In many companies, the collections department is seen as a sort of gatekeeper for the administration and resolution of deductions and other problems. The credit staff does not typically have the decision making power to finalize a resolution to problem receivables but needs to do all they can to make the process of getting decisions as streamlined as possible. Utilizing problem-tracking collections software is a huge step in the right direction and seems an obvious solution to an ongoing problem.
However, to do it right, seven critical functions need to be performed by problem tracking to assure a wide range of benefits.
Like an impressionist painting that looks like specks of different colors until you step back and are able to see the greater image, you cannot get the same perspective on the issues plaguing your receivables department by trying to analyze problems one at a time. By utilizing problem-tracking software to group and sort, you are finally able to step back and see the big picture of where your vulnerabilities lie and where there is room for improvement. By working together with other affected groups to come up with resolutions for these recurrent problems, everyone wins.
Have you implemented any of these seven critical functions in your collections department? If so, which one(s) and how have they benefitted your department?
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.