In recent blogs, we have covered a number of topics, suggestions, and best practices to help you improve your accounts receivable management processes. If you have been following our blogs on the topic, you have:
1. done your research
2. set accounts receivable management goals.
3. hired & trained the right people for a strong and effective collections team.
4. you’ve defined your credit and collections processes, policies, and procedures.
The next step is to pull all of this information and work together into a system so that it’s manageable and so you optimize your efforts by using technology to streamline the process.
Most companies couldn’t afford a credit and collections management system just a few years ago. With costs starting at $15,000 per user and implementations costing about as much, technology was simply out of reach for most businesses despite the huge payback that companies can realize by reducing financing costs and bad debt write-offs.
That’s why we developed Anytime Collect, accounts receivable management software designed specifically for business to business s accounts receivable collections. Unlike other systems, Anytime Collect is not designed for collection agencies. It is designed to act as a virtual accounts receivable clerk and credit manager to help you identify what actions need to be taken, when, and how, with built-in templates, automated email communications, and other tools to help you get paid faster.
Below are just a few of the tasks that Anytime Collect automates:
Mark invoices in dispute with reason codes and escalation to appropriate resources to resolve the disputes.
Setup the system to notify your accounts receivable team when invoices appear to have problems. For example, if a customer requires a purchase order, then setup a rule to alert the collector every time an invoice is created for the customer where the purchase order is blank.
Notify collectors when customers are over their credit limit, on credit hold, and when they have large invoices that require their immediate attention.
Automatically escalate disputes, large invoices, and severely delinquent accounts to credit managers and senior level executives with a complete history of everything that’s occurred with the account, and the historical communications for the invoice in question, so they have all of the information they need to resolve the issue before it gets out of hand.
Use the system to automatically send emails to customers with copies of invoices and predefined templates and letters for each phase of the collection process – reminders, new customer welcome letters, past due notices, collections emails, certified letters via email, and final notifications.
Collectors waste a lot of time reviewing aging reports, handwritten notes, and emails in their personal inbox before they ever pick up the phone to call the customer. In fact, industry analyst Paystream Advisors suggests that companies that automate systems like Anytime Collect spend 300% more time soliciting customers for payment because they have all of the information they need to be effective in their communications with a system to guide them through the process. Anytime Collect will schedule calls for the collector as invoices age so they know exactly who to call, when, and why, with access to information for the first through the fourth and final collections calls.
Anytime Collect is designed to help businesses to automate customer communication and to build prioritized phone call lists for collectors so they can do more with less time. The system is very flexible supporting built-in escalation, automated email correspondence, mass-mail templates, and much more, so that collectors can focus on soliciting customers for payment and resolving disputes as opposed to wasting time trying to figure out what to do and what’s already been done. Contact us today to learn more about Anytime Collect and how we can help you get paid faster.