As your sales team knows, landing and developing a new customer relationship can take a lot of time and effort. Because of this, sales people want to stay on top of any problems with their customers so they can get involved if necessary.
The collections process is a key part of the customer transaction cycle that sales people need to monitor on a regular basis. Collection problems can be symptomatic of possible disputes, quality and shipping issues, and customer financial or operational problems. Problems which are left unresolved, can lead to credit hold, order cancellations, unpaid invoices and loss of a customer.
The prevalence of remote work today makes it all the more important that the sales team and AR management see regular reporting on collection activities. Remote work has many advantages for companies, but it can lead to back office activities like collections being out of touch with management and key stakeholders like sales. With remote work there is no opportunity to walk over to the sales department or bump into a sales person in the break room for a brief update on a customer collection issue.
To make sure the sales team and AR management are in the loop on the collections process activity reporting is essential. Here are some ways you can use activity reporting to keep the sales team in the collections process.
- Number of invoices sent – Provide information on the number of times invoices which have been sent without payment. This will help to prompt sales people when there are collection problems.
- Online notes – Use online notes to keep all stakeholders up to date on customer calls and developments. This is more efficient than separate emails or hand written notes.
- Escalation – Collectors can escalate to sales team after a certain number of attempts to collect have been made.
- Customer portal – Provide an online customer portal with dispute reporting capability which customers can use to note disputes. This will help to keep stakeholders informed and facilitate prompt resolution of disputes.
- Dashboard – Using a dashboard with information on collection activities can be a convenient, easy way to keep stakeholders informed of possible collection issues.
Keeping your sales team informed on collection activities in a useful, timely manner can help to increase collections and cash flow, and give your sales team the opportunity to help resolve problems with customers. Remote work makes this essential to the collection process.
Cloud-based credit and collection platforms provide the solutions you need to take full advantage of the activity reporting you need to keep the sales team in the collection process.
Anytime Collect is a market leader in cloud-based credit and collection platforms. Anytime Collect can help you develop the collection activity reporting you need.
If you would like to learn how you can benefit from collection activity reporting, please contact Anytime Collect at www.anytimecollect.com.