An Overview Of Accounts-Receivable Solution Reviews
Accounts Receivable Solution Reviews
When it comes to selecting the right accounts-receivable solution for an organization, thorough reviews are vital. Working through the process of examining the latest options to determine which meets an organizations needs requires an investment of resources, which can be better spent on increasing the efficiency of account receivable processes. Understanding what?s required to thoroughly evaluate an accounts-receivable solution allows an executive in the finance department to ensure they’re making the right choice when selecting an order to cash solution.
Step 1: Establish Parameters of Evaluation
Before diving into the research, it is important to determine the criteria that will be used to evaluate prospective solutions. For instance, executives should evaluate solutions according to the best practices in their industry. Additionally, they should consider particular features and functionality that address their business needs. They should also identify an acceptable cost range for solution and look for solutions that will maximize the existing resources.
Step 2: Compare Solutions and Create Shortlist
Using the parameters established in Step 1, executives can begin researching solutions. They will want to determine which solutions provide the features, cost and overall level of efficiency that their organization needs for optimum performance. After comparing the solutions, the executive should create short list of the top contenders.
Step 3: Run Pilots and Conduct User Assessments
Once solutions have been compared and shortlist created, it is then time to take the evaluation of the solutions to deeper level to determine how they will perform in everyday use. With this step, the goal is to run pilots of the top solutions and conduct user assessments to help determine which of the shortlisted options is the best fit. This includes hands-on research to ensure that user interactions with the solutions will be easy-to-understand and effective.
Step 4: Examine the Ability to Integrate
In the modern business environment, it is increasingly important to determine the ability of systems to seamlessly integrate with other systems and processes. As such, it is important to evaluate the solutions being considered for their ability to integrate with existing processes, systems and information. This can help to ensure that selecting solution won?t require disruptive process of rewiring existing systems and interfaces.
Step 5: Seek Feedback from Internal Teams
Finally, it is essential to get feedback from the internal teams that will be making use of the new accounts receivable solution. This will give their existing experience in working through accounts receivable processes the chance to be considered in the process. Plus, this helps those teams to feel comfortable about the switch, which will make implementation much easier.
Conclusion
Undergoing comprehensive review of solutions to determine which will be the best accounts receivable solution for an organization is critical part of any Order to Cash Solution decision process. Establishing the criteria of evaluation before getting started helps executives to narrow down the list of options more quickly and efficiently. Then, pilots and user assessments can help to determine which of the shortlisted solutions is the best fit. Furthermore, examining the ability to integrate and seeking feedback from internal teams can help to round out the assessment. With the right approach, executives can identify the ideal Order to Cash Solution for their organization.
