Making Global Accounts Receivable Work Better: Leveraging Software Solutions
Global Accounts Receivable Software
The order to cash process is often challenging across the supply chain, but especially so with globalized accounts receivable. Mismanaged invoices, missed payment deadlines and the hassles associated with global currency transactions can have significant and concentrated negative impacts on profitability and customer relations. Finance executives of global operations need to recognize that leveraging technology like global accounts receivable software can help them streamline their order to cash process to foster improved operational performances.
One of the first areas of streamlining to consider with global accounts receivable software is the customer invoice submission phase. Automating the customer interface with digital customer invoice submission forms can increase the efficiency of capturing customer data, such as mailing addresses, invoice details and payment terms. One of the challenges of operating on global scale is that customer data needs to be synchronized across multiple regions for purposes of tracking key financial performance metrics such as DSO. Automated customersubmission forms facilitate this, while also reducing the time associated with manual data entry and organizational spending associated with human capital.
The primary benefit of leveraging technology for global accounts receivable is the improved scalability of the order to cash process. Automation of the invoicing process enables accounts receivable personnel to cascade responsibilities down throughout their departments, reducing the bottlenecks associated with manual data entry and effectively transferring the responsibility of transaction processing to the customer base. This coupled with the ability to electronically transfer documents and invoice data between regional offices reduces the administrative burden associated with corporate accounts receivable, freeing up personnel to focus on the pursuit of customer accounts and seeking out potential opportunities for expanding global customer base.
In addition to the human capital related benefits derived from utilizing global accounts receivable software, the ability to automate customer invoice submission also provides some additional advantages related to the customer experience, such as better access to information regarding order statuses and automated payment reminders. These advantages enable finance executives to make scalability gains within their customerservice operations, allowing customerservice personnel to more efficiently oversee multiple customer accounts and streamlining order to cash processes across customer transaction periods.
Technology has clearly been playing larger and larger role in global accounts receivables, and its potential for streamlining order to cash processes should not be overlooked by finance executives. Softwaresolutions that allow for customer invoice submission, automated invoicing, and secure platform for document and customer data transfer can significantly reduce organizational costs and human capital burden associated with global accounts receivable, while fostering improvements to the customer experience. Leveraging technology to make global accounts receivable work better is viable and necessary option for finance executives looking to optimize their operational performances.
