The handbook for all your daily credit management challenges
In this handbook, we discuss the three main credit management challenges and give practical tips to ensure a financially healthy organisation.
As a finance professional you face many different challenges every day. You have to deal with different processes, you want to keep customers and colleagues satisfied and you do everything you can to properly advise the management team to achieve your organisation’s financial objectives. In addition, the world is changing so quickly that businesses cannot lag behind and must continuously keep up-to-date with developments to remain relevant for both employees and customers. For example, consider digital transformation, which offers many opportunities for the finance professional. With the right software, it is possible to connect all links within the order-to-cash process.
These software solutions enable finance professionals to meet the credit management challenges outlined above. But what issues are finance professionals currently facing in the order-to-cash process? The FinTech Barometer, the annual survey that Onguard conducts among more than 1000 finance professionals, shows that there are several major challenges:
• 20%: Finding the right experts to improve processes
• 25%: Integrating systems or aligning systems
• 16%: Reducing DSO
The order-to-cash process is one of the most important processes within an organisation – especially now, given the economically uncertain times. Ultimately, healthy cash flow is essential for the continuity of the business. When the right experts and software are deployed and all links connect seamlessly, an optimal and efficient process is created. This allows critical data to be shared back and forth, which in turn ensures complete control of the debtor process.
But where should you start in order to achieve this? It is important to get your technology stack and general workflows in order to be able to organise the order-to-cash process and reach financial objectives, such as lowering the DSO. Download the whitepaper and gain practical tips to ensure a financially healthy organisation and order-to-cash process.