|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
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 23, 2016 07:30 PM EDT Reads: 2,057
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 23, 2016 07:00 PM EDT Reads: 1,237
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 23, 2016 07:00 PM EDT Reads: 4,537
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 23, 2016 06:45 PM EDT Reads: 1,002
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 23, 2016 05:30 PM EDT Reads: 823
SYS-CON Events announced today that SoftNet Solutions 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. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 23, 2016 05:00 PM EDT Reads: 740
“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. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 23, 2016 04:30 PM EDT Reads: 1,318
SYS-CON Events announced today that Embotics, the cloud automation company, 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. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 23, 2016 04:30 PM EDT Reads: 802
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 23, 2016 04:15 PM EDT Reads: 1,473
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 23, 2016 03:30 PM EDT Reads: 1,475
SYS-CON Events announced today that Coalfire 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. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 23, 2016 03:30 PM EDT Reads: 1,525
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 23, 2016 03:00 PM EDT Reads: 34,038
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium 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. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 23, 2016 02:15 PM EDT Reads: 1,322
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Oct. 23, 2016 02:00 PM EDT Reads: 4,457
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 23, 2016 01:00 PM EDT Reads: 1,784
SYS-CON Events announced today that MathFreeOn 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. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 23, 2016 12:45 PM EDT Reads: 976
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 23, 2016 12:00 PM EDT Reads: 8,356
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 23, 2016 11:30 AM EDT Reads: 11,331
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 23, 2016 11:00 AM EDT Reads: 946
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 23, 2016 10:30 AM EDT Reads: 1,471