Maximizing Accounts Receivable With Order To Cash Solution
Management Of Accounts Receivable
As finance executive, or member of the C-Suite, you may be feeling the pressure of managing an array of accounts receivable processes, especially when working with market fluctuations, global initiatives, and other risk-oriented projects. If this is the case, you might benefit from an Order to Cash Solution, which provides much-needed clarity and automation to ensure accounts receivables not only produce revenue for the enterprise, but also run efficiently and cost-effectively.
An Order to Cash Solution streamlines the end-to-end processes surrounding accounts receivables. Inherently, this function seeks to improve cash collections through enhanced visibility, accurate financial reporting, increased automation and compliance with regulations. This solution provides an array of features, as well as an opportunity to take advantage of vital cost savings.
Let’s break down the Order to Cash Solution, and evaluate it from the point-of-view of an organization.
Sales Automation
Sales automation is an important component that allows the organization to maximize accounts receivables. By utilizing the Order to Cash advanced O2C automation, the organization is enabled to issue, track, review and approve orders and deliveries for products and services with greater accuracy.
Invoicing and Deductions
In conjunction with sales automation, automation in the invoicing and deductions departments offers the opportunity for increased efficiency and productivity. By streamlining the process of filing invoices, credit and debit notes, deductions, refunds and more, the organization is enabled to optimize cash collections, reduce costs and ensure compliance in fraction of the time.
Credit Management
Credit management is key part of any O2C process, and allows the organization to take proactive measures when it comes to collecting debt, as well as setting credit limits on customers. The system also produces insightful reports which allow the organization to identify credit and cash flow problems, and effectively manage customer relationships.
Collection Management
Collection management is an integral part of the Order to Cash cycle, and allows the organization to achieve the goal of receiving funds in timely and cost-effective manner. The system can be configured to actively monitor payment transactions, create dunning and aged outstanding reports, record non-payments and more.
Reporting
Finally, the Order to Cash Solution provides timely, accurate and insightful reporting that is critical for making informed and data-driven decisions. Reports can be created at both the individual customer and global levels, and can track overdue payments, deferrals, credits, and unpaid invoices.
In summation, an end-to-end Order to Cash Solution enables the organization to convert sales orders into revenue with greater accuracy. By streamlining processes such as invoicing and deductions, credit and collection management and reporting, the organization is able to optimize accounts receivables, reduce costs, ensure compliance and improve overall customerservice.
