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Imagine an organization where minimal time is spent on identifying the remittances.
For instance, an invoice of $2,000 is pending and is directly posted on the account by the customer. The organization ends up paying $1,500 to the customer.
Later, the organization realized the remaining amount was taken as deductions by the customer when they married the invoices with the remittances. Then, they initiate actions for hasty collections.
Unidentified remittance not only leads to customer satisfaction issues and impacts credit approvals and order releases. It also has a ripple effect on other O2C processes, like deductions and collections.
Well, how do you tackle such scenarios and alleviate the pain of your A/R team?
Tune in to this tutorial by John M. Donovan and learn how to create a clear well-defined process for handling unresolved remittances and save your remittances from becoming unclaimed property and hence impacting your A/R.
What's worth, this course will help you build a new customer orientation process that includes remittance instructions and checklists for standardizing your remittance processing procedure.
Key Takeaways:
- 7 Major Reasons to Deal with Unidentified Remittances
- 10-Step Process to Address Unidentified Remittance
- 6 Crucial Initiatives for Remittance Process Improvements
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