Benefits of eCommerce: Readiness Checklist
Is your business ready to go online? Our checklist for eCommerce readiness will help you answer that question and teach you the benefits of...
2 min read
Aqurus Solutions May 4, 2021 12:24:16 PM
Most sales start well before the quote is created. Set up stock items for products and non-inventoried items for services. Leverage embedded marketing automation to generate business leads. Manage the sales cycle with lead assignment and opportunity activities. Create and manage product families with matrix items and send quotes to customers for electronic approval. Convert quotes to sales orders and manage order details for a clean hand-off to the warehouse, drop-shipments by vendors, or third-party order fulfillment agencies.
Inventory planning begins prior to sales in many distribution and commerce environments. Companies purchase inventory to maintain stocking levels to avoid stock-out scenarios. Purchase orders and inventory replenishment balance supply and demand ensuring sufficient stock while avoiding overstock which increases carrying costs and the risk for product obsolescence. Multi-location wholesalers or hub-and-spoke distribution centers setup replenishment rules to generate transfers to replenish warehouse locations when stocking levels fall below safety stock values. Further, some companies establish long-term contracts with suppliers using blanket purchase orders to control purchasing with periodic releases sent to the vendor.
Accounting engages in the quote-to-cash process at various points for invoicing, vendor payments, and related activities. Invoices are typically sent after the order has shipped. However, some companies send multiple invoices for larger orders or sales that include field services, contracts, or multi-task projects. Vendor invoices are received, vouchered, and paid. Collection activities are managed for past due invoices with phone calls and email communication. Additional activities and reports complete the process with sales commissions and detailed analysis. There are many other supporting applications and processes crucial to perfecting the quote-to-cash process that should not be ignored.
Distributors and retail-commerce organizations perfect the quote-to cash process and get paid faster with a comprehensive and modern ERP application like Acumatica. Manage every step effectively and with the flexibility to adapt the system to the way you do business.
The quote-to-cash process comprises three phases and 14 unique steps, download the Playbook now to learn more!
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