Recouping revenues and making them quickly available for effective use elsewhere in the organization is a key target for any AR department. In order to do this efficiently there needs to be a highly automated bank account reconciliation process and cash accounting process.
At the heart of the accounts receivable function, is the reconciliation process.
When a payment comes in, it needs to be quickly allocated to the right customer and the right customer invoice to make the liquidity available for efficient use elsewhere in the organization.
The AR function is well-placed to strengthen an organization’s cash flow, improve its working capital and even enhance customer satisfaction. The downside is that the invoice-to-cash process is known to be complex and cumbersome, and challenging to automate. In most organizations, handling incoming payments is a manual and time-consuming process.
Yet, AR departments and SSCs are faced with the challenge to do more with fewer resources while being aware that accurate financial information is needed quickly.
Payment Transactions and Accounts Rapidly moved to the Cloud.