When to use our Order to Cash Process Tool
When we created our order to cash process tool worksheet it was with the intention that those who downloaded it could use it as a resource to jog their memory, or ask themselves questions about their order to cash process to ensure every aspect was covered. The resource is not intended to be read once but to be re-read when the occasion calls for it; so therefore the question is, when should you be using our order to cash process tool?
When you are having trouble getting paid
Looking back at your order to cash process when you are having difficulty in being paid from your customers can be a useful resource to identify what aspect of the order to cash process may have disrupted the rest of the process. Anything that comes before payment can affect your ability to get paid, therefore identifying any mistakes early on will enable you to get paid quicker.
When you have reccurring disputes
Very similar to having trouble getting paid, when disputes are occurring, unless they are false disputes, there has been some error along the way in regards to the order to cash process. Say for example, a client continually states that they have not received an invoice, your invoicing procedures need to be updated, or if numerous customers withhold payment due to the quality of goods then it is within the manufacturing area of your order to cash process that needs to be rectified.
Whilst in discussions with prospective customers
When speaking to prospective clients the order to cash process tool should be utilised to ensure you begin your business relationship by complying with your business’ order to cash process. Any aspects missed during this process could cause great difficulty in getting paid later down the line.
When you hire new staff
Making new staff aware of your company’s order to cash process is essential to avoid preventable mistakes. Although the process encompasses different departments throughout your business, each should be aware of the others’ duties; effective communication amongst departments is essential for a successful order to cash process.
Our order to cash process tool is a useful guide that your company can utilise for the improvement of processes; download our free Order to cash process tool today and see how it can help your business.
