For companies seeking to improve the order-to-cash cycle in finance, cash application is a good place to start. By automating this process, companies can tap into a number of benefits. However, in practice levels of automation can vary considerably – so companies should understand the factors which can impede automation, as well as the best practices which can produce the greatest efficiencies.
Accounts receivable is crucial to the success of any business. Getting paid by customers in a timely and efficient way is essential if companies are to manage cash flows effectively, minimise days sales outstanding (DSO) and reduce portfolio risks. However, this is also an area which can present considerable challenges, from automating manual processes to overcoming variations in local practices.
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