When it comes to paying and receiving payments in the public sector, most organizations continue to face two major challenges: streamlining the citizen experience and improving revenue management for government staff.
The public sector is no different from every other industry currently looking for better ways to improve the customer experience and increase employee productivity. When government employees have the right tools and information they need, they can be more efficient in their day-to-day jobs and more accurate with reporting and compliance requirements. When it is easy for citizens to make invoice payments, they are more likely to pay their bills on time.
What is Cashiering in the Public Sector?
The act of receiving and disbursing money is referred to as “cashiering.” But the problem is, many public sector organizations don’t have an integrated cashiering solution to effectively manage these critical processes. Instead, they use disconnected accounting applications or outdated legacy solutions to accept payments across multiple departments, track transactions, and manually consolidate data for financial reporting. Without centralized process control and automation, this ends up resulting in:
- Time-consuming manual data reconciliation and ledger posting
- Growing issues with human error and data accuracy
- Inaccurate financial reporting and risk of non-compliance with regulations
- Burn out and lack of focus among administrative employees
These disparate systems are usually out of date and do not have the modern user interface required to meet today’s employee and customer expectations. For public sector departments, this means a significant amount of training is required and can negatively impact recruitment overall. For customers, this often impacts their ability to meet payment deadlines and results in system errors and complaints.
One of the best options to solve these common problems for public sector organizations is integrated cashiering software. In the next section, we are going to share some insight into when and why you would use this type of software solution.
Why Use Integrated Cashiering Software?
Integrated cashiering software is designed to facilitate accurate revenue collection and unify the interactions that citizens have with various public sector departments. By bringing together all the functionality you need into one platform, cashiering software allows governments and utilities to accept payments more efficiently—while making it easier for a person trying to pay a bill, tax, or fee.
Here are 5 examples of how an integrated cashiering solution can make a difference to your public sector organization:
1. Unified Front and Back Office
End-to-end point of sale (POS) cashiering software that leverages ERP functionality enables cashiers, managers, treasurers, and auditors in the public sector to easily track and manage payments for multiple departments in one system. Centralized Master Data configuration and Central reconciliation of cashiering transactions eliminates data redundancy and duplicate data entry while drastically improving visibility and data accuracy across the organization. The unified solution provides the ability to raise invoices to the customers, collect their payments (could be partial), post financial entries and update the customer balances.
2. Increased Process Efficiencies
Process automation is a key driving factor behind adopting integrated cashiering software, as it significantly reduces time-consuming manual data consolidation and automates key financial processes. The solution possesses the ability to provide configuration driven automated Ledger posting. This helps reduce manual intervention and increases efficiency of the staff. By combining payment processes, reporting, and reconciliation in one single location, employees can do their jobs better, with fewer errors and more visibility overall.
3. Seamless Citizen Experience
People want payment flexibility and self-service accessibility when paying bills. That’s why public sector agencies and organizations are adopting software that provides a better overall user experience to their constituents as well as their staff. Centralized cashiering software helps simplify online payments and offers a more intuitive, user-friendly experience for all.
4. Financial Reporting and Compliance
Having a centralized workspace is valuable to all public sector employees as it provides a more accurate view of data to track transactions, analyze reports, and easily manage the audit trail. Balancing funds is an integral accounting requirement for public sector organizations, so a good solution should have additional fund balancing functionality.
5. Cloud-based Access and Modern Conveniences
It’s important for public sector organizations to keep up with customer expectations—and that means keeping up with modern trends like Cloud-based access and mobile availability. Other features include check scanner integration, which digitally scans checks and endorses the reverse side of the check.
Learn More About Integrated Cashiering Software
As an established public sector technology partner, OnActuate specializes in delivering solutions that meet the unique requirements of the public sector. We built our own integrated cashiering solution on the trusted Dynamics 365 platform to enable execution and central reconciliation of cashiering transactions. You can learn more about it here.
We have also put together a video that provides a full overview of integrated cashiering software and how your public sector organization can benefit from it. You can watch the on-demand webinar with additional use cases and a demo of the Dynamics 365 Cashiering Solution below: