Cash APplication Services: An Executive Overview
Cash Application Service
Every day, the accounts receivable and finance departments of companies large and small are juggling the challenge of accurately and efficiently reconciling payments coming from their customers. Fortunately, cash application services offer an effective solution for businesseseeking an order to cash software to streamline this process. In this comprehensive guide, executives in finance will gain insight into the use of cash application services and the key features quality solution should possess.
Overview of Cash Application Services
Cash application services provides software interface that streamlines the order to cash process. Automating this workflow eliminates the potential for manual errors, reduces the amount of time spent on frequency tasks, and helps the A/R department interconnect disparate data. Ultimately, this technology simplifies and accelerates the reconciliation of payments and cash flows, while establishing greater visibility into the accounts receivable process.
Selecting Cash Application Service
Executives in finance understand how critical it is to choose the right cash application service that meets the needs of their company. When seeking an order to cash software, it is essential to evaluate the essential features of quality solution. For starters, executives must consider the method used for cash application. Cash application services should use combination of both automatic and manual processes.
The ideal solution will offer flexibility when necessary to provide data entry options such as electronic data interchange (EDI) or batch input. It is also important to ensure the cash application service has the capability to correctly format customer data, including customer number, invoice number and amount, in order to fully optimize its performance.
Moreover, executives should ensure the cash application service is equipped with fraud prevention controls. Fraudulent payment attempts are always risk for business and executives must take the proper measures to protect their companies assets.
Accelerate Accounts Receivable Process
It is essential that the cash application service chosen offer an accelerated accounts receivable process with automated workflows. This will allow employeeto quickly receive their payments, reducing the time spent on manual tasks. Automation can also verify customer information and the accuracy of data entries, reducing the time spent on reconciliation.
Another key feature is the capabilities to easily monitor and track outstanding customer invoices and payments. This provides financial executives with greater visibility into the A/R process, cash flow and customer aging.
Finally, Executives must evaluate the quality of customerservice offered by the cash application service provider. Real-time customersupport, training resources and migration assistance make world of difference when incorporating solution.
Conclusion
Cash application services offer an effective solution for executives seeking an order to cash software to streamline the reconciliation of payments. When selecting cash application service, it is essential to consider the combination of automatic and manual processes used, the capabilities to accurately format customer data and the prevention processes to protect company assets. Additionally, an ideal cash application service will accelerate the accounts receivable process, provide visibility into the A/R process, cash flow and customer aging, and possess quality customerservice.
