Utilizing Netsuite to Handle Your Companies Order to Cash Process

What is An Order To Cash Process?

Any business has its own method of generating sales. For an eCommerce company, this entails selling goods on their own website or by a third-party distributor, collecting payment from customers, and ensuring that the products are shipped to them. This is an eCommerce company's order-to-cash cycle in layman's terms.

For manufacturers, this period can vary somewhat, with the invoicing phase occurring after order fulfillment. Companies spend a lot of time planning their order-to-cash loop because it is such a complicated operation. This also leads to the use of various business management systems, which only serve to stymie the process.

An order-to-cash loop usually includes the following components:

1.  Reconciling & Reporting

2.  Order Fulfillment 

3.  Invoicing & Billing

4.  Product Shipping 

5.  Order Entry

6. Collection of Payment 

When it comes to banking, not everybody follows the above-mentioned process exactly. Every order-to-cash loop is different, and NetSuite's incredible capability makes it possible to simplify them for better performance.

Why There Is Need For A Better Order-To-Cash Cycle

Businesses will predict revenue, monitor orders, and improve inventory control with a well-planned order-to-cash period. Any form of error, on the other hand, may have a significant impact on the cycle's performance, as well as disrupt the entire forecasting data and cause the fulfillment process to be delayed.

Since the order to cash period involves the work of several employees, it is popular for companies to use specific programs that adhere solely to a single agency, whether internal or external. As a result, businesses quickly find themselves with higher IT costs, lost records, and missed orders.

So what is the solution? 

Enhance and try to unite the order-to-cash time with NetSuite, a single market management framework that can easily handle all business departments!

Below are some of the more common questions posed by companies seeking to shorten their order-to-cash time:

1.The Complications of Order Management Process 

The order management process is typically complicated, ranging from product sale to order approval to processing and delivery. This means complications in this can result in one jeopardizing customer loyalty.

What all of this means is that after a transaction is made, the sales staff must personally email the order to the distribution team. The usage of various enterprise control applications excessively expands the manual workload. As a result, it is advised to use an ERP such as NetSuite, which can conveniently link all divisions for smooth operations. NetSuite will do it all, whether it's WMS, CRM, or HCM.

2. Data that could be Unreliable

The use of various business management systems would have an effect on a company's reliability when required knowledge is dispersed all over the place. When anyone manually changes details in their CRM, such as customer name, address, phone number, and so on, they must also ensure that the transition is replicated across all systems in place.

What is the problem? If the new email is not changed, the package may be sent to the old address in the system by another agency. Another incentive to implement is a single cloud-based enterprise management framework.

Now it’s time you automate your Manual processes:

• Data entry is a time-consuming operation; involving long excel rows often riddled with errors! Since the procedure will take 5-10 days, a payment process that involves manual printing and dispatch of the invoice can become a source of frustration for the order-to-cash period

• By automating these operations, you will free up the days for other tasks

NetSuite allows you to instantly email invoices after an order is completed, as well as submit updates at each stage of the order process as well!

A Unified Database, Netsuite ERP

NetSuite is currently ranked as the number one cloud-based enterprise management system due to its; solid process automation and integration features, which minimize manual labor.

Since NetSuite is based on a single database, it runs smoothly. For example, in NetSuite, a sales representative will review stock inventory before producing a work order, and the same work order can be delivered to the Distribution team in a matter of seconds. If, on the other hand, you would use a particular method, NetSuite will conveniently integrate it so that all knowledge is sharable at all times.

For more information, contact us!