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Improving the Order-to-Cash Cycle

 
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Improving the Order-to-Cash Cycle
When pursuing order-to-cash improvements, many companies try to accelerate receivables. However, they should better concentrate their attention on setting durable goals and improving customer relationships. Research analysts offer the following tips for improving order-to-cash effectiveness.
1. Stay in the lead with pre-sales credit analysis. Analyze possible problems early so you can either turn away the business or adjust your terms accordingly.
2. Follow possible problems with continuing risk analysis. Observing the customers' financial situations can help you alter collections strategies or insurance coverage to match actual risks.
3. Prevent delays with accurate billing and documentation. Differences between invoiced prices and purchase orders require agreement, and customers look to you for resolution.
4. Assimilate collections and dispute resolution. Collections and dispute resolution may involve many parties. Different processes or approaches among employees can cause, confusion and poor customer service.
5. Promote communication. Collections and dispute resolution can easily include a variety of documents and conversations to exchange and share information. A consolidated system available to you and your customers can help promote information sharing.
6. Make it easy for customers to make payments. Paper invoices can be difficult to pay within 30-day payment terms. Obtaining such cards and electronic invoices will be faster and cheaper for your customers.
7. Provide incentives for on-time payment. Discounts offer incentives to speed payment for those customers appropriate enough to select their payment date. Some clients may suggest shorter payment terms in exchange for purchasing-card acceptance or electronic invoicing.
8. Try to separate collections from deductions and dispute management. You can observe a great difference between a customer that is late and one that is delaying the process with a legitimate conflict, yet a great number of companies bring them together in a general collections process.
9. Tailor collections activities for distinct customers. Some customers are under the impact of the consumer market, and some are behind because of lost invoices, and others may be challenged by cash flow. For strategic customers can help tailor collections activities and address contraventions without endangering the relationship.
10. Be concentrated on long-term customer relationships. In a world with diverse and reciprocal supply chains, a short-term focus on collections can inhibit quality customer relationships that will be vital in the years to come. Try to be concentrated on understanding your customers, and your strategy will be well-aligned with a long-term view of success.
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