When your accounts receivable process is done manually, visibility and productivity are low, financial planning is ineffective and, worst of all, mistakes are plentiful. Look at cash application tasks, for example. If you receive a check from a customer with a rounded amount, the tendency for your finance staff is to apply that amount to the oldest invoice first. However, what you may be doing is applying that cash to an invoice the customer never received or an invoice they’re disputing. Manually doing this is completely blowing the older invoice off the system and leaving the current invoices unpaid. This process is handled different in an ERP distribution software system, though, where notes can be inputted on customer files and individual invoices.
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1 comment:
Cool post. I always read your blog. The information you have provided about ERP is really nice. ERP finance module provides company-wide integration that is essential to strategic decision making.
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