All AR managers want their teams to focus their efforts on activities which will improve credit and collection processes and increase cash flow such as:
- Assisting high value customers
- Managing credit risks
- Resolving disputes
- Improving processes
However, overflowing email inboxes often bury AR teams in correspondence about late payments, unauthorized deductions, disputes, credit holds, requests for invoice and statement copies and other minutia.
Trying to keep up with never ending email correspondence is a thankless task. Most of the correspondence is clerical in nature, time consuming, error-prone and the effort to clean it up is often not appreciated by other stakeholders. Plus, the work is unfulfilling and can burn out your AR team.
Responding to a single email can take multiple steps including:
- Deciding on course of action
Responding to a large volume of emails can add up to a huge time suck and be very demoralizing for your AR team.
The solution to get your team out of this hole and to Inbox Zero is Connected Accounting.
Connected Accounting provides your customers with the self-service tools they need to manage their accounts via an easy access portal to your system. Providing a portal to your system can eliminate much of the unnecessary email activity that wastes the time of your AR team and customers. It doesn’t make sense for customers to email your team for invoice copies when they can easily obtain one through a portal to your system. The same thing goes for account balances and other information and activities that can be accessed without getting your AR team involved.
Customers want the freedom to manage their accounts no matter where they are or what time it is. Connected Accounting via an easy access portal can give them that flexibility and give your AR team Inbox Zero.
Customers can also perform other self-service tasks through your portal including:
- Payments – Providing online payment options such as credit cards, ACH, ETF and PayPal eliminate the need for customers to contact your AR team to process a payment.
- Disputes and Credits – Customers can initiate disputes and request credits. Your team can learn there is a problem ahead of time instead of after an invoice is past due. This also makes it easy to forward information to stakeholders for resolution.
- Promises to Pay – Customers can indicate when invoices will be paid, helping to eliminate needless emails back and forth.
Customers want Inbox Zero as much as your AR team. You can be easy to do business with and save time and money by providing a Connected Accounting solution with an easy access portal.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help your company provide a Connected Accounting solution with an easy access portal.