Case Study: Automating Cash APplication Processes With Saas Solutions
Cash Application Process Automation
Having reliable and efficient cash application process is essential for the modern finance function. Without proper cash application, the purchase to pay cycle can introduce serious bottleneck in accounts receivable and accounts payable, negatively impacting the financial health of any organization.
Organizations looking for an efficient way to automate their cash application processes can look to Software as Service (SaaS) solutions for an effective solution. This article will provide executives in the finance functions an overview of the benefits of SaaS solutions for automating cash application as well as step-by-step guide for how to implement them for the optimal benefit.
Advantages of SaaS Solutions for Automated Cash Application
SaaS solutions for automated cash application offer numerous advantages to modern finance functions. Firstly, they can save time and resources by reducing manual entry and paperwork associated with payment processing and cash collection. This reduction in manual labor can also lead to improved accuracy in data entry.
Additionally, SaaS solutions can reduce reliance on manual reconciliation processes by creating more efficient way to match payments to invoices without requiring manual checks. The improved accuracy of cash application leads to improved visibility into the Accounts Receivable and Accounts Payable subledgers.
Finally, SaaS solutions offer scalability and the ability to be tailored to an organizations specific process, making them more cost efficient and accurate. This flexibility of SaaS solutions can also lead to an improved process across multiple locations and departments.
Step-by-Step Guide for Implementing SaaS Solutions for Automated Cash Application
Executives in the finance function who are looking to implement SaaS solution for automated cash application should follow these steps for the best results.
Step 1: Evaluate current systems
The first step in implementing SaaS solution for automated cash application is to evaluate the existing system. This may include an assessment of the current technology platform and the process for collecting, distributing and reconciling payments. In addition, it is important to review any manual processes that may need to be addressed, such as duplicate payments or manual data entry.
Step 2: Understand payment processing needs
It is essential to understand specific payment processing needs of the organization in order to choose the right SaaS solution. This may include an analysis of the type of payments collected, frequency of payments, volume of payments, and other related factors. It is also important to consider the types of payment methods accepted by the organization and their associated processing costs.
Step 3: Research SaaS solutions
The next step is to research and compare different SaaS solutions for automated cash application. It is important to understand and compare features and capabilities, including pricing models and service levels, in order to choose the one that is the best fit for the organization.
Step 4: Design the implementation plan
Once the SaaS solution is chosen, it is important to create detailed implementation plan. This should include components such as training, process changes, and system integrations. It is also important to consider the technology and resources needed to implementing the solution.
Step 5: Execute the implementation plan
Once the implementation plan is in place, it is important to execute the plan with the necessary resources and commitments. This includes the allocation of personnel, resources and technology. It is important to ensure that any process changes are communicated to employeeand other stakeholders in order to ensure success.
Step 6: Monitor and optimize
It is important to monitor performance of the SaaS solution for automated cash application and adjust accordingly. This may include modifications to the implementation plan or the SaaS solution itself in order to optimize performance and improve results.
Conclusion
Executives in the finance function who are looking to implement SaaS solution for automated cash application should consider the advantages of these solutions as well as the steps for successful implementation. The highly efficient and flexible nature of SaaS solutions for cash application can provide significant gains in productivity and accuracy, while reducing reliance on manual processes.
