Receivables Management Solutions: An Executive’s Guide
RECEIVABLES MANAGEMENT TOOL
Successful receivables management requires an in-depth assessment of the resources that are available regarding both personnel and hardware. This critical step is pivotal to the eventual choice of process automation system, and organizations must include an assessment of all people and devices that may impact this choice.
Auditing Business ProcessesIt is imperative to assess how current processes may be impacted by the setup and running of an automation system. Business processes must be identified, structures mapped and any potential drawbacks ascertained. In order to understand the overall effect that the chosen automation system will have on operations, this audit ishould be conducted before any other decisive steps are taken.
Identifying Technology RequirementsIdentification of any potential technology requirements should take place during this preparation phase. range of requirements may apply to things like storage capacity, data encryption and integration with other software. Executives should take this opportunity to consider the potential security vulnerabilities of their organizations, before selecting receivables management solution and implement processes to mitigate any dangers.
CollaborationThe eventual selection of receivables management solution should anticipate any collaboration between the organization and multiple external stakeholders. Common applications of this process include receiving payments through multiple channels or the setting of payment schedule for customers. Executives must assess how these collaborations will be managed and include the identification of any pre-existing demands from customers or partners.
Making the Right Choice
Once the assessment and preparation phases have been completed executives can begin their search for the right receivables management solution. The following considerations should be made in order to ensure the best possible outcome:
AffordabilityWhile efficient technology options are essential, the cost of any solution must sit within the organizational budget. The affordability of the system will inevitably affect its viability, and decisions should be taken in terms of cost versus features that the organization requires and can afford.
ComplexityMany receivables management solutions are complex and offer various features, often built upon range of templates. The ability to access these templates and the ease of navigation for their use should be considered, as should the user?s ability to customize the solution to their particular specifications.
IntegrationIntegration is often an area of concern for the users of an automated receivables management system. Executives should be certain that any selected solution will integrate into the existing accounting and billing software, along with any external partners they may have.
Ongoing SupportThe ability to receive ongoing support, often in the form of technical and customer service assistance, is critical when choosing solution. Organizations must ensure that outsourced support is readily available and meets the standards they expect.
ConclusionBy following the steps outlined in this guide, executives are able to make well-considered and informed determination of which Receivables Management Solution to utilize. It is essential to consider the costs and complexities of any system alongside the potential benefits, even in the long-term. This assessment method will allow for the best choice for tool to correctly execute the organizations receivables management process.
