How To Leverage Automation For Your Order To Cash Process
What Is Cash Application In Ar
As an executive in the finance department, you understand the complexities of manual cash application processes, along with the tedious and time-consuming nature of the task. While your staff members have become experts in this area, you know there must be way to optimize your order to cash process.
With cash management software, such as Cash Application in AR, you can leverage automation for your order to cash process. Cash Application in AR provides suite of tools allowing customers to quickly process accounts receivables and apply customer payments in real time from within central platform.
This guide will provide you with step-by-step overview of cash application in AR and what it can do for your organization. Step 1: Log Into The SystemIn order to access the Cash Application in AR system, your staff members will need to log in. This can either be done on-premise, or through web connection. Once logged in, users will be able to access the dashboard and its features.
Step 2: Add Cash ReceiptsOnce logged in, users can start adding cash receipts. This is where customer payments, such as bank transfers, cheques, and electronic payments, are added to the system. You can also add any payments that have been recorded manually, such as paper checks or cash.
Step 3: Enter Accounts Receivable InformationOnce you have added the relevant payment information, you can then enter the accounts receivable information. This includes sales invoices, credit notes, receipts and any other relevant data. All information is entered into the system and stored for easy access in the future.
Step 4: Match Customer PaymentsOnce the accounts receivable information has been entered, you can move onto the matching step. This is where the customer payments are matched to the relevant accounts, based on the information that was entered in the system.
Step 5: Generate ReportsOnce the matching process has been completed, you can generate reports. This allows you to view detailed accounts receivable and customer payment data, as well as any discrepancies that may have been identified.
Step 6: Apply PaymentsThe final step is to apply the payments to the customer accounts. This can be done manually or automatically. Automatically applying payments to customer accounts greatly streamlines the process and increases accuracy.
ConclusionCash application in AR provides an automated solution for your order to cash process. By leveraging automation, your organization will benefit from increased efficiency and accuracy, as well as improved customersatisfaction. Simplify your processes and achieve efficiency for your organization with Cash Application in AR.
