“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.

Being Proactive in Your Collection Strategy

It is important when establishing a collection strategy to encourage your collection representatives to remain proactive. Catching a customer who will become a struggle to collect from before it happens is the best way

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What is a Collection Strategy?

Designing a collection strategy is one way to ensure that your accounts receivable stays under control and you continue to collect your cash. Without one, there is disorganization, disconnections, miscommunications and just simply chaos

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EVALUATING DEBT COLLECTION SOFTWARE

Once you’ve identified that you do need debt collection software in order to collect your overdue accounts quickly, you need to then figure out which debt collection software is right for your business. There

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How to Write a Dunning Letter

First of all, what is a dunning letter? A dunning letter is a letter that you send out to customers to ask them to remit payment. This is different from your payment notice or letters

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HOW TO WRITE A DEMAND LETTER

Once you get to the point where you need to write a demand letter to a customer, you are probably pretty frustrated. You have now sent multiple invoices, collection letters, payment reminders and called

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ACCOUNTS RECEIVABLE BEST PRACTICES

There is a right way and a wrong way to approach accounts receivable. Depending on which route you take will determine your success in collecting on your accounts receivable. Keeping up with and following accounts

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HOW TO DEVELOP ACCOUNTS RECEIVABLE KPIS

Key performance indicators (KPIs) are useful for developing credit and collection plans. But how do you develop Accounts Receivable KPIs and which ones will be the best measurement of your progress in improving business

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