Risk Of Unutilized Order-To-Cash Software
DIGITAL ACCOUNTS RECEIVABLES
Finance executives are often faced with the difficult decision of whether or not to invest in an order-to-cash (OTC) software solution. While the investment may seem daunting, the cost of inaction can be much greater than implementing program. Not leveraging an OTC software can greatly increase the risk of inaccuracies in digital accounts receivables and potentially lead to substantial losses.
Data-driven invoicing is essential for any organizationstriving to achieve growth. Without OTC software, manually entering of invoices is required and can be time-consuming and costly task. Human errors can also arise due customer records and billing information not being kept correctly up-to-date, creating large administrative burden down the line. This often leads to delays in customer payments and decrease in cash flow.
To leverage digital accounts efficiently, organizations must ensure their OTC process is working to its fullest potential. Automated OTC software can help organizations save time and resources and increase profitability. With automated software tracking customer records, billing, and invoicing information, companies can more easily identify which customer accounts are likely to be overdue and in need of attention. Utilizing OTC software can also streamline the overall collections process, creating suite of automated tools for tracking payments, forecasting, and compliance. With some applications, organizations can offer their customers variety of payment options, allowing them to make payments digitally, both quickly and securely.
Robust OTC software allows companies to create and maintain systematic approach to invoice processing, resulting in better customer service and smoother cash flow. The ability to monitor customer payments allows organizations to take preventative measures prior to customers being overdue and to understand their payment behaviors. By having visibility into past, current and even future payments, organizations can obtain real-time insights into their customer?s financial position.
Organizations should actively measure the cost of any potential losses due to inaccuracies in digital accounts receivables, as well as the cost associated with not having automated OTC software in place. Investing in OTC software is not only significant time and resource saver but, in the long run, it can also greatly decrease risk, leading to more optimized finances. Therefore, while the initial cost, risk and effort must be carefully weighed, all C-Suite members should seriously consider investing in an automated OTC software solution.
