Setting goals for your accounts receivable team can help you to better manage them, and it is good for your team members.
Setting goals helps you to manage your AR team by:
- Informing your AR team of what is expected of them individually and the team.
- Providing an objective way to measure the performance of your team and team members.
- Helping to keep collectors on task.
- Identifying members of your team who need more training or coaching.
Providing goals is good for your team members because:
- People like to have a goal to shoot for both personally and as part of a team.
- Employees want to know what is expected of them and the team.
- People prefer to be measured against objective standards.
Goals should be clearly communicated to team members. Actual results versus goals should be reported frequently so team members know their individual and team performance.
Setting goals and measuring performance for your accounts receivable team is easy with goal tracking features available in accounts receivable and collections software. Goal tracking capability can include features such as:
- Individual Tracking Dashboards – Dashboards by collector so team members know how they are doing and stay focused on their objectives.
- Goals by collector – Individual goal tracking allows you to set goals by collector for measuring performance and managing team members.
Here are some examples of capabilities available in individual goal tracking.
Goals by Collector Territory
Individual goals can be set and tracked by collector territory. If you have accounts assigned by sales territories, geographic region, industry or other criteria, you can set individual collector goals accordingly. It is a great way to manage your team. You and your collectors can:
- Identify and measure by territory.
- Work closer with sales in the territories.
- Know the unique problems and issues by territory.
People like to identify by territory, etc. Goals by territory for individual collectors lets them know how they are performing and gives you the information to manage your team.
Goals by Collector Title
If you have a large collections team, accounts and tasks could be assigned by “AR Specialist”, “AR Analyst” or other designation to facilitate tracking, measurement and management.
Goals by Collector Performance
You can categorize, track and measure collectors by performance criteria such as: high $ performing individuals versus new team members to better understand and manage your AR team.
Setting goal tracking for your accounts receivable team will help you manage your team and achieve your collection KPIs. With automated accounts receivable and collections it is easy to set goals, track and measure performance by individual collector.
The key to successful automation of accounts receivable and collections is to work with an experienced software specialist.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you automate your accounts receivable and use goal tracking to better manage your AR team.
If you would like to learn more about how you can benefit from automation of accounts receivable and collections, please contact Lockstep Collect at www.anytimecollect.com.