Integrated Invoice-To-Cash APplications ? Closing The Financial Loop
Integrated Invoice-To-Cash Applications
Organizations today are increasingly held accountable to stakeholders for transparent and accurate financial reports. An obscured or overlooked financial process not only places an organizations solvency into question, but can even create regulatory compliance issues. As result, an Order to Cash (OTC) solution that streamlines invoice-to-cash activities is integral to any organizationseeking to optimize its financial procedures.
An integrated invoice-to-cash Softwaresolution provides essential components to closing the financial loop, such as automated cash flows, increased visibility into customer communications, and standardized operations. Let?s review some of the primary features that an integrated OTC solution offers to maximize operational efficiency.
Invoicing
Integrated invoice-to-cash Softwaresolutions enable organizations to increase the speed and accuracy of invoicing. By eliminating the traditional paper-based process and automating the creation, delivery and tracking of invoices, an integrated OTC solution accelerates the receipt of payments. For example, invoice data can be automatically populated based off orders, eliminating manual data entry. In addition, these solutions are often equipped with customizable templates, further facilitating quick and efficient invoice filing process.
Collections Management
Integrated OTC solutions provide central repository to store customer information. This data simplifies collections management by providing visibility into customer payment behavior and trends. Organizations can use this data to implement collection policies and automate dunning cycles. Additional functionalities such as allowing customers to view and pay invoices online further facilities payment processing.
Cash Allocation
Modern OTC solutions offer an automated process that accelerates the reconciliation of payments to invoices. Customers can easily be tracked according to their payments, allowing finance departments to focus on bad burdens. With an integrated OTC solution, cash and receivables systems can be reconciled in real time, permitting the detection and correction of errors on both sides and consequently improving cash flow.
Reporting
Integrated invoice-to-cash solutions provide graphical reporting capabilities to visualize data from invoices, customer payments and collections activity. Through the use of analytics, finance teams can easily identify trends in spending, revenue and collection cycles from customers. This information can then be used to make data-driven decisions to improve corporate financial performance.
Integrated OTC solutions offer comprehensive package for finance departments by eliminating the manual layers of paper-based order-to-cash processes, improving accuracy and visibility, and ultimately streamlining financial management. Therefore, in order to create more efficient financial system with improved reporting abilities, organizations should consider an integrated invoice-to-cash Softwaresolution.
