Streamlining Accounts Receivable With Payment Software
ACCOUNT RECEIVABLE INVOICE
As an executive in the finance department, you may be looking for payments solution to streamline your accounts receivable. Accounting departments are critiquing options, scrutinizing underlying technology, assessing the range of solutions available, and compiling the benefits of each payment software on the market.
With so many solutions vying for attention, you may be uncertain which one is right to streamline invoices and make the best use of your accounts receivable. This article will direct you through the process.
Step 1: Assess Your Requirements
Aim to understand precisely why you want payments solution to manage your accounts receivable. Evaluate the complexities of your business, efficiency levels of your invoices, current levels of automation, and software that might be embedded in existing systems. Incorporate your assessment into list of comprehensive requirements.
Step 2: Foster Better Relationships
Analyze existing relationships between you and your customers and the impact of the existing payment method. Geared towards optimizing both inbound and outbound invoicing, payments solution should drive better relationships and seek to understand the needs of your customers. Invoicing should also take into account any customer suppression policies in place.
Step 3: Research Payment Software
The market for payments solutions is vast; you should read reviews and testimonials, speak to other users, and get thorough understanding of each option. Analyze features, pricing, licenses, technology, design, scalability, and the ability to develop and customize. Delve deep into the individual capabilities of the payment software and any further integrations it may offer.
Step 4: Analyze Performance
Payment software should generate better performance, allowing you to track and review invoices more closely. For example, measuring the speed at which overdue invoices are paid and comparing this against your average cash flow performance. It is worth evaluating any additional insights the payment software can provide to ensure maximum value.
Step 5: Obtain Quotes
Gather quotes for the chosen payment software and consider any additional costs or installation fees. Look for any maintenance or subscription fees associated with the chosen software. Additionally, consider the length of any contracts as well as the cost of upgrades and/or downgrades.
Step 6: Establish Deployment
Account for the time it will take to deploy the software; documentation should be in place to guide each process. You should have clear timeline in place, taking into account existing processes such as those used to approve invoices. Consider how staff are trained on the software and how to turn the system off if anything were to become obsolete or redundant.
Step 7: Test Go-Live
Test the software to evaluate any hidden functionalities. Assess the reports produced, analyze the effectiveness of the payment flow, and measure security. Determine the most suitable contact per application and what triggers response if contact is not made. Once you are satisfied, proceed to go-live.
In conclusion, account receivable invoicing is one area of finance that can be improved by the implementation of payment software. Using the above steps can help you select the most appropriate solution for your business. Whichever system you choose, ensure that your payment flow is transparent, efficient, secure, and designed to create long-term relationships with customers.
