Selecting An Eipp Accounting Software Order To Cash Solution: An Executive Guide
ELECTRONIC INVOICE PRESENTMENT AND PAYMENT (EIPP) ACCOUNTING SOFTWARE
Invoice presentment and payment (EIPP) software is an increasingly sought-after technology in accounting departments, offering number of features that streamline and automate business processes while accelerating payment turnaround times. Several vendors vie in the EIPP space, and executives tasked with selecting the right technology must discern which of those solutions most effectively serves their organizations needs.
This guide is intended to provide executives the requisite information and insights to arrive at an informed decision. With an understanding of the salient features of an EIPP system, evaluation criteria, and the financial and operational benefits of cloud-based order-to-cash platform, senior level decision-makers can make well-considered choices regarding the accounting software Order to Cash solution best suited for their organization.
What Is Invoice Presentment and Payment (EIPP) Software?
EIPP software is an integrated suite of automation tools designed to optimize both the electronic invoice sending and payment processes within organizations. In doing so, the system saves time, reduces the likelihood of lost documents, and makes the payment process more secure. By connecting to firm’s billing, invoicing, and accounting systems, EIPP software streamlines the overall accounts receivable process.
Features of EIPP Software
EIPP software features variety of functions that enable firms to automate tasks related to invoicing and collecting payments. Each system comes with particular features, but commonly included capabilities include:
– Invoice exchange: With EIPP tools, sales representatives do not need to waste precious time worrying about an invoice getting lost in the mail or an email inbox. As soon as an invoice is generated, an automated delivery process allows the document to be sent quickly and securely to customers via email, fax, or regular mail.
– Payment processing: Invoice presentment and payment systems provide organizations the ability to receive payments online, using payment options like electronic fund transfers and credit cards. By making payment processing easier, firms can receive payments quickly and accurately.
– Automated reconciliation: EIPP software can automate much of the previously manual task of manually entering invoices into reconciliation system. The platform can cross-check customer payments against the companies accounts receivable ledger, and provide up-to-date data to inform the accounts receivable process.
– Reporting: Many EIPP systems will also provide reporting capabilities and monitoring features to help executives and accountants understand the performance of their Order to Cash process.
Evaluating EIPP Software Solutions
When selecting an EIPP software solution, executives should consider range of factors. These include but are not limited to:
– Reliability: An ideal EIPP system should be resilient and dependable, with little to no downtime.
– Security: The system should be certified and properly authenticated by respected third-party security assurance firm.
– Scalability: Executives should take into account the organizations foreseeable growth, and evaluate an EIPP solution’s ability to accurately handle increased transaction volume.
– Delivery Firms should survey the system’s ability to deliver invoices and payment information to customers in timely fashion.
– Compliance: Organizations should discern whether the selected EIPP platform meets any industry-specific requirements, as well as government regulations.
– Cost: Executives should evaluate the associated fees of an EIPP system, and how they measure up against the value they are likely to provide.
Benefits of Cloud-Based Order-to-Cash Platforms
Organizations can benefit from the cost efficiencies, improved serviceability, and scalability of cloud-based order-to-cash platforms.
There are number of Service Level Agreements (SLAs) that guarantee uptime, security and system availability that must be taken into account when thinking about the cost of an EIPP cloud-based platform. By tapping into the cost reserve of the cloud, organizations no longer need to worry about maintaining pricey on-premise hardware, thereby curtailing associated expenses.
From serviceability standpoint, cloud-based platforms often come with far fewer maintenance down times as vendors assume responsibility for most post-implementation software maintenance.
Finally, scalability should also play role in decision-making. As business grows and requires more processing power, cloud-based EIPP platforms are ready to adjust automatically; they facilitate rapid scalability and the ability to handle seasonal spikes in transaction volume.
Conclusion
To maximize the value derived from an Order to Cash Solution, executives must make informed decisions when selecting invoice presentment and payment software. Assessing features, evaluating capabilities, and considering potential benefits should be done on case-by-case basis. Likewise, cloud-based Order-to-Cash platforms offer organizations discernable cost and service benefits that should be carefully weighed. With deeper understanding of EIPP accounting software systems and their attributes, decision-makers can be better positioned to select the EIPP solution most tailored to their companies needs.
