Do your collectors seek your advice and welcome your insights on how to improve collections and meet AR goals? If they don’t, it may be that you don’t have the collections automation tools needed to have a clear view of their collections activity and success rates. Without this collections information it is difficult to mentor your collectors and encourage best practices to improve performance.
If you want to be seen as an accounting leader, instead of just “the Boss”, collections automation with activity management features can help you burnish your image as a leader, and become the mentor your team needs to achieve AR goals.
Collections Activity Management
Collections activity management gives you and your collections team the tools needed to identify and prioritize activities to maximize efficient and effective collections, reduce DSO and increase cash flow. Less time is wasted trying to prioritize collections which helps to keep your team focused and on task.
Collections activity management also gives you the tools to be an accounting leader, mentor your team and give advice on best practices to improve results. Collections automation tools provide a clear view of your collectors’ activities and their success rates.
- Work in One Application
Customer 360-degree view and communication tools give the information needed to manage credit and collections, and saves time switching between applications. It provides one solution that does it all so your team can efficiently and effectively increase collections.
- Focus on the Right Activities
Work management automates assignments, priorities and escalations of activities according to your business rules. Your team stays focused and on task to achieve AR goals.
- Use Time Efficiently
Smart activities automate pre-activity preparation and post-activity logging to maximize time on the activities themselves. More time contacting customers will result in increased collections.
- Collect Your Way
Leverage best practices by configuring menus, screens and activities. Put best practices at your team’s fingertips so they always know the best thing to do.
Collections activity management will give you the information needed to be a mentor and accounting leader for your AR team. In addition, it will give your collectors 360-degree overview of accounts, and provide the prioritization of accounts they need to use their time efficiently, increase collections, reduce DSO and accelerate cash flow.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can make collections more effective, and improve cash flow 31% or more, request a demo.