“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 Write the First Collections Letter
When it comes to AR management, communication with your customers is of critical importance and a collection letter is a major part of this communication strategy. The first collection letter should be sent to your
Bill of Lading
If you’re in the transportation and logistics industry, you’ll be pretty familiar with the Bill of Lading. A bill of lading is a contractual agreement with a company and their client. All of the terms
Accounts Receivable Factoring
One of the most important assets of a business is your accounts receivable. Without proper cash flow, you cannot continue to pay for labor, equipment or product and your business will fail. In dire
Receivables Document Management
Document management solutions were created for a very simple reason. Businesses realized that having to maintain hundreds of thousands of paper files and important documents was risky. If all documents are stored in a file
AP -vs- AR
There are a lot of different terms in the accounting profession that are very unique. You would not find this type of language outside of business and accounting, which means it can become very confusing
Turnover Ratio
In order to keep an eye on how the credit and collections team is doing. This can determine whether a business needs to tighten or loosen their restrictions on offering credit to customers, and can
Automated Clearing House (ACH)
ACH, or Automated Clearing House, is one of the fastest growing payment options in the U.S. Many consumers and businesses may actually be using ACH payments every day and not even realize this. In fact,
CREDITSAFE CREDIT RISK MANAGEMENT
Credit information is vital for every business.Extend credit to the wrong customer and you could face huge losses and expensive legal battles and you may be missing opportunities to extend more credit to your best
DOCUMENT MANAGEMENT
Thanks to the success of general document management, Receivables Document Management was introduced as a way to improve the collections process. Instead of simply capturing images of documents to store away, receivables document management is
ONLINE BILL PAY
Most professionals in the accounts receivable department can feel like they’re drowning in work. Invoices continually go unpaid and the work to try and get those delinquent customers to pay continues to add up.
CUSTOMER SUPPORT
[vc_row][vc_column][call_to_action_box icon="person" top_margin="page-margin-top"]"They are a wonderful team to work with. When I call/email/submit a ticket I get a response almost immediately. Have you ever had to call for support and you end up speaking to
INVOICE DISPUTES
Invoice disputes are a huge hurdle to getting paid on time. The longer an invoice sits in dispute, the less chance you will have of collecting the full amount. Knowing when an invoice is
AUTO EMAIL
The most time a collections representatives spends on manual tasks is crafting and sending out emails. Researching the customer, finding supporting documents, finding invoice numbers, writing the email and any other tasks associated with
