To have a sales and marketing arm to ensure that there is a healthy relationship between their company and their partners, it is important for a company. In specific industries, manufacturing and retail in particular. Their finance and accounting, sales and marketing processes require a certain characteristic that would allow them to make sound judgement and they turn to third parties to lessen the pressure on participating the key personnel. Engaging with a third party has proven to be a promising action for many companies as it can help in protecting the company without having to sacrifice their partners performance. Their accounts receivable processes,one of the key items that companies outsource. It may not be widely considered as a main focus of a company but it definitely contributes in generating revenue. This is especially for retail and manufacturing companies. Taking into an account a specific degree under the accounts receivables process, which is known as sales order processing, there is a protocol that third party solutions providers are asked to follow to ensure a streamlined process. It is in the specific area where challenges arise.
There are three important factors that need to be satisfied in order for a solutions providers to be able to perform their tasks problem free, these three factors are keen attention to detail a prompt business turnaround time and clear. communication lines. The first is the attention to detail, in the conducting sales order processing, it is important for the financial analysts to have a keen attention to detail as they handle large amounts of the data and it can be said that the whole process is dependent on the data that they will input. Aside form the data base that they need to maintain, the other tasks that accounts receivable entail is the validation of claims and billing statements can be produces analysts review the claims submitted to them and ensuring that they were able to meet the requirements.
Small to middle sized enterprise often use the traditional process which includes a hard copy of the statements, as the company size varies, the process of submitting billing statement also changes. Small to middle sized enterprise often use the traditional process, this includes a hard copy of the statements. The large enterprise are now using methods which are moving towards the electronic kind. Regardless of the methods, one must ensure that the billing statement is clear of any errors as this will directly effect the revenue and the budget of a company’s partner and the company itself.
The second is the Business Turnaround Time. time is of essence in all types of the businesses and counting accounts receivable process in no exception to this, as the process includes a set of the data being transfered to a number of people, time is often sacrificed. The third is the communication it is a solution provider needs and it it is always expected to maintain clear communication lines between the partner and the client. In order to work.
REFERENCE:
http://www.blog.infinit-o.com/abc-of-sales-order-processing/
