Well, maybe it doesn’t yet, but it should be impacting your business. Order to Cash refers to an end-to-end order processing system. This means, in more basic terms, that we’re talking about the chain of processes from the creation of an opportunity to make the order to the bill at the end of the procedure.
This is a timeline, in essence. It’s about looking at the overall structure of the process and asking yourself how your business how optimize or streamline the procedure for processing, invoicing and receiving payment for every order made. It’s about making things quicker and affordable for you and the customer.
There are basically two parts that you need to understand:
- The Order Management Process
- The Bill-to-Cash Process
The first part of this process concerns how the order is put together and managed. You’ll already know if you’re failing to manage the order process properly so you don’t need me to go into signs or symptoms of failure in that regard. Late deliveries, incorrect deliveries and angry customers on the phone are just some of the signs that something is going wrong, of course.
- The solution involves automating systems to avoid manual failures and using as much technology as possible to digitize the process and cut down on time wasted.
- When you streamline the process, there are far fewer variables to consider and a far smaller chance of failure.
The second part deals with how payment is invoiced and received. Many wholesalers struggle with delays in bill-to-cash process. Quote errors, rogue sales practices, invoicing delays, inefficient invoice tracking… the list goes on!
- In order to resolve the solution, utilize a professional sales order management solution apply discounts and say goodbye to quote errors.
- Moreover, using real reporting functions, automated invoicing systems and vendor portals will make your business life much easier!
Speeding up the order to cash process will boost your cash flow, slash the costs and help you run your business more effectively. We offer remarkable consultation services that are able to improve processes for Sales Team so it will become a lot more easier for your team to provide higher sales and better client service through a simplified Order to Cash. The results will be commendable as your sales people don’t have to call accounting anymore. They will get proper access to orders, invoices, discounts and much more. They are even able to change phone numbers and addresses for customers which will definitely avoid errors of sending invoices to wrong addresses. Sales people will not be selling to accounts “on Hold” and they are also able to see if the client does not have enough credit to place an order prior to calling finance.