Some of our InvoiceAction data capture software clients that ran manual paper processes told us they needed to speed up Order to Cash processing; here’s some of the reasons that lead to extended Days Sales Outstanding (DSO), delayed accounts receivables and customer irritation. Often, manual data order entry errors were the culprit, the price variations of the goods that appear on the POs vs. the invoice and tax and shipping cost inaccuracies.
It’s a Waterfall Effect
Inaccurate orders result in inaccurate customer billing, which widens the gap between order processing and receipt of payment. If the Order Entry Department manually took the time to review each line by line, they’d often find exceptions, like: PO’s with the incorrect pricing or unacceptable terms and conditions of sale and more. Each exception delays the final processing, with the need for updates, approvals, inventory put on hold, credits to be applied, pricing adjustments – on and on. The longer it takes, the more its costing the order to be processed, affecting your cashflow.
Order to Cash automation is a must have for the processing of orders and invoices and a great fit for Customer Service and front office operations. From visibility of all received sales orders (by email, EDI, fax orders or paper) into a single queue to automatically extracting data from each document (e.g., customer name, PO number, ship to address, quantity, etc.) and comparing the data against information stored in your ERP, automation provides customer service a streamlined approach to approve orders or handle exceptions.
Reducing time spent on manual tasks and improving visibility enables Customer Service Representatives to focus on creating better customer experiences.
Getting orders entered right the first time shortens the timeline to billing. By streamlining your entire procedure for order processing and invoicing – you’ll speed up cash flow, cut costs and serve your customers better in the long run. docAlpha InvoiceAction for sales order automation is a cornerstone solution for order to cash success. Embracing docAlpha document capture will enable you to remain competitive and scale to manage increases in your business without breaking the bank.
docAlpha InvoiceAction can be licensed to process as as 500 orders monthly and scalable to process millions. When you speed up Order to Cash processing, you’ll reduce the amount of labour and keystrokes required to complete any document capture process. This capture solution excels at recognition, application of business and mathematical rules, database lookups, document splitting, document naming controls and many other capabilities that will reduce bottlenecks, improve processes and your all important bottom line.