Optimizing Accounts Receivable Visibility And Reporting Using Order To Cash Software
Accounts Receivable Visibility And Reporting
Improving operational performance requires judicious combination of technology and practice. With Softwaresolution designed for accounts receivable visibility and reporting, the order to cash process can streamline operations, reduce errors and accelerate the entire process from order to settlement. Fundamentally, an Order to Cash (OTC) solution is an end-to-end suite of features and functionalities for the entire order to cash cycle from order-point processing and accounts receivable/payables management, to invoicing and payment processing.
Not only does an OTC solution enable the efficient execution of daily functions such as order entry, accounts receivable portfolio management, credit and collections, cash application, automated receivables and payables, reconciliation and other reporting, but it also gives finance executives meaningful insights into their operations. As comprehensive financial Softwaresuite, OTC solutions provide advanced analytics to boost performance and optimize cash flow.
Accounts receivable visibility is improved through customizable tracking of aging invoices and reminders, easily set up rules and polices, and consolidation of related customer information. With an OTC solution, reporting is enhanced through refined analysis capabilities that enable an in-depth analysis of customer activity, collection success metrics and overall performance.
Finance executives can use an OTC solution to improve reporting by adding built-in metrics, charts and graphs for customized, streamlined reporting. Combined with the data-driven insights the tool provides, the finance executive is equipped with extended understanding of the order to cash process and its performance. Integration enables easy export of reports from the OTC to other ERP functions and increases speed, accuracy, and efficiency of the reporting process.
A further strength of OTC solutions is the ability to improve human capital productivity by optimizing collections. Advanced OTC solutions offer automated email notifications, overdue payment reminders, and payment reminders that are triggered from within the software. Collection teams are empowered to automate repetitive tasks, reduce manual data entry, and scale with business growth. This allows teams to stay focused on getting initiatives off the ground, analyzing data, increasing process efficiency, and better coordinate with customers.
The complete picture of the order to cash process generated and the improved visibility, automation, and reporting that comes with an OTC solution makes it clear why finance executives are looking to the newer breed of Softwaresolutions to optimize their operations, improve accuracy, and maximize revenue potential.
