Using An Order To Cash Solution For Matching Payments And Remittance Data
MATCH THE PAYMENTS AND REMITTANCE DATA APPLICATION
Maximizing profits and reducing costs are both paramount aspects of running successful business, and streamlining processes is therefore of primary importance. To this end, an executive in the finance department can benefit tremendously from reliable Order to Cash (OTC) solution capable of automating the reconciliation between payments received and the remittance data associated with given transaction. This article provides comprehensive guide to using an OTC solution to achieve these goals.
Overview
An OTC solution is usually implemented to handle key operational elements necessary to optimize the money collection process and associated reconciliation work. With the right OTC system, the payments received can be easily matched to the corresponding remittance data to save valuable time and increase efficiency. Moreover, it isimplifies the process of effectively managing the customer?s information by providing highly configurable matching platform. With this platform, users can define rules and apply them quickly to check if two data sets match with each other. The main aim of this approach is to identify potential discrepancies and ensure accurate reconciliation between payments and remittance data.
Benefits
Utilizing an OTC solution for matching payments and their associated remittance data offers host of benefits. Its streamlined processes allow for higher processing speed for the financial department thereby eliminating manual work and reducing the risk of costly human-error. What?s more, an OTC solution helps to optimize the customer lifecycle experience by facilitating the prompt notifications of applicable fees or deductions to the customers. It also helps to reduce the turnaround time associated with dispute resolution owing to its in-built data audit capabilities.
Requirements
Should you choose to implement an Order to Cash solution for matching payments and remittance data, there are few requirement that you should take into account. First of all, the organizationshould have relatively up-to-date processes and infrastructure procedures which are compatible with the software?s requirements. Additionally, the organizationshould assess its internal readiness to move to more automated system and be prepared to roll out its corresponding training plans. Finally, the organization must adopt robust governance model that ensures compliance and synchronization with external commercial and regulatory policies.
Configuration and Setup
Prior to implementation of an OTC solution, an organizationshould configure set up few parameters in order to make the system effective. Firstly, the organization must define the criteria governing the data used by the system. This involves assessing the quality of data as well as setting up the relative rules affecting the accuracy of the output. Secondly, the organization must also consider setting up the validation logic which is used to test the quality of the data processing. Thirdly, the organizationshould devise certification process for the data in order to ensure accuracy of results before data is released. Finally, advanced user-defined thresholds should be set up to set the limits on the acceptable ranges of errors and output results.
Conclusion
An Order to Cash (OTC) solution can be instrumental in providing common platform for matching payments and their associated remittance data. From reducing the risk of human-error to ensuring compliance with external policies, an OTC software provides numerous benefits that can result in cost savings and improved efficiency. This article provided comprehensive guide to using an OTC solution for payments and remittance data, and outlined various important prerequisite steps such as configuring setting up the system in order to make it effective.
