the rising intricacy of the financial supply chain, more and more businesses are turning to order to cash software for efficient accounts receivable management. These unique solutions provide an integrated and user-friendly platform for streamlining account receivables and other associated tasks. In this guide, we look at how order-to-cash (OTC) software can be used to manage the accounts receivables process, and how executives can make the most of the available features.
Creating AccountsThe process of accounts receivable (AR) begins with the creation of the customer accounts. With order to cash software, new customer accounts are easily created with minimal data entry. All the necessary information, such as contact details, payment information, shipping preferences and sales tax information, can then be quickly stored in the software?s system. It is important to note that the customer information should be verified with the appropriate documents in order to ensure the accuracy of the accounts receivable.
Issuing InvoicesOnce the accounts have been created, the AR process moves on to the issuance of invoices. OTC software provides users with the ability to automatically send invoices to their customers. This can be done with minimal manual input as the software can collect the necessary information for each invoice from the customer accounts. The software also allows users to design their invoices to evoke their brand image.
Tracking Accounts ReceivableManaging receivables is key when it comes to successful accounts receivable. This is where OTC software shines, allowing users to easily check the progress of AR by reviewing the status of invoice payments. The software also allows users to set up automated payment reminders to ensure that their customers pay on time.
AnalyticsAnother benefit of OTC software is that it allows users to gain insights into their accounts receivable (AR) performance. Through predictive analytics, users can shorten the invoicing process and uncover opportunities for the optimization of their accounts receivable process.
ConclusionOrder to cash software provides reliable and powerful platform for managing accounts receivable. With integrated AR processes and powerful analytics capabilities, executives can easily monitor and control their AR operations, while also uncovering previously unseen opportunities to optimize their cash flow. With the right OTC software, managing accounts receivable can not only become much easier, but also more efficient and profitable.
