The Various Stages of the Order-to-Payment Cycle homework help
For a business or any profit making organization which deals with products and services, the order-to-payment cycle homework help is an essential part of their operations. It helps them to assess their efficiency and effectiveness when it comes to the processing of order and its subsequent fulfillment. It is an important means of communication between the company and its customers. People are more likely to be loyal customers only if their orders are fulfilled efficiently.
There are various stages of the Order-to-Payment Cycle homework help. They have been enumerated below for your better understanding:
Stage 1 – Placing the order
The very first stage of the Order-to-Payment Cycle homework help is the placement of the order for the goods or service provided by the company. The order can be placed through a number of mediums like:
Stage 2 –Identification of the payment method
After the order has been placed, the customer’s chosen method of payment is ascertained. If the customer chooses to pay through deferred payment method then the company conducts a credit review. The credit review is done to analyze the past records of payment, their frequency, the period of time during which the repayment was completed. The credit review helps to avoid bad and doubtful debts.
In case the customer chooses another method which involves a one time payment, the company offers benefits in the form of discounts and points. These points can be redeemed in subsequent order placement to avail other benefits.
Stage 3 –Order Documentation
After the payment method has been finalised the next stage is perhaps the most important one in the Order-to-Payment Assignment Help. In this stage, the order is documented in the form of a request. This request is known as a Purchase Order Acknowledgement which informs the warehouse to prepare the product for shipping. The details of the customer are also attached in form of an Advance Shipment Note. The details include:
Stage 4 – Delivery and Receipt of the product
After the product has been verified with the Purchase Order, it is packed and readied for shipment. The Customer’s Invoice is also attached to it to help them send it to the correct address. This is the penultimate stage in the Order-to-Payment Cycle Assignment help.
After the product reaches the customer, the invoice is verified with the order placed. This is done to ensure that the ordered products have reached the buyer.
Stage 5 –Cash Management
This is the ultimate and the most significant stage of the entire the Order-to-Payment Cycle Assignment help. After the product reaches the customer, depending on their choice, they need to start paying the supplier. An Invoice is created in their name which is an Account Payable in their books of accounts while the suppliers show it as an Account Receivable in their books.
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