Tray.io, the leader in low-code automation and integration, today launched a new order-to-cash solution for finance and operations teams to automate and accelerate the payment collection process while eliminating departmental silos and reducing data entry errors. Tray.io’s order-to-cash solution offers new workflow templates to automate actions across the multiple stages of the order-to-cash (O2C) process — which includes the critical steps involved from the moment a sale is closed to the creation of a corresponding sales order in the ERP and syncing of payment and invoice information back to the CRM. Customers including Mixpanel and Udemy are using Tray.io to expedite their O2C processes, reducing the manual work involved in entering orders, reconciling revenue and pursuing outstanding payments and invoices. With the time saved, their teams are now prioritizing mission-critical financial and accounting projects that increase profitability and drive their businesses forward.

In the current economic climate, where capital is scarce, finance teams are doubling down on business fundamentals to weather the storm and maintain market share. CFOs are now prioritizing steady cash flow and increased profitability. To achieve these objectives, finance leaders are focusing on transforming traditionally manual workflows, particularly the O2C process. This intricate process involves hundreds of siloed steps across different lines of business, including invoicing, collections, payments and revenue reconciliation; multiple departments such as sales, sales ops, finance and customer success; and traverses critical systems like CRMs and ERPs. A survey by CFO Research indicated that addressing O2C pain points could reduce costs by at least 5% and boost revenue by 5%.1 

“The unchecked proliferation of SaaS applications across the enterprise has driven departmental operations teams to low-code iPaaS solutions that give them the ability to transform fragmented processes into powerful business outcomes," said Rich Waldron, co-founder and CEO, Tray.io. "With Tray.io’s AI-augmented low-code platform, extensive library of connectors and the governance capabilities IT demands, finance teams who are intimately familiar with their O2C processes now have the flexibility, speed and control they need to solve their business issues and establish steady cash flows.” 

Tray.io Automates and Accelerates Order-to-cash Processes

Unlike other low-code and iPaaS products, Tray.io’s powerful platform offers organizations a flexible and cloud-first approach to drive automation and integration velocity at scale. The following order-to-cash features available on the Tray Platform allow teams to reduce manual work, collect payments faster and create more seamless customer experiences:

• New Salesforce and NetSuite templates accelerate order-to-cash automation: Templates provide customers with ready-built, pre-packaged workflows that help them save time and quickly jumpstart the automation building process. The new Salesforce Account to NetSuite Customer template and Salesforce Opportunity to NetSuite Sales Order template are triggered to start when a deal is marked “closed won” in Salesforce, causing a corresponding sales order, account and contact in NetSuite to be automatically created. Additionally, the NetSuite Invoice to Salesforce Invoice and NetSuite Payment to Salesforce Payment templates take invoice and payment information relating to the NetSuite sales order and sync the data back to the originating Salesforce opportunity, updating daily. 

• Expanded ERP connectivity to NetSuite ecosystem for more seamless integration experiences:  Updated endpoints and newly segmented NetSuite REST and SOAP API connectors equip teams to more easily build and maintain NetSuite workflows. These additions to the NetSuite connector complement Tray.io's existing library of ERP connectors, including SAP, Oracle and Microsoft Dynamics. 

• Enhanced error handling capabilities to diagnose and resolve issues in real time: Tray.io customers can deliver strong customer experiences by quickly triaging and responding to any errors that occur throughout the O2C process. With full visibility into their workflows, teams can also build custom dashboards to proactively monitor for any problems that may arise.

Scaling Order-to-cash Processes with Low-code Automation 

Mixpanel, a global products analytics software provider, quickly scaled its O2C process by utilizing the Tray Platform to streamline work across its revenue organization, reducing the manual labor required to complete a sales order by 25%.

“As our business grew, the finance team found itself spending more and more time manually creating sales orders, matching customer payments and posting cash transactions. We knew an automation platform was the answer, but we needed a solution that would allow my teams to move agilely and self-serve, versus relying on our Internal Tools team to fix our problems,” said Kara Barcelon, corporate controller, Mixpanel. “Tray.io has fundamentally changed our approach to automating processes. With the Tray Platform, the finance team can directly and independently build the necessary integrations and automations that will continually enhance and streamline our order-to-cash processes and more!”

Similarly, Udemy, an online learning and teaching platform, tapped into the power of the SOC2-certified Tray Platform to integrate and automate critical parts of its payment process, realizing an on-going time savings of 20-25 hours a month.

"Tray.io brought a tremendous amount of efficiency to our order-to-cash process. After implementing the platform, we are saving 20+ hours per month in employee time that was previously spent on cumbersome manual work and data entry. Ultimately, the platform empowered us to bring self-service sales to the enterprise as a fully automated process, from customer order to payment,” said Jing Chen, director of enterprise and business applications, Udemy. “We are now exploring other ways we can use Tray.io to create new automations across our tech stack due to its flexibility and scalability." 

The Tray Platform allows teams to overcome the scaling shortfalls of manual tasks, avoid using point-to-point solutions that quickly become unmanageable and iterate on processes with almost unlimited flexibility, customization and scale. Tray.io’s serverless architecture and elastic scaling capabilities can support large spikes in volume so finance teams can manage significant quantities of data with ease and avoid delays in the payment process.