“Our DSOs are down and we have beaten our collections targets for two quarters in a row. I attribute that to ramping up on Lockstep Collect and it’s automation.”
See how accounting departments are succeeding with Lockstep Collect.
How to Continually Monitor Customer Creditworthiness for Improved Collections
The rapidly changing business environment in the new normal has made it more important than ever to continually monitor customer creditworthiness. Under normal conditions, many companies only reviewed customer creditworthiness on a quarterly or
The Cost of Credit – What Is It Costing You to Offer Credit to Customers?
The cost of offering credit to customers is made up of three components: Time value of money Bad debt losses Cost of credit and collection functions The cost of NOT offering credit to customers
How to Set Customer Credit Limits
Credit limits are an essential tool for managing credit risk and protecting your company’s cash flow. Orders in excess of credit limits are automatically placed on hold for credit review. If credit limits are
How to Calculate Customer Credit Risk
Customer credit risk has become a major concern in the new normal. Even companies that were financially sound before the start of the recession are struggling to survive until the economy recovers. In this challenging
Tools for Credit Risk Management and Cash Flow Protection
It is a challenge in the new normal to manage credit risk and protect cash flow. The rapidly changing economic environment and its impact on the credit worthiness of customers makes it imperative that
Understanding The Basics of Credit Management
Credit management has become critical in the new normal. Many companies are delaying payments to suppliers to conserve cash because of the uncertainty. Credit rating information has become less reliable. Procedures for granting credit
Where Do You Stand? Benchmarking Collection Effectiveness Using Activity Management
If your collection team is not achieving collection and cash flow goals, you could hire more collectors or work overtime to increase collections, or you can determine where you stand by benchmarking and measuring
What You Need to Know About Maintaining Your Customer and Vendor Accounting Data
Profile management is essential to running your operations smoothly and efficiently and increasing cash flow. It is the process of gathering and maintaining customer and vendor master data. Maintaining master data means updating that information
Collectors Toolkit
Download the Lockstep Receivables (formerly Anytime Collect) Collector's Toolkit We have compiled all our most popular assets in one location to share best practices developed through the use of Lockstep Collect and our customers. This
How to Boost Team Performance with Collections Activity Reporting
Is your AR collections team always busy and working hard, but still unable to achieve goals for increased collections and cash flow? In today's economy, it is more important than ever for your AR team
How Do Smart Activities Create More Time?
Collectors need more time in the new normal to contact customers and build relationships that can help increase collections and cash flow. The more time your collection team spends trying to figure out who
Aging Report Template
Download the Lockstep Collect Aging Report Template Managing and working off of an excel aging reports has always been the way of accounts receivable departments. Aging reports are still important; however, with advances in
An Introduction to Smart Activities and the Importance of Enablement in Collections
Collections in the new normal need to be as efficient and effective as possible to overcome the impacts of short staffing and remote work on collection teams, and the difficulty collecting past due accounts
The Importance of Contact Management in Collections Activities
Contact management is an integral part of collections activities. Collection automation products use information about customers, credit, accounts receivable and other important information to schedule collection activities for collectors. This frees up collectors to
