Order To Cash Software: Accounts Reveivables
GET PAID SOFTWARE FOR ACCOUNTS RECEIVABLE
Accounts receivable (AR) solutions are indispensable to the long-term success of many businesses. AR solutions can range from simple invoice and payment tracking to comprehensive “order to cash” solutions. An Order to Cash (OTC) system allows executives to monitor and streamline the entire order-to-cash process from order entry, to export options, to payment methods, to accounts receivable management. OTC systems can help maximize efficiency and minimize administrative costs to effectively increase company profit margins. This guide outlines the main features of an OTC solution for executives and explains how to implement one into their business.
Core Features of an OTC Solution
The core features of an OTC system typically include order entry, credit management, shipping, billing, and accounts receivables management. Order entry involves tracking of customer account information and order details, including order number, item number, requested quantity, scheduled delivery date, and shipping instructions. Credit management allows the entry of customer credit limits and enables the system to process orders according to the credit rules that are defined. Shipping transmits the customer order to the warehouse management system, prints the pick list, packing list, and other labels, and verifies that the items have been shipped. Billing sends out customer invoices based on the order?s current rate or uses predetermined customer discounts. Accounts receivable management includes order management, cross-references, aging reports, payment history, dispute management, and collections.
Getting Started with OTC Software
The process for installing and implementing an OTC software solution begins with an evaluation of the companies current AR solution and an understanding of their desired OTC objectives. This assessment allows the executive to define the requirements and identify the specific gap that the software needs to fill. The next step is to review OTC solutions and determine which system best meets their needs. In order to select the right solution, the executive needs to consider the ease of installation and use, the integration of the software with existing processes, the cost, and the additional features and add-ons available.
Once the executive has selected solution, they must obtain the software and install it on their system. The installation process will vary depending on the particular solution, and it is important that the installation is done correctly to ensure that the software works properly. Following this, the executive needs to test the software to make sure that it is functional and that it integrates seamlessly with the existing AR solution. The executor will also need to designate who should have access to the software and configure the settings accordingly. Managers should receive the proper training and guidance to help ensure that the system is being used properly and that the executive?s desired objectives are being met.
Maintaining and Expanding the OTC Software
Once the software has been installed and tested, the executive should have plan in place for maintaining the system. Regular checkups should be done to ensure the software is up to date and running properly. This will involve updating the software with the latest features, patches, and security updates. If additional features are needed, the executive should review what is available and decide which should be added in order to best suit their needs and objectives. The executive should also budget for and plan for potential upgrades, ultimately ensuring that the OTC solution and the AR system remain effective and up to date.
Conclusion
Implementing an OTC software solution is large undertaking, and can require several weeks of planning, installation, and testing. But it is valuable investment for businesses seeking to maximize the efficiency, accuracy, and accuracy of their accounts receivable. This guide has outlined the main features of an OTC solution, explained how to get started on implementing one, and provided some tips on maintaining and expanding the OTC software. With the right solution, executives can effectively manage their order-to-cash process and maximize the long-term success of their business.
