Finance and Accounting
Order to Cash (O2C) – Process Flow
The O2C process is affected by all aspects of your business. Companies should strive to optimise the order-to-cash cycle for various reasons. For starters, O2C activities impact operations throughout the organisation, including supply chain management, inventory management, and labour. Bottlenecks in one area can cause headaches for units that are completely separate. Secondly, the invoicing and accounts receivable functions carried out during O2C determine the company’s cash inflows. Delays in collection can complicate accounts payable, payroll, potential acquisitions, and other issues related to liquidity.
Listed below are the eight major steps that make up the order-to-cash process
Order to Cash (O2C) – Process
Procure to Pay(P2P) – Process Flow
The procure to pay process is how an organization procures the goods and services it needs to do business. Also known as P2P, procure-to-pay is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services, covering the entire process from point of order right through to payment. We at Prologiq understand the importance of executing the steps in a procure-to-pay process in a strict order to create a great customer experience.
Procure to Pay(P2P) – Process
Record to Report(R2R) – Process Flow
The record-to-report process is an end-to-end process that includes, general accounting, sub-ledger accounting, tax compliance, regulatory compliance, ﬁnancial analysis, and reporting and interacts with the functions of budgeting and forecasting and internal and external audit. It includes all subsequent activities after recording the financial transactions related to the financial close consolidation, through the external reporting of the company’s financial results. The R2R process ends with the completion of account reconciliations of balances generated during the financial close process. The four core steps in the record to report process are: