Leading Operational Performance: Order-To-Cash Software
Account Receivable Procedure
businessestriving for financial success understand the importance of attaining optimal performance across their operations. Account receivable procedures, such as invoicing and collections, can be sources of increased efficiency when measured from cost-value equation. Achieving these goals can be accelerated with judicious use of software for order-to-cash operations.
To maximize potential rewards, chief financial officers (CFOs) need to evaluate the current manual structure of their invoice and collections processes before selecting software platform. Delineation of established practices and target objectives will provide actionable criteria to guide the evaluation. An effective selection should address distinct objectives and be elastic enough to meet changing requirements, especially volume and scheduling of tasks associated with receivables and collections.
Once package is selected, successful implementation depends upon clear process and communication plan. Business leaders need to ensure finance staff is well-equipped to maximize the benefits of the chosen software by investing in training.
Integrating the order-to-cash cycle, CFOs should then confirm the system accurately flows information between the existing accounts receivable, order entry, and general ledger tools. This can be evaluated by simple auditing procedures that monitor transaction accuracy and system performance. If unified order-to-cash system is unattainable, default solution can be employed to prevent staff from manually processing payments.
In addition to automation, the applications of artificial intelligence (AI) are expanding in the library of components used to create the optimized enterprise. AI can monitor the order-to-cash process more accurately than human and produce insights that provide visibility into customerspecific data. Such information can help in ?upselling? to customer, early recognition of potential collection issues, and improve credit assessment processes.
Modern software for account receivable procedures can offer financial executives fundamental support for their operations, from order placement to cash transactions. When used in conjunction with data analysis and AI components, CFO is well-positioned to gain insight into customer behavior, enhance predictive modeling of collections, and reduce cost through greater automation. well-thought-out process provides the opportunity to confidently review available solutions, select the optimal platform, and successfully implement the order-to-cash software for powerful operational performance.
