An Executive’s Guide To Electronic Invoice Presentment And Payment For Order To Cash Software
Electronic Invoice Presentment And Payment Eipp
When it comes to processing payments for business, it is essential to have software that manages the order to cash workflow efficiently. Electronic invoice presentment and payment (EIPP) solutions are an ideal way of carrying out the order to cash cycle. As C-Suite executive with an eye on the bottom line of your business, you should consider integrating an EIPP solution in your operations.
EIPP solutions comprise of applications which allow customers to view, approve and pay invoices electronically. This offers business the opportunity to streamline their processes in the order to cash cycle, automating tasks that otherwise would need to be performed manually. It increases the visibility of data, reduces paperwork and costs and allows you to switch payment terms and conditions easily.
When evaluating an EIPP solution foryour organisation, first consider the core components that must be available:
1. Invoice Presentment: An EIPP solution will enable vendors to create their invoices in their preferred format and have customers view the invoices online.
2. Invoice Approval: The EIPP solution should have an approval system in place that helps your customers view invoices and hence, approve or reject them.
3. Payment Processing: EIPP solutions should have built-in payment processing capabilities that allow customers to pay using preferred payment methods such as credit cards, ACH transfers or checks.
Apart from the core components mentioned above, there are other features that you should evaluate when deciding the right EIP solution for your order to cash process.
1. Data Integration: EIPP solutions should integrate with other enterprise applications such as ERPs and accounting systems. This allows you to view and manage data in seamless manner.
2. Orchestration: EIPP solutions should also help orchestrate the order to cash process with features such as invoice generation, routing, allocation, reconciliation and payment processing.
3. Automation: Automating the order to cash process can free up time for your finance team to focus on other areas of the business. Look for an EIPP solution that automates payments, terms and conditions for customers, validates transactions and approves invoices.
In addition, other factors that you should consider when choosing an EIPP solution include scalability, data security, reporting and customersupport.
EIPP solutions can be incredibly beneficial to yourorder to cash process byincreasing visibility, optimising working capital and streamlining the flow ofcash. Considering all the features mentioned above, implementing an EIPPsolution can bringInvaluable returns toyour business in the long term.
