Risk Of Not Using Automated Order-To-Cash Software
B2B AUTOMATED ACCOUNT RECEIVABLE CREDIT AND COLLECTIONS SOFTWARE
From long delays due to manually managed accounts receivable (AR) processes to inefficient and ineffective collections, not utilizing automated order-to-cash software can place any organization at significant risk. With wide range of features such as centralized platform for AR and collections, automated approval rules and document management, organizations are poised to improve AR processes and tighten up the financial control and data accuracy of their accounts.
For finance executives in search of an order-to-cash software solution, the risk of not using automated technology is noteworthy. Sure, manual processing works, but at the expense of efficiency increasing both automation and the incidence of errors. Automated software, however, streamlines the entire process, from order entry to invoicing to collections. As such, C-level executives are increasingly recognizing benefits inherent with the technology, including better visibility and visibility into cash-flow, as well as an increased ability to assess customer credit risk.
In short, by not automating order-to-cash processes, organizations are missing out on key advantages, including cost savings. Automated solutions, while they do require financial commitment, can save on personnel costs, eliminating the need to hire costly extra staff in order to manage the manual processes. The impact extends to customer relationships, where automated systems ensure not just payment accuracy but also comprehensive audit trail, ensuring refunds and credits are properly managed.
Furthermore, manual account receivable and collections processes can multiply the number of touchpoints in the process. An automated platform greatly simplifies communication and improves customer experiences by reducing both costly errors and time to settlement. By reducing the friction of collection, organizations can take full advantage of the present cash-flow.
Without the ability to leverage automated order-to-cash software technology, organizations may experience decreased control and accuracy in their operations. With manual processes, the addition of new customer or last-minute changes to an existing order triggers business process update, often with costly errors affecting payment accuracy. While automated solutions manage all relevant information and transactions in single platform, allowing for data-driven decisions in order to maximize the rate of collection.
At the end of the day, the onus to modernize the credit and collections process is on finance executives. Organizations can no longer afford to gamble on manual processes and the inefficiencies associated with them. Automated order-to-cash software offers organizations increased control and accuracy over their credit and collections process, resulting in improved operational efficiencies and cost savings.
