1. Reduce Order to Invoice Cycle time – After getting an order, processes like PO preparation, contracting, indenting etc can be expedited using Planning and Collaboration tools.
2. Reduce Invoice Dispatch time – in today’s Digital Age, why send invoices by snail mail when you can Email? Agreed some customers insist on a hard copy, but no harm in also sending an email which is faster and more certain of delivery
3. Supporting Documentation – Different customers have different documentation requirements and are often rigid about it. PO has to reconcile with GRN which has to reconcile with EWayBill which has to reconcile with Invoice! With KapittX, you can customise the supporting required for each customer and if not sent, KapittX will red-flag it for you
4. Regular Reminders – Paying your invoice is not the only thing the customer has in mind. You need to send non-intrusive periodic gently-worded reminders. Consider using an automation tool like KapittX
5. Incentivise early payment – While penal interest is a handy tool, you rarely want to enforce it. Try giving early payment discount to your customers which is a win-win situation for both.
By : Anand Ramchandran (CFO : Kapittx)