September 12, 2019
Can’t Get No Satisfaction From Sales and Finance Because of Your Q2C Process?
Posted by Lu Bai
It’s a familiar story – your sales and finance team members feel overburdened by the manual steps they must take to sell your products and record revenue. Quote-to-cash (Q2C) describes this cycle of taking orders and procuring revenue for your company. At a high level, the process encompasses order management, billing and payment, and sales fulfillment.
At most organizations, Q2C is mission-critical, but is also extremely manual and error-prone. You can improve employee morale while maximizing profits by streamlining your Q2C processes and getting rid of frustrating data entry tasks.
According to Salesforce, there are eight distinct steps to complete the Q2C process for one transaction:
- Order management
- Credit management
- Order fulfillment
- Order shipping
- Customer invoicing
- Accounts receivable
- Payment collections
- Reporting and data management
That’s a lot of time spent on manual tasks. When you integrate your customer relationship management (CRM) system with your enterprise resource management (ERP) software, you get immediate streamlining benefits by migrating key data between the two systems. The integration automates the migration of customers, items, orders, invoices and payments.
This eliminates manual data re-entry and empowers sales representatives to manage the operational bundling for each invoice. It also frees up your finance staff to focus on high-value strategic work by eliminating the need for manual file transfer, allowing your team to prevent avoidable mistakes and maximize productivity. The benefits also include data consistency and the ability to provide a summarized, automated quote to the customer.
Where to Start
Ready to process reengineer your Q2C and improve your cash flow? Get started by:
- Documenting your current processes by interviewing sales representatives, sales operations, order fulfillment and finance team members
- Determining quick wins and a long-term plan for integrating your ERP and CRM systems
- Ensuring your new process is compliant with ASC 606 revenue recognition guidelines and documenting it with an accounting memo
Your finance and sales teams will thank you…
Our quote-to-cash experts can help you assess, plan and execute process re-engineering to ensure you minimize errors and maximize profits. Reach out if you’d like to learn more about optimizing your journey and our integration solutions.
Lu Bai is Armanino’s Salesforce consulting practice leader. She has more than eight years of Salesforce solutions and implementation experience and is a certified Salesforce administrator and sales cloud consultant. Lu specializes in consulting clients for Sales Cloud, Service Cloud, CPQ, Communities, Digital marketing automation, optimizing system utilization, change management and user adoption.