|By RealWire News Distribution||
|November 21, 2012 05:06 AM EST||
Finance teams maximize the benefits of Faster Payments and avoid wasting time chasing paid invoices
New automation software for accounts receivable takes the pain out of the repetitive, resource-intensive task of allocating customer payments to invoices. It cuts the cost of cash allocation by as much as 70 per cent, increases financial control, and enables businesses to reap the full benefits from the UK banks' Faster Payments Service (FPS).
The new cash allocation software is part of a modular suite of solutions from Macro 4 that increases efficiency in different stages of the order to cash process. It also reduces the risk of credit controllers chasing customers who have already paid their invoices, according to Lynda Kershaw, marketing manager for the software and services company.
Kershaw described the current situation in which accounts departments are devoting excessive time and effort to manually matching customer payments with the correct invoices:
"Cash allocation usually involves lots of laborious checking of paper documents - especially when single payments cover numerous invoices. The pressure really mounts at month end, when delays can result in money left unallocated, impacting key financial indicators such as aged debt. Often staff are reassigned from other activities just to try to get the allocation task completed. Until all payments are allocated it is unclear which invoices are still outstanding, so credit controllers waste their own time and their customers' by chasing people who've already paid."
"Absurdly, even though Faster Payments arrive in accounts within hours, most businesses still don't get the full benefit because they can't be allocated without the remittance notes, which are usually delivered by post several days later. In fact the FPS can actually make matters worse because you have more unallocated payments sitting on your books, waiting for remittance advices to arrive."
The cash allocation module extracts relevant information from electronic payment notifications, as well as cheques, and automatically matches payments with one or many invoices and credit notes. For the majority of payments, including Faster Payments and other electronic transfers, there is usually no need to wait for postal remittance advices before starting the allocation process.
"Typically between 85 per cent and 95 per cent of payments are matched immediately," said Kershaw. "Also, because the system actually 'learns' once a match has been made, the number of exceptions declines very quickly. There is little or no manual effort required, allowing you to cut costs by as much as 70 per cent as fewer people are required for the cash allocation task. As the ledger is now 'clean' you can also see accurately which customers have paid and make sure you only chase the overdue accounts," added Kershaw.
Macro 4 is one of the few companies to offer an integrated suite of software that streamlines document management and eases the switch from paper to electronic delivery in the four key stages of the order to cash process ; integrated modules are available for sales order processing, credit management, eInvoicing and cash allocation (more information can be found at http://www.macro4.com/ordertocashwhitepaper).
"Our modular approach allows customers to get started quickly and expand over time. One of our customers - a global express delivery company - is now using our eInvoicing module to deliver 7.5 million of its annual invoices electronically. The switch from paper to online invoicing saves them around €3m annually in printing and postage costs. It also improves service for customers, who can now upload invoice data directly into their own finance systems," said Kershaw.
The credit management module gives credit controllers and customers instant online access to sales invoices, orders, Proof of Delivery (POD) and related documents to reduce queries and payment delays due to lost documents.
"A food distribution company uses our software to give its customers and credit controllers secure, online access to signed PODs to reduce customer queries over what's been delivered, get invoices paid faster and improve cash flow," explained Kershaw.
The sales order processing module ensures customer orders are processed correctly and on time. It eliminates manual re-keying of order information and also distributes important documents such as warehouse pick lists to the correct warehouse location to drive quicker delivery and fulfillment.
 Macro 4 solutions for the order to cash process
Macro 4 provides a modular software suite to streamline document management, reduce paper handling and ease the transition from paper to electronic delivery in all four stages of the order to cash process:
Sales order processing
The sales order processing module helps process customer orders faster, with fewer errors, by enabling order information to be automatically captured and transferred to the ERP or finance system for generation of sales orders and related documents. It also ensures that pick lists and delivery notes are quickly and accurately distributed to the correct warehouse location to drive faster fulfillment.
The eInvoicing module allows organisations to quickly add a multi-channel delivery capability to their current finance system so that invoices, statements and related documents can be delivered promptly via email or online self service. It cuts paper and postage costs and helps to improve cash flow while giving customers a choice of delivery channel, including the ability to upload invoice data directly into their own financial systems.
The credit management module simplifies the credit control task by providing on screen access to invoices, proof of delivery notes and related documents, allowing credit controllers to easily resolve payment queries. Copy documents can be emailed or faxed to customers while on the phone in order to get a swift commitment to pay.
The cash allocation module results in a faster, more reliable cash allocation process by automatically matching incoming payments, whether they are cash, cheque or electronic, with outstanding invoices. It reduces manual effort, improves financial control and allows the majority of payments to be allocated without the need for remittance advice notes.
About Macro 4
Macro 4 is a global software and services company that helps organizations to improve the performance of their business-critical applications and processes. The company's solutions for document and data management, fault analysis and performance management are easy to use, fast to implement and deliver value quickly in even the most complex IT environments.
Macro 4's document and data management solutions capture, store, transform and deliver business-critical data and documents using multiple channels, to support key processes such as order to cash functions in finance departments and customer service via the Internet and call centers. Document and data archiving increases the efficiency of core applications such as SAP ERP and enables swift decommissioning of legacy systems.
Macro 4 is a division of UNICOM Global, which operates in every major market worldwide via US and European subsidiaries and a network of international business partners.
CloudNine PR Ltd
+44 (0)7940 584161
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,140
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 02:15 AM EDT Reads: 454
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 25, 2016 02:00 AM EDT Reads: 1,891
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 25, 2016 02:00 AM EDT Reads: 1,774
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 25, 2016 01:15 AM EDT Reads: 1,602
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 25, 2016 12:45 AM EDT Reads: 1,903
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 25, 2016 12:00 AM EDT Reads: 2,975
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 24, 2016 09:15 PM EDT Reads: 1,673
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 24, 2016 04:15 PM EDT Reads: 2,559
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 24, 2016 04:15 PM EDT Reads: 369
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 24, 2016 04:15 PM EDT Reads: 503
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 24, 2016 02:15 PM EDT Reads: 1,443
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 24, 2016 12:00 PM EDT Reads: 3,854
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Aug. 24, 2016 09:45 AM EDT Reads: 2,258
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 24, 2016 09:00 AM EDT Reads: 3,516
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Aug. 24, 2016 07:45 AM EDT Reads: 2,094
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 24, 2016 07:15 AM EDT Reads: 1,666
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Aug. 24, 2016 04:30 AM EDT Reads: 2,191
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 24, 2016 02:00 AM EDT Reads: 1,412
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 24, 2016 12:00 AM EDT Reads: 2,859