“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.
SETTING UP THE CALL IN YOUR COLLECTION STRATEGY
When it comes to collections, one of the most time consuming tasks can be making phone calls. Often times you have to look up the customer account, recall past conversations and check notes all before
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
USING A BUSINESS CREDIT APPLICATION FOR YOUR COLLECTION STRATEGY
When creating a collection strategy, the best place to start is creating a business credit application for customers. A business credit application helps you to decipher who is the biggest credit risk and who
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
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
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
ACCOUNTS RECEIVABLE PROCEDURES TO EXPEDITE COLLECTIONS
Cash flow is the lifeblood of every business and slow paying customers can seriously affect it. There are four Accounts Receivable Follow-Up Procedures that every business should implement to expedite collections of past due
Creating a Business Credit Scoring Plan
In the B2B business world, we often time have to offer credit to customers in order to make sales. However, offering credit does not come without its risks. Will the customer pay it back
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
WHO ARE THE KEYNOTE SPEAKERS AT EPICOR INSIGHTS?
May has begun and Epicor Insights is approaching even faster at the end of the month. One of the most exciting parts of going to conferences like Epicor Insights is the speakers and entertainment that
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
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
WRITE A LETTER TO CUSTOMERS ABOUT EMAILING INVOICES AND REMINDERS
The benefits of using email for accounts receivable purposes, such as sending out invoices, getting customers to pay or sending out reminders, are numerous. You are using less energy, resources and money to send more
THE ROI OF EMAIL FOR ACCOUNTS RECEIVABLE
So far in this blog series on using email for accounts receivable we’ve covered why you should be using email to send invoices and payment reminders and how to get your customers to make the