This whitepaper will help you develop a business case for justifying investments in an automated cash application system.A key challenge in technology purchases is gaining approval from upper level executives who require formal analysis and justification. As a result, it’s necessary to have a strong sales mindset when A/R funding requests compete against other projects for capital and operating budget dollars. In many companies, IT projects must be justified through formal processes that detail the spending requirements and estimated savings to produce a return on investment (ROI) measurement.
This whitepaper will help you develop a business case for justifying investments in an automated receivables management system. The paper will focus on (1) the ways to identify and quantify the benefits from automating accounts receivable functions, (2) how to calculate the financial return, and (3) how to prepare a business case to gain executive approval. Throughout the paper are examples of actual improvements and efficiencies from A/R automation efforts, as seen by HighRadius customers.
A primary impediment to order-to-cash (OTC) efficiency is paper documents. On top of the fact that processing paper documents is inefficient, there are a lot of documents that must be captured or generated during the OTC process. If all you do is convert paper documents to electronic images, manual intervention is still required to keep the OTC process moving along. Coupled with workflow, data that has been electronically captured can then facilitate straight through processing (STP) as part of an end-to-end solution.
This paper was prepared by the Federal Reserve Banks of Minneapolis and Chicago. Many U.S. businesses continue to use a disproportionate number of checks to make and receive business-to-business (B2B) transactions and rely on manual, paper intensive processes to reconcile associated remittance data. The results of a survey conducted by the Remittance Coalition (RC) show that this is a consequence of persistent barriers that impede adoption of more e-payments and e-remittance data.
Automated deduction documents processing can enable deduction analysts to proactively pursue opportunities to recover otherwise lost revenue. This whitepaper presents the case for such a system and quantifies benefits associated with it.
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