A Time-Saving Accounts Payable Strategy For The C-Suite
Accounts Payable Strategies
At the C-Suite level, you are constantly tasked with managing or reducing costs, improving processes, and driving ROI. Utilizing the right order to cash software may revolutionize the accounts payable strategies of the company and save time, with the added benefit of better financial practices.
If you are considering replacing your current accounts payable strategies with more efficient and current order to cash solution, this guide can help you understand how to analyze, select and deploy the new system.
1. Identify Your Accounts Payable GoalsIt is helpful to prioritize your goals for accounts payable and establish benchmarks to measure the successful implementation of new software. For example, consider addressing inefficiencies such as lack of compliance with SOX, lack of transparency with the corporate bottom line, and outmoded processes.
2. Research Available SolutionsEvaluate and compare the merits of the different order to cash solutions available. Look for ones that conform to industry standards like credit card payments and mobile applications. Moreover, assess the type of customerservice and support available, scalability options, training requirements, and reporting features.
3. Analyze Your DataDo not underestimate the analytical assessment step as part of your accounts payable strategy. thorough review of the data is an essential step to determine the companies long-term business goals and customer needs especially the historical purchasing habits of the customer base.
4. Lead the Selection ProcessBefore making final decisions, stakeholder interviews or surveys to gather feedback from multiple individuals or teams can help. From here, make list of criteria for the selection of the best order to cash software for your business, and review the vendors that meet all the criteria.
5. Implement and TestBased on your analysis of the order to cash solutions, implementation should be streamline process. Until you are satisfied with the system and are confident that it works properly, limit any training to small groups.
6. Monitor and ReviewSoftware performance is best monitored on an ongoing basis. Along with data analysis, it is important to review customer feedback and evaluate employee performance. As soon as modifications are needed in order to improve the process, take swift action so that the accounts payable strategy remains supported by the order to cash solution.
Choosing the right order to cash solution is time-consuming process, but the effort pays off in the long term. Utilizing the right software can make an accounts payable strategy efficient and effective while putting money back in the companies pocket. From the C-Suite, begin the journey by taking the time to properly review and assess the different options available.
