Order-to-Cash (OTC)

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COURSE OVERVIEW

This course provides an in-depth examination of the Order-to-Cash (OTC) process, a critical component of the financial operations within organizations. Students will explore the complete OTC cycle, from order management and fulfillment to invoicing, collections, and cash application. The course emphasizes best practices, technological tools, and strategies to optimize the OTC process for improved efficiency, customer satisfaction, and financial performance.

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CURRICULUM

  • Overview of the OTC Process
    • Definition and scope of the OTC process.
    • Key components of the OTC cycle: order management, fulfillment, invoicing, collections, and cash application.
    • The role of OTC in financial management and customer relations.
  • The OTC Process Flow
    • Detailed examination of each phase: order entry, order processing, shipping, invoicing, and payment.
    • Key stakeholders involved in the OTC process: sales, finance, logistics, and customer service.
    • Integration of OTC with other business processes and systems.
  • Order Entry and Processing
    • Methods for receiving and processing customer orders (e.g., online, phone, email).
    • Ensuring accuracy and completeness in order entry.
    • Order validation and credit checks.
  • Order Fulfillment
    • Managing inventory and order fulfillment.
    • Coordination between order management, warehousing, and shipping.
    • Handling backorders, substitutions, and cancellations.
  • Customer Communication
    • Keeping customers informed about order status, shipping updates, and potential issues.
    • Strategies for managing customer expectations and resolving issues.
  • Invoice Generation
    • Best practices for generating accurate and timely invoices.
    • Components of an effective invoice: details, terms, and conditions.
    • Electronic invoicing and automation tools.
  • Billing Procedures
    • Managing billing cycles and schedules.
    • Handling billing discrepancies and disputes.
    • Implementing controls to ensure billing accuracy.
  • Collections Management
    • Developing an effective collections strategy and policy.
    • Techniques for proactive and reactive collections.
    • Managing overdue accounts and negotiating payment arrangements.
  • Cash Application
    • Applying cash receipts to customer accounts and invoices.
    • Reconciling payments and managing unapplied cash.
    • Automating cash application processes and improving accuracy.
  • Handling Bad Debt
    • Identifying and managing bad debt.
    • Strategies for reducing bad debt and improving collections.
    • Writing off uncollectible accounts and accounting for bad debt.
  • OTC Software and Automation
    • Overview of Order-to-Cash software and automation tools.
    • Key features and benefits of OTC systems (e.g., order management, invoicing, collections).
    • Integrating OTC systems with other financial and operational systems.
  • Electronic Invoicing and Payments
    • Implementing electronic invoicing and payment solutions.
    • Benefits and challenges of electronic transactions.
    • Managing electronic payments and maintaining security.
  • Data Analytics and Reporting
    • Utilizing data analytics to monitor OTC performance.
    • Generating reports for financial analysis and decision-making.
    • Key performance indicators (KPIs) for OTC processes.
  • Regulatory Requirements
    • Overview of regulations affecting OTC (e.g., tax regulations, accounting standards).
    • Ensuring compliance with local and international regulations.
    • Maintaining accurate records for auditing purposes.
  • Internal Controls
    • Implementing internal controls to safeguard assets and ensure accuracy.
    • Segregation of duties and role-based access controls.
    • Regular audits and compliance checks.
  • Fraud Prevention and Security
    • Identifying and preventing fraud risks in OTC.
    • Implementing controls to secure OTC processes and data.
    • Best practices for protecting sensitive financial information.
  • Best Practices in OTC
    • Streamlining OTC processes for efficiency and accuracy.
    • Implementing best practices for order management, invoicing, and collections.
    • Continuous improvement and performance evaluation.
  • Common Challenges
    • Managing high volumes of orders and collections.
    • Addressing billing discrepancies, overdue accounts, and customer disputes.
    • Balancing operational efficiency with customer service.
  • Case Studies
    • Real-world examples of effective OTC management.
    • Analyzing case studies to identify best practices and lessons learned.
  • Emerging Technologies
    • The impact of artificial intelligence and machine learning on OTC.
    • Innovations in order management, invoicing, and collections.
    • Future trends in OTC technology and automation.
  • Strategic Role of OTC
    • The evolving role of OTC in organizational strategy.
    • Aligning OTC with broader financial and business goals.
    • Preparing for changes in the financial landscape and OTC practices.
Course Price: $74.00
  • Instructor : Eleanor Fant
  • Lectures :14
  • Enrolled :20 students
  • Duration :6 weeks
  • Language :English
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