Shortening your collection cycles is a bit of a misnomer. What you really want to do is to keep customers from becoming very past due so your own company can run efficiently with the assurance of consistent cash flow. We all know you can’t just send an invoice and magically expect every customer to pay in full by the due date, so we need to be proactive. By working to prevent delinquency instead of waiting for it to happen you will shorten overall cycle times, improve cash flow and maintain control over the collection of accounts receivable.
What tips can you provide that has helped your company reduce its collection cycles?
How to Improve Collections and Dunning with…
Today, the news and updates around the world are around cash flow management…
7 Best Practices To Ensure Faster Collections
Learn about 7 collection strategies that work across industries to maintain an efficient…
Accounts Receivable Aging Report Excel Template
What Is an A/R Aging Report Template? An accounts receivable aging report is…
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.