Robust Solutions For Enhancing Cash APplication
ENHANCE CASH APPLICATION
Cash application services can be critical to the success of business, providing organizations with visibility and accuracy in the management of funds across the order-to-cash cycle. From the C-suite perspective, the selection of precisely-suited application solution should ensure that processes remain efficient and highly secure while maintaining accuracy in the reconciliation of accounts. Below is step-by-step guide for organizations seeking to achieve best-practice cash application solution that meets the needs of their business.
Step 1: Analyze Your System
Prior to making any changes, it is paramount to gain an understanding of your current application platform?s strengths and weaknesses to identify potential vulnerabilities. This can be conducted by running detailed analytics on the data collected through the current system, in order to develop insights into existing protocols and their associated performance issues.
Step 2: Evaluate Application Options
Based on the data obtained in Step 1, develop set of criteria when evaluating new application solutions. This can range from features such as digitization and automation capabilities to flexibility in terms of customizability. The development of criteria helps to narrow down the selection scope and ensure that the solution is fit-for-purpose and tailored to the specific operations and requirements of the business.
Step 3: Conduct Due Diligence
Having established criteria and refined the selection to few options, it is essential to get informed on the reliability of the application and validate its success in practice. This can be done by speaking with industry colleagues to gain further insight into the specific solution, running reference checks and conducting business reviews on the company offering the service. Additionally, assess the potential solution?s integration potential in order to gauge the likely impact to any existing system architecture.
Step 4: Run Pilot Tests
Prior to making an official transition to new solution, it is recommended to trial the application in real-world terms. This ensures that the performance in reality matches up to the expectations set in previous evaluations and allows for the organization to gain an understanding of the system?s complexity.
Step 5: On-Board the System
Ensure smooth transition by taking the time to train staff on the cash application system and provide them with any necessary resources to support the learning process. This gives users the opportunity to familiarize themselves with the new solution and its features, and provides the organization with the groundwork required to ensure reliable performance.
Step 6: Review Performance
Regularly run checks on the application performance to assess its efficacy within the order-to-cash system. During the review process, look out for any discrepancies within the accounts, staff feedback, and customer experience in order to evaluate any potential streamlining opportunities.
Ensuring an optimized cash application solution is an essential part of any organizations operations. By following this step-by-step guide, organizations may be able to reduce manual processes and streamline accounts payable, ultimately maximizing the potential of best-practice cash application system.
