Workflow Evaluation For Order-To-Cash Software: An Essential Guide For Executives
WORKFLOW FOR ALL THE EXCEPTIONS IN CASH APPLICATION SOFTWARE
Executives in charge of finance departments, or those responsible for selecting software solutions to improve operations, must always consider the impact that workflow evaluation will have on order-to-cash software. This process involves evaluating any potential exceptions that may arise during cash application software. An effective workflow evaluation will ensure cash application software runs without any errors, reducing the labor costs and inefficiencies associated with manual processing, as well as any losses caused by improperly applied payments.
The workflow evaluation process begins by properly understanding the current order-to-cash process. To accomplish this, executives must analyze existing data and documents to identify any areas where cash application software might result in efficiencies. Evaluating the software’s ability to process exceptions is of primary importance, as well. Particularly, the workflow evaluation should assess the cash application software’s ability to recognize non-standard items, such as split payments, past due invoices, or other special payment conditions. Ensuring that the software can adequately process exceptions will save time and money, as well as providing an accurate and complete view of your financial operations.
In addition to assessing the software’s ability to process exceptions, the workflow evaluation should also consider any modifications to existing processes required for the software’s implementation. Typically, cash application software requires changes to the current order-to-cash system, such as inputting new data into the system for tracking, or making changes to the existing payment workflow processes to ensure payment remittance is sent out in timely manner. Ensuring that all of these changes are made before implementation will reduce the amount of time needed to get the software up and running, thereby increasing your return on investment.
Finally, once the workflow evaluation has assessed the current order-to-cash systems, any modifications needed for implementation, as well as the ability to process exceptions, executives should consider the software’s scalability. While the current processes may be suitable for the companies current operations, executives must consider whether the software will be able to keep up if operations need to be scaled up or down in the future. The ability to handle more exceptions or process more accounts without incurring additional labor costs is key benefit of cash application software, and one executives should take into careful consideration.
In conclusion, cash application software can be an invaluable tool in increasing the efficiency of order-to-cash systems. However, considering the potential exceptions and scalable properties of the software are essential when evaluating the workflow of any potential cash application software. Executives should keep in mind all of the components of the workflow evaluation process, such as the ability to process exceptions and the software’s scalability. Doing so will ensure timely and successful cash application software implementation, maximizing their return on investment.
