Gathering requirements for OTC transactions

When it comes to sales tracking, businesses tend to fall into a few known categories. If they have a retail component or they only sell items via the internet, they will most likely use cash sales to record them in the system, assuming all orders are paid for at the time the order is placed. If they allow sales based on terms (Net 30, for instance), then they’ll need invoices, and so on. Spend a good amount of time talking to the sales and other related teams to understand their OTC process thoroughly.

Here are some topics to cover when analyzing the client’s OTC needs:

• Do they ever record quotes, or estimates, in advance of a sale? Some businesses will use these as a way to start the sales conversation with their customers or to establish pricing in advance.
• What forms of payment do they accept for sales and when do they offer terms as an alternative?
• Are there ever restrictions on which items each...