Powering Accounts Receivable Automation With An Order To Cash Solution
ACCOUNTS RECEIVABLE AUTOMATION LEADERS
Effective cash flow is critical currency for financial success, and authorities seeking to streamline their accounts receivable (AR) automation are increasingly turning to an easy-to-use order to cash (OTC) solution to drive profitability. Equipped with the latest technologies, such solutions provide not only robust automation of cash application, payments, and dispute management processes, but also real-time visibility into their receivables, allowing leaders to make quicker, data-driven decisions.
First, an executive must become familiar with the features of an order to cash solution. This can be achieved by researching relevant solutions, exploring user reviews and surveys, evaluating competitors? solutions, and analyzing user adoption success stories. Additionally, an executive should consider whether vendor-hosted or self-hosted solution will best fulfill their requirements. Once they have determined their preferred solution, they should proceed to review the vendor?s license agreement and purchase order documents, and plan to use the solution in either their existing IT architecture or in hybrid environment.
Next comes the onboarding process. This should begin with an analysis of the companies order-to-cash (OTC) business process, and opportunities for improvement. Internally, an executive must create project team and set-up expectations, assign roles, and define success measures. Externally, they must choose solution partner who can offer guidance and best practices as they move forward. The selected vendor should ensure that their order to cash solution is integrated optimally with any existing processes and applications, which would include ERPs, EDIs, and finance systems.
On finally engaging with the new solution, leaders can customize credit decision processes and design rules around payment terms and discounts to align their operations with their payment efficiency goals. Rules engines can be used to automate payment acceptance and remittance cycle processes, and keep accounts updated. Executives can also use such rules to automate the calculation of late-payment charges so that their staff can focus on delivering superior customer service and not spend time on routine tasks.
An OTC solution will also provide powerful analytics capabilities. Executives can access dashboards and other reports that help with collection efficiencies, and that allow them to scale their business without compromising on accuracy and speed. The ability to track client data and access notifications triggers further allows executives to take more informed decisions related to receivables.
Ultimately, an order to cash solution can help executives to improve their cash flow and their bottom line. With vivid visibility over their accounts receivable operations, executives can pinpoint and correct any underlying issues, reduce manual labor and errors, and enable the effectively automation of their AR processes.
