|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
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 6, 2016 07:15 PM EST
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 6, 2016 03:30 PM EST Reads: 703
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 6, 2016 03:15 PM EST Reads: 322
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 6, 2016 02:30 PM EST Reads: 349
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 6, 2016 01:30 PM EST Reads: 338
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 6, 2016 01:00 PM EST Reads: 536
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 6, 2016 11:00 AM EST Reads: 112
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 6, 2016 11:00 AM EST
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 6, 2016 09:00 AM EST
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 6, 2016 05:00 AM EST Reads: 327
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Feb. 5, 2016 09:00 PM EST Reads: 769
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 2, 2016 02:00 PM EST Reads: 401
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Feb. 2, 2016 04:30 AM EST Reads: 837
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
Feb. 1, 2016 05:00 AM EST Reads: 918
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
Jan. 31, 2016 09:00 PM EST Reads: 715
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
Jan. 31, 2016 07:15 PM EST Reads: 1,135
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Jan. 31, 2016 10:00 AM EST Reads: 1,194
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Jan. 31, 2016 10:00 AM EST Reads: 796
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
Jan. 30, 2016 07:45 PM EST Reads: 768
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Jan. 30, 2016 03:45 PM EST Reads: 1,258