63% credit and A/R teams believe that they have collections strategies and systems in place for executing collections operations. However, a whopping 46% of credit sales turn into past dues and a significant 2.5% becomes uncollectible. Often, collections strategies fail to deliver results on DSO, CEI and bad debts due to lack of solid execution.
Successful credit and A/R teams deploy collection strategies backed by robust processes to prioritize the critical customers, send timely correspondence and track customer payments accurately across thousands of customers. This difference in execution is a key reason why DSO of top-performing credit and A/R teams in the USA is an extraordinary 4 times lower than that of average performers, as observed in a recent PwC study.
In the upcoming webinar, we explore the must-have expertise and technical support required to execute receivables collections faster and achieve excellence in collections strategy execution.
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 1100+ Global Businesses
