Reaping The Benefits Of Automated Receivables
AUTOMATE RECEIVABLES
With need to process increasing numbers of accounts and the complexities of regulations surrounding them, many organizations have chosen to deploy automated receivables solutions for their order-to-cash operations. Automated receivables tools offer range of benefits, from improved efficiency to better customer service and compliance with regulations, making them valuable asset for organizations. This article explains the advantages of automated receivables solution, provides step-by-step guide to setting up such system, and discusses what organizations should consider when evaluating potential products.
For organizations, especially those engaging in the sale of goods, the receivables process can be source of both conflict and cost. From customer disputes regarding payments and fines imposed due to non-compliance with set regulations, to the time and effort spent manually effecting and processing orders and payments, the receivables process can represent significant burden both financially and logistically. Add the complexity of coordinating staff to perform the receivables process and the problem only compounds, leading many to look for better way to streamline receivables operations.
Automated receivables solutions offer convenient and time-effective solution to this problem. These products offer organizations fully automated system, allowing them to process orders and payments quickly and easily without the need for additional resources. This increased efficiency can be leveraged to shorten payment cycles and improve accuracy, benefitting both the organization and its customers. Automation can also ensure compliance with regulations and offer better customer service, helping reduce any complaints and maintain the organizations good standing with its customers.
However, due to the complexity of the automated receivables process and the variety of solutions on offer, many organizations can find it difficult when considering the implementation of such system. Therefore, this article provides an in-depth guide to setting up an automated receivables system.
Step-by-Step Guide to Setting up Automated Receivables
1. Make an assessment of the organizations current receivables process: it is important to have full understanding of the current status of the receivables process before making any changes. Look at the existing system, from customer invoicing and payment processing to customer query management, and evaluate its effectiveness. Make list of any areas for improvement or those that will benefit from automation.
2. Implement the required changes: after assessing the existing process, create plan for the implementation of the automated system. This could include recruiting new staff or changing the existing procedures, processes and systems to allow for full automation.
3. Research the automated receivables solutions: research the various automated receivables products currently on the market. Look at their features, benefits, and customer reviews to find the best fit for the organizations needs.
4. Contact vendors if needed: if after researching the available solutions the organization is still unsure which product to purchase, then contact each vendor to discuss the features, licensing, and the customer service offered.
5. Decide on the vendor and product: based on the research and discussions, decide which product and vendor is the best fit for the organizations requirements and purchase the software.
6. Set up and configure the system: the next step is to set up the automated receivables system. This can include installing the software, customizing its settings, and configuring any integration points or APIs.
7. Train the staff: once the system is set up and ready, train the staff to use the automated processes and efficiently manage the system.
8. Monitor and measure the results: once the system is up and running, monitor the performance and measure the results. Analyze the data and make any changes or adjustments to the system if needed.
Conclusion
Organizations engaged in order-to-cash operations can experience range of benefits when they implement an automated receivables system. From increased efficiency and accuracy, to improved compliance and customer service, automation can help boost the bottom line and streamline receivables operations. This article has provided an in-depth step-by-step guide to setting up an automated receivables system, helping to ensure that such system is properly implemented, managed and maintained. Organizations looking to deploy such solution should conduct their own research and carefully assess the products on offer to determine the best fit for their needs.
