Order To Cash Software: A Guide For Executive Decisions
ACCOUNTS RECEIVABLE TECHNOLOGY
As an Executive working within the Finance Department, you may be looking for suitable solution to assist with an accounts receivable strategy. The process can be complex and time-consuming, involving multitude of tasks from the order to the remittance. Fortunately, there are now complete Order to Cash software packages on the market which can automate the automation process and provide you with an efficient accounts receivable process. In this guide, we will look at what an Order to Cash software can do for you, how to use and secure it, and why you should consider implementing it into your finance infrastructure.
Understanding Order to Cash Software
An Order to Cash software (OTC) is comprehensive solution that offers your organization comprehensive approach to managing your entire accounts receivable process. From order entry, to invoicing and payment, the OTC software platform can streamline the entire process and increase the speed at which you can turn cash into your account.
In simple terms, the OTC software simplifies your accounts receivable process by automating the order entry, invoicing, and payment systems while providing analytics to give you an insight into your monetized position. By using the OTC software, you can easily monitor customer accounts, track invoice due dates, and access dispute or free balance options, making it easier to ensure the balance of accounts is accurate and timely.
Using Order to Cash Software
When you are ready to set up your OTC software, you will be required to make several decisions. The most important of these include:
? Deciding if the software is best suited for cloud-based or server-based system
? Establishing payment rules and cycle periods
? Assigning approval processes
? Addressing any requirements for integrations
? Selecting software vendor
In addition, you will need to set up access to the software, decide on user roles and permissions, integrate the software with any existing accounting software, configure access rules, and finally deploy the software.
Securing Order to Cash Software
After you have established your OTC software, it is essential to secure it. This can be done by:
? Setting multi-factor authentication
? Allowing anonymous access only to approved users
? Utilizing encryption to help protect your data
? Using proven, secure protocols
? Adhering to industry-standard security measures
? Auditing user access
? Implementing identity and access management
? Setting up networks to protect against cyberattacks
Why Implement Order to Cash Software?
Order to Cash software can play an important role in the efficient and effective operation of your accounts receivable functions. Benefits of implementing the software include reduction in order entry mistakes, improved accuracy in invoicing, and faster order processing times. The OTC software increases the visibility of customer accounts, reduces the amount of time spent managing accounts, and contains features which calculate the days outstanding and automatically schedule invoice payments.
By automation, the OTC software can take the repetitive tasks off your plate and allow you to focus on the more important requirements of accounts receivable. In addition, the software helps to reduce the number of invoice disputes, improves the accuracy of payment information, and can provide information on creditor and debtor performance.
Conclusion
Account receivable processes, when managed correctly, can be significant contributor to your bottom line. To get the most out of the process, implementing Order to Cash software is essential. When selecting, setting up, and using OTC software, there are several key considerations to make, such as understanding the available options and making sure your data is secure. With the right OTC system in place, you will be renowned for your efficient accounts receivable activities and enable you to focus on long-term projects which can drive the success of your organization.
