Adopting An Automated Order To Cash Solution For Electronic Invoice Presentment
Electronic Invoice Presentment
The age of digital transformation has enabled more efficient approach for business to manage accounts payable and receivable more efficiently through innovations like automated order to cash solutions. An automated order to cash solution is cloud-based suite of applications that offers features such as invoicing, accounts receivable, and write-off automation. This can be major benefit for any C-suite executive tasked with the responsibility of optimizing costs and improving cash flow through the accounts receivable process. This article will provide an overview of the benefits of adopting an automated order to cash solution for electronic invoice presentment and step-by-step guide to setting it up.
Overview of Automated Order to Cash Solutions for Electronic Invoice Presentment
Automated order to cash solutions have range of features that can help financial executives improve their operations and make them more efficient. The features include centralizing accounts receivable data and automating invoice delivery and sync with financial systems. They can also provide powerful reporting tools, real-time dashboards, integrated collections and reconciliation capabilities, improved cash flow visibility, and centralized settlement controls. This range of features makes order to cash solutions an ideal tool for enterprise-level finance departments. Automated order to cash solutions can empower financial teams with accurate insights into current billing status, payment history, discounts, due dates, and the impact of late payments.
With the right order to cash solution, financial teams can receive automated notifications and alerts whenever discrepancies arise with customer payments. This would enable them to take corrective actions on an urgent basis and prevent customers’ cash flow from becoming sluggish. Automated order to cash solutions also reduce paper waste, reduce the cost of compliance, and help companies stay in compliance with international contracts and tax regulations.
Step-by-Step Guide for Setting up an Automated Order to Cash Solution for Electronic Invoice Presentment
Step 1: Research available order to cash solutions and select the best one for your needs. It is important to understand the features offered by the solution and the scalability it offers for future growth. Additionally, consider the cost of the solution, the ease of implementation, and any customersupport offered.
Step 2: Set up the automation solution and integrate it with your financial systems. This process requires accurate configuration and testing and should be done by an experienced IT professional or consultant.
Step 3: Create templates and assign roles within the automation solution as needed. This could include assigning roles to accounts receivable and collections teams, setting up additional rules and customizations, or enabling additional payment methods.
Step 4: Set up invoices and billing in the system. This will involve integrating any existing invoicing processes and any necessary customization of the invoice format.
Step 5: Configure automated notifications and alerts. This will involve setting up conditional logic and selected users that should receive the notifications and alerts for payment discrepancies, payment due dates, late invoices, etc.
Step 6: Integrate the automated order to cash solution with any existing financial systems. This is an important step, as it will ensure that all invoices are accurately entered into the system and allow for easy reconciliation between the different systems.
Step 7: Test the configured solution to ensure that it is working as expected and all features are operating properly.
Step 8: Train any users on the system and provide necessary resources to help ensure successful deployment.
Conclusion
The process of setting up an automated order to cash solution for electronic invoice presentment can be daunting task. However, with the right solution and proper implementation, financial teams can benefit from improved cash flow visibility and control, optimized collections and better customersatisfaction. By following the steps outlined in this article, financial executives can ensure an efficient and successful transition to an automated order to cash solution.
