Gain Insight and Control into Outstanding Balances and Rapidly Resolve Disputes
Customer retention is paramount in both good and bad economic times. Customer relationships can directly align to process efficiency with your order-to-cash (OTC) cycle. Are disputs and payment discrepancies extending your DSO, inflating your costs for collections and hurting your relationship with customers?
These problems have driven world-class organizations to invest in technologies and process improvements to help optimize their accounts receivable (AR) operations. As the final link in the OTC cycle, the AR department is often left to resolve the numerous disputes and issues that occur. As a result, this diverts valuable manpower away from the crucial task of tracking down the cash and getting it into the bank. More importantly, inefficiency with the overall AR process could erode customer relationships, leading to lost revenue streams.
How can you gain control while increasing accuracy and speeding the process of exception handling? Brainware Intelligent Capture from Hyland automates reconciliation of payments to invoices, which allows you to control the remittance process. By automating the data extraction from remittance statements, you can correctly and quickly apply payments. Additionally, you can detect and analyze customer payment disputes and gain a better understanding of your cash position.
Cleaning Up Order-to-Cash
Throughout the entirety of the OTC process, the number of touches between sales, operations, logistics, customer service and accounts receivable can cause all sorts of errors. This is particularly true of systems that rely heavily on paper-intensive, manual processes. For example, discrepancies between customer POs and updated pricing guides can cause deductions on invoices. Alternatively, problems with shipping or mishandling of merchandise can lead to returns or discounts. Brainware helps identify these discrepancies sooner, allowing the AR clerks to collect on any leftover balances.