Modernizing Credit Administration With An Automated Order To Cash Solution
Flexible And Automated Credit Management Process
todays complex credit administration processes demand an agile approach that streamlines operations and enhances customer relationships. Executives looking for modern, automated solution for Order to Cash (OTC) credit management need secure and reliable set of tools that can reduce costs, increase accuracy and simplify the process.
The ideal OTC solution offers simplified credit management, integrations, and streamlined experience for customers. This guide demonstrates how modern OTC credit administration solution automates the entire process from initial orders through invoice delivery, payment collection and reconciliation.
Introduction: What is Credit Administration?
business use credit administration, also known as credit management, to control and measure their financial risk when they provide credit to customers. Credit administration encompasses all activities that manage the credit extended to customers including credit applications, review, reference checking, credit limits, payments, collection and dispute resolution.
An effective OTC Credit Administration Solution
A successful credit administration system needs an integrated and automated approach that leverages cutting-edge technology. An automated OTC Credit Administration Solution delivers all of the capabilities mentioned above in complete suite, designed to be secure, agile, and customizable. This will provide executives with the tools they need to manage the entire credit administration process, from initial order all the way through to invoice delivery and payment reconciliation.
Step-by-Step Guide:
1. Order Creation and Approval: The OTC solution allows customers to create orders and manage their inventory with accurate and traceable data retrieval and data entry. This allows executives to centrally store customer information and view and approve orders prior to billing.
2. Payment Collection: The OTC solution automates the process of invoice generation and payment collection, and tracks the status of payments for customers. Executives can set up and monitor credit limits for customers, and ensure prompt payment.
3. Reconciliation of Payments: The OTC solution automatically reconciles payments to invoices and sends customers confirmation emails. This helps executives effectively manage credit balances and any disputes that may arise.
4. Analytics and Reports: The OTC solution provides an integrated analytics platform that delivers real-time insights into customers’ financial performance. This allows executives to gain better understanding of the credit management process and identify trends or red flags.
Conclusion
An automated OTC Credit Administration Solution helps executives streamline operations and create secure and reliable experience for customers. This comprehensive suite of tools provides everything executives need to manage the credit administration process from order creation and approval, to payment collection, reconciliation and analytics reports. With an automated OTC credit administration solution, executives can reduce costs, increase accuracy and ensure compliance.
