It can be demoralizing for your collectors to start work every morning with an accounting inbox that never gets smaller. They know it means they will have less time to spend on collections priorities. Most of the emails your collectors get are routine matters. They tie them up in manual tasks, and make it harder to have the time needed to achieve AR goals.
Collections automation can clean out your accounting inbox with an online self-service customer portal.
Many of the emails in your accounting inbox are requests for copies of documents. With an online self-service portal it is easy for customers to access copies of invoices, statements and other documents. Customers save time when they don’t have to email your team to get copies, and your collectors have more time for priority collections. It is a win-win solution for everyone.
Disputes can be the source of many of the emails in your accounting inbox. Without an automated means to report and resolve disputes, your collectors usually find out about disputes after the customer has deducted. This sets off many emails between your collectors, the customer, and all the stakeholders at both companies.
Collections automation provides the solution to handling disputes with an online self-service portal feature that allows the customer to log disputes and facilitates resolution with the stakeholders.
A customer self-service portal will help to clean out your accounting inbox, save time for everyone involved, and accelerate cash flow.
Current and accurate master data is essential to cash flow, efficient operations and enhanced customer experience, but you don’t want your accounting inbox to be overloaded with customer profile changes. Profile changes take time for your collectors to re-enter in your system. Collections automation that includes a customer self-serve portal makes it possible for customers to self-manage their profile. Instead of emailing your collectors with profile changes, they can make the changes themselves. Your accounting inbox will go down and everyone is a winner.
Customers want the convenience and flexibility that self-service provides. With cloud-based collections automation they can self-manage their accounts from any location when it suits their schedule. Clean out your accounting inbox and enhance customer experience with an online self-service portal.
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.