Speed Up Accounts Payable Processing
Suffering from high invoice error and dispute rates, long cash cycles, high cost associated with manual data entry and poor customer satisfaction? We’ve got 2 solutions to automate the order-to-cash process with your ERP – docAlpha InvoiceAction. Each captures document meta data content and can export a data record in CSV or XML or insert the data directly into your ERP and document management systems to effectively reducing the time between purchase order to payment.
Tighten your belt and compete at a higher level and benefit from the productivity. While you can trim budgets internally, streamlining the AP process will produce a significant cost savings for the company, particularly in the order-to-cash cycle. Reducing the time it takes to transform a customer order into money at the bank offers strategic benefits to the company and enables more rewarding customer relationships.
There is plenty of opportunity to improve accuracy and efficiency in the order-to-cash cycle through automation of the document management process. Recently, the activity of order-to-cash has been gaining the interest of companies desperately seeking measures to speed up their revenue cycle, improve customer satisfaction, and increase profitability. Beyond realizing significant cost savings, companies converting to an automated order-to-cash system will experience several other benefits.
There are several sub-processes involved in the order-to-cash process; including, receiving an order, enter sales orders, approving sales orders, fulfilling the order, billing for the order and receiving payment.
Using a manual process to orchestrate your order-to-cash activities creates the potential for numerous errors. Many of these processes must be done manually and are time-consuming, not to mention the need for extra human resources to manage each part of the process.
For example, manually entering sales orders into ERP systems can take hours. One wrong key stroke such as inputting 100 units instead of 10 units could become a nightmare for you and your customer. All activities down the line, including invoicing, will be affected — resulting in difficulties collecting cash. The end results equates to more unnecessary errors costing companies both extra time and money.
As with order processing these also have the potential to cause huge inefficiencies, such as invoice disputes, extended Days Sales Outstanding (DSO), and customer satisfaction issues, adding significant costs within company finances. Conservative estimates place costs of manual invoicing between $30 and $60 per invoice.