NewswireToday - /newswire/ -
Charlotte, NC, United States, 2008/03/17 - Until recently, automation efforts in the accounts receivable area were focused on specific niches such as collections, dispute handling, or application processing.
Imaging has long been a part of those efforts, but was chiefly limited to document capture and retrieval activities. However, all this is changing. Innovative financial managers are now recognizing that holistic solutions provide critical leverage for dramatically improving receivables performance.
“Emerging Receivable Document Management (RDM) solutions are spanning the order-to-cash process with advanced electronic document management tools,” notes Dave Schmidt, research analyst for PayStream Advisors. According to a new research report by PayStream Advisors, a new crop of document management software solutions that combine imaging and workflow capabilities have been designed to remove paper from the order-to-cash process, automate critical credit and collection activities, and provide decision support tools for more effective receivables management. Some of the key gains derived from RDM are:
• A significant reduction in cycle times for credit approvals, collections and dispute resolution;
• Comprehensive transactional transparency resulting in a high degree of visibility across the entire order-to-cash process;
• Increased cash flow and financial supply chain optimization capabilities;
• Improved trading partner relationships.
“Our research indicates that by capturing both structured and unstructured documents across the entire order-to-cash process, straight-through-processing (STP) is facilitated. In addition, credit and collection departments are better equipped to quickly resolve discrepancies that may involve multiple internal and external clients,” said Mr. Schmidt.
The primary roadblock to a seamless financial supply chain is the inability of buyers and sellers to exchange documents electronically: purchase orders, invoices, delivery receipts, service tickets, remittance advice and so forth. Supported by automated workflow and collaboration protocols, RDM provides receivables managers with the tools to effectively communicate with customers as well as any functional area that touches the order-to-cash process,” notes David Schmidt, senior analyst on the project. In addition by using OCR technologies combined with smart templates, hard copy data can be restructured into an electronic information flow, and thereby facilitate seamless, end-to-end receivable processes.
Because RDM solutions can span multiple ERP and accounting systems as well as external information providers, they provide a bridge between the islands of information that otherwise generate roadblocks in the financial supply chain. These factors have sharply increased business interest in accounts receivable automation solutions that streamline and optimize some or all of the order-to-cash functions including front-end imaging to convert order documents to electronic formats, credit application processing, electronic invoice presentment and payment (EIPP) capabilities, automated remittance processing, and collections and dispute handling.
A new PayStream Advisors Technology Insights Series report “Receivables Document Management: Using Imaging and e-Document Technology to Improve the Order-to-Cash Process” offers insights into new trends in the receivables and collections management market and focuses exclusively on solution providers that deliver electronic imaging and workflow management functionality. This report is intended to help Accounts Receivable, Credit and Collection, Treasury, and IT buyers evaluate viable solutions and product strategies and make decisions to meet the receivables management needs of medium to large corporations.
A complimentary preview (whitepaper) of the upcoming receivables document management research is available for download on PayStream's website, or by calling 704-523-7357
PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology and innovative ideas to business leaders in consumer billing, finance and treasury, accounts receivable and accounts payable.