|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
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
May. 22, 2015 02:00 PM EDT Reads: 4,496
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner is Product Manager of the Omega DevCloud with KORE Telematics Inc., will discuss the evolving requirements for developers as IoT matures and conduct a live demonstration of how quickly application development can happen when the need to comply...
May. 22, 2015 01:00 PM EDT Reads: 1,480
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
May. 22, 2015 12:00 PM EDT Reads: 1,631
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
May. 22, 2015 12:00 PM EDT Reads: 1,565
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, will discuss IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sector...
May. 22, 2015 12:00 PM EDT Reads: 1,712
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 an...
May. 22, 2015 11:30 AM EDT Reads: 2,245
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 22, 2015 11:00 AM EDT Reads: 6,039
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
May. 22, 2015 10:00 AM EDT Reads: 7,473
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
May. 22, 2015 10:00 AM EDT Reads: 5,736
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
May. 22, 2015 10:00 AM EDT Reads: 3,823
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
May. 22, 2015 10:00 AM EDT Reads: 1,701
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
May. 22, 2015 10:00 AM EDT Reads: 1,602
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 22, 2015 09:45 AM EDT Reads: 786
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 22, 2015 09:00 AM EDT Reads: 1,185
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps 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 opportunity. Submit your speaking proposal today!
May. 22, 2015 08:00 AM EDT Reads: 3,941
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
May. 22, 2015 06:00 AM EDT Reads: 4,651
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
May. 22, 2015 06:00 AM EDT Reads: 4,483
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 22, 2015 06:00 AM EDT Reads: 5,810
17th Cloud Expo, taking place Nov 3-5, 2015, 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 enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 22, 2015 05:00 AM EDT Reads: 2,062
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
May. 22, 2015 05:00 AM EDT Reads: 4,203