Managing Accounts Receivable Teams
How does it work?
Credit and Collections Managers should not be spending time behind computer screens designing reports or trying to analyse data. The tools should already be in place to present this data automatically.
Benefits
This frees up the Collections Manager’s time to focus on activities that truly add value:
- Connecting with their staff, having the ability to motivate, coach and discipline them where appropriate.
- Working with them to deliver the results, demonstrating good management skills, project management skills and helping to solve problems.
Unique Functionality
Below are the Credit and Collections Team Management “Big 5” that are provided automatically.
- Reporting. With a Management Dashboards and reporting suite, you can monitor your team’s performance simply with the click of a button.
- Performance Targeting and Tracking. This allows you to set targets for your teams, such as cash targets, DBO, DSO, %age Overdue or %age activities resolved within SLA.
- Segmentation of the customer base by key criteria such as customer type, size, payment performance, risk level or payment methods. Many of these segmentation models are provided as out-of-the-box preconfigured templates. You can take these templates and customise them for your business or scenario. It’s for this reason that our implementation timeframe is rapid compared to other software vendors.
- Credit Management. Understand your Expected Loss, Probability of Default, Expected Exposure and Loss given Default.
- Applying workflows and policies according to your segments.
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Bridging the Gap
The tighter economic conditions have prompted businesses looking for competitive advantage with their customers to implement best practice software that integrates AR credit and collections with customer service management, as Dickie Bielenberg explains.
