“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.
LOGISTICS
Currently, most transportation companies rely on either accounts receivable factoring services or freight invoice factoring to speed up their payment processes. However, a study conducted by Ernst and Young shows that services aren’t really
Using Automated Email to Improve Accounts Receivable
Using Automated Email to Improve Accounts Receivable Introduction Automated email is used in a variety of industries. Almost every business today is using auto-generated emails to send marketing information to customers.
Improving Customer Service with Automated Email
When you’re sending emails manually, it doesn’t leave a lot of time for customer service. Believe it or not, accounts receivable professionals are also customer service professionals. If a customer feels like the payment process
HOW TO WRITE A COLLECTION EMAIL THAT WILL HOLD UP IN A DEPOSITION
When dealing with a customer’s failure to pay on time, it can be an extremely frustrating situation. Often times we send an email or make a phone call out of anger that we later regret
CREDIT AND COLLECTIONS LAW: WHAT YOU NEED TO KNOW
It’s all well and good to keep track of the latest best practices in credit and collections and try to get creative in your methods to collect on open invoices, however, there are laws
THE PSYCHOLOGY OF ACCOUNTS RECEIVABLE
No matter how automated the process of accounts receivable becomes, you’re still dealing with real people that need to pay you. There is always someone on the other end of the phone who is giving
HOW TO CALCULATE CREDIT LIMITS FOR CUSTOMERS
You have weighed the pros and cons of extending credit to customers, have deemed the customer in question to be a good credit risk, and now you need to figure out how much credit
EXTENDING CREDIT TO CUSTOMERS: BENEFITS & DISADVANTAGES
On the surface, extending credit to customers seems like a no-brainer since it can be a great way to attract customers and build profitable, long-term relationships with them. But there is more to it than
HOW TO MEASURE & MANAGE ACCOUNTS RECEIVABLE PERFORMANCE: IMPORTANT METRICS
Monitoring your accounts receivable performance is the first step in improving the way you manage it; after all, “If you don’t know where you are going, you will probably end up somewhere else.” (Laurence J.
HOW TO WRITE A NOTICE OF LEGAL ACTION
At this point you’ve worked very hard to collect the invoice from your customer directly; you have made numerous collection phone calls, sent emails, left messages, and sent three previous collection letters. At this point
How to Write the Third & Final Collection Letter
In the first two parts of this collection letter series we talked about the first and second collection notices. If you have gotten to the point where you are now sending your third collection letter,
How to Write the Second Collection Letter Notice
In the first part of this collection letter series we talked about the first collection letter, the purpose of which was a friendly reminder letting the customer know they are late on their invoice.
DISTRIBUTION
Wholesale distribution is an ever increasing market that is facing a lot of global competition at lower margins. Between managing the supply chain, quality control and delivery dates, among other important processes, paying attention to
NON-PROFIT
Working for a non-profit is a mighty cause, but it can also be a mighty challenge. Compared to accounting peers at for-profit organizations, a non-profit’s budget is much smaller and has less resources to work
