Order to Cash (O2C) process is a key component of the finance function. It involves receiving and fulfilling customer request for goods or services. An efficient order to cash process ensures a smooth logistical flow of operations. On the other hand, an inefficient order-to-cash process delays order processing, fulfillment, shipping, invoicing, and cash flow. While early automation solutions focused on processes that could not address the entire O2C process, newer technologies such as artificial intelligence and analytics can automate the O2C process. An intelligent O2C platform, like Emagia, can streamline the order to cash process and accelerate cash flow.
What is Order to Cash (O2C) process
In simple words, an order to cash process is a company’s sales cycle. It involves accepting orders on credit and converting the credit sales to cash. A typical O2C cycle consists of various steps from when a customer order is placed until the business is paid. Those steps include credit, invoicing, AR portfolio management, collections, and cash application.
The O2C process is not complete when the order is received and paid for. There are many other important steps occurring in the process. Analyzing the activity data throughout the order-to-cash cycle helps optimize the order-to-cash cycle.
What are the steps in the Order to Cash process
The steps in an Order to Cash process include customer order, credit management, fulfillment, billing/invoicing, payment and collections, cash application and ledger posting. Each step in the process impacts the latter stages in the process. For example, cash application impacts collections, and collections impact credit decisions and sales order acceptance.
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