When going through the process of selecting software of any kind, the first step is always to identify your requirements and separate your needs from your wants; only then will you be able to find a best-fit solution. To define your accounts receivable software requirements in an organized and effective manner, we suggest the use of a request for proposal (RFP) template. While RFP templates are effective, they can be extremely time consuming to develop on your own, we’ve given you a head start with this sample accounts receivable software RFP template.
General software features are outlined in a related request for proposal (RFP) template providing an overview of the functional fit for the credit and collections software by industry as well as an overview of the underlying technology, database, integration strategy, and ideal company size by product edition. Other general information is provided to help the CCM buyer to evaluate the general features included in the business application.
The RFP template includes more than 70 technology questions. These questions are broken out by category for deployment options, data synchronization (import), data export, application updates and major releases, user defined fields, and security and compliance concerns.
An overview of user licensing is provided in the RFP including credit users (full access for credit and collections staff), credit managers, administrative users, and inquiry users for top
executives, sales representatives, and other employees or external users.
The RFP template provides a summary of key account management features including customer account details, account assignment, account history, account aging, sales representatives, and customer contacts.
Supported financial transactions are detailed in the RFP providing an overview of financial transactions integrated from the ERP accounting system to the CCM software. This includes approximately 20 questions related to customer invoices, credit memos, payments, and other financial transactions.
AUTOMATION AND WORKFLOW
The RFP includes a section dedicated to automation and workflow definition within the CCM business application. This section outlines key features related to the definition of workflow and the automated creation of activities for users in the software.
The collections activities section of the RFP includes 45 questions regarding customer communications and activity management broken down into ten categories covering general communications, email, phone, letters, disputes, expected payments, activity notes, procedures, and live chat.
BUSINESS INTELLIGENCE AND REPORTING
There are more than 30 questions outlining key business intelligence and reporting features in the RFP. Questions are related to data analysis, dashboards and reports, and alerts. Business
intelligence is a critical part of today’s modern CCM business software providing valuable insights into your cash flow and overall financial health of your business.
BUSINESS CREDIT RISK MANAGEMENT
This section in the RFP highlights key credit management features in the software including credit scores, credit applications, credit limits, and more.
ONLINE BILL PAY
The EIPP section of the RFP highlights features related to electronic invoice presentment and payment including invoice transmittal options, online payment capabilities, and customer self-service portal configuration options.
Document management questions are provided in the RFP template providing details on customer account documents and invoice documents as well as document strategies for invoices and related files and documents available internally or externally for customers.
Cash forecasting capabilities are highlighted in the RFP including expected payments, promises to pay, and statistical cash forecasts based on customer payment history.
There are more than 30 questions for global features in the RFP. This section provides information for multi-ERP support, multi-company configuration, multi-currency, and multi-lingual language support.
The last two sections in the RFP template include 20 questions related to software implementation, project management, training, and support services.
The RFP includes a section for the vendor to outline their implementation methodology and project plans which are critical to larger implementations of CCM business applications. A sample implementation plan with work breakdown structure (WBS) is also provided.
PRICING AND ROI
The RFP includes a section where vendors can provide software quotes including user and module license costs, maintenance and support costs, and professional service costs. This section is used to calculate a potential return on investment using the investment summary compared to expected efficiency gains and cost reductions defined in the RFP Introduction.