5 Accounts Receivable Management Key Performance Indicators (KPIs)
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As with any add-on software for your ERP system, you have to consider how your accounts receivable software will interact with your ERP or business system before diving ahead full speed. The two systems should be working in sync with each other and complement each other, rather than simply running in separate universes.
Below are a few tips to remember when starting to consider when choosing accounts receivable software for your ERP.
Integration
The accounts receivable software you choose should have a direct integration to your ERP system. If it doesn’t, you might have to manual report the information back and forth which leaves room for errors and inconsistencies. Ask the vendor first how they plan to pass data back and forth between the two systems. Make sure to check is the process will put you in violation of your service agreement with your ERP system or keep you from updating our accounting system. This will be a clear indicator that the software choice is not for you.
Accounting Software System of Record
All the data transferred back and forth between the two systems should be generated in one spot, specifically the accounting software. Accounts receivable software is supposed to make a collector’s life easier by removing manual processes. The information created in the accounting software should be easily transferrable to the accounts receivable software.
Don’t Create More Work
Accounts receivable software should streamline activities. There shouldn’t be any break in automation between grabbing the information from the ERP system, sending it to the accounts receivable software and pushing information back. There should be no need for double data entry.
Using accounts receivable software will eliminate long, difficult tasks and improve the time it takes to collect. However, you need to be selective of the software options that exist on the market. Every business is unique, so no one solution will be the best fit for all. Make sure you know exactly what you’re looking for and try to find what is the best fit for you.
Accounts Receivable Management KPIs
Staff Author : Fri, Feb 26, 2021
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