Order To Cash With An E-Invoicing Software Solution
E-INVOICING SOFTWARE
The modernisation of how finance teams interact with customers, suppliers, and vendors for order to cash processes must be explored. Many C-Suite executives understand the efficacy of automation but lack the deep dive understanding required to make the best decision for their company. This article will provide step-by-step guide on how to select and implement an electronic invoicing software that optimizes your order to cash process.
Step One: Clarify Your Business Goals
Understanding your business? specific goals is critical starting point to introducing new technology. Outline what the desired objectives are. Finance teams typically want increased efficiency, financial accuracy, cost savings, and customer satisfaction. Once the specific objectives are determined, the next step is to find the right e-invoicing software that meets these goals.
Step Two: Investigate E-Invoicing Software
Not all solutions are the same so be sure to do the appropriate research. Ask vendors pointed questions about system cost, usability, scalability, integrations, and customer service. Leverage online resources. One great option is G2 a source for 5,400 curated software solutions with 14 million user reviews. This platform is great resource for C-Suit is and finance teams — offering insights from real users, side by side comparison of solutions and Demo requests and white paper downloads.
Step Three: Implement and Customise
Introducing and integrating an electronic invoicing solution can be comprehensive undertaking. it is important to be judicious during the implementation and customisation processes. Ensure the solution is tailored to suit individual business objectives by customising settings for all users, document types, data fields, security settings, styles and branding. Develop training materials to ensure quick and proper system integration. Automation makes order to cash processes efficient and seamless.
Step Four: Add-ons and Third Party Integrations
Forging integrative partnerships with third-party solutions applications can be an incredible asset. When researching solutions look for features such as invoice and document automation, automatic payment processing, electronic signature, analytics and reporting, multi-language functionality and cloud storage.
Step Five: Test, Test, Test
Test the system continuously and tweak how the platform is configured for ultimate accuracy. Influential C-Suit is should emphasise examining data trends that result from the e-invoicing platform. Analyse all the data critical to financial accuracy and customer service. Utilize customizable reports that can be used to see trends or isolate problems and areas of improvement.
Step Six: Transition to Live Environment
There?s no need to rush the transition process. Take the time required to completely test the system before transitioning to the live environment. Document everything, build an audit log and never forget the value derived from the insight available via customer acceptance and satisfaction surveys.
Step Seven: Maintain and Expand
Once the live environment is operating, the finance department will now enjoy the benefit of instant data collection and visibility. This provides valuable insight for ongoing maintenance, updates and system expansion. Review feedback as it is received and be sure to video-record any process changes for easy reference.
Conclusion
The implementation of an electronic invoicing software solution for order to cash processes can be frustratingly arduous process, but perseverance often pays off. Steep research, implementation and integration are required, but well worth the effort when seeing the defined final results realised.
