It is pretty well accepted that sooner and more frequently is better when it comes to collections activity. The challenge is getting the information out of your system in a timely manner and in a format that you can use for your collections process. Our A/R Collections Suite was developed because of requests we received from our customers to make collections easier and more organized. We fine-tuned their ideas to create a user-friendly system that provides for immediate response to a past due account. Most collections efforts take place on a certain day of the month or week and are alphabetical-based so the collections people sometimes don’t ever reach the end of the list by the end of their cycle. Our system allows for addressing accounts in small, daily “bites,” as soon as they become past due so every past-due account is touched. Our A/R Collections Suite includes: Daily A/R Aging Summary Every weekday morning this reports arrives as an Excel file attachment in your A/R manager’s email inbox. Completely up-to-date, it shows, at a glance, each customer with an open balance and current, 30 day, 60 day and 90+ day aging. This provides a high level overview of your Accounts Receivable situation. Daily 45 Days Past Due List When your collection person(s) arrive each day, they will find waiting in their inbox a list of every invoice that became 45 days (or any other period that you prefer) past due on the previous day. This list is also an Excel file and is set up to be mail-merged into a collection letter. It is very important to make contact with delinquent accounts quickly after they become past due. Knowing that they will quickly receive a collection letter is a powerful motivator for most customers to make sure you are paid on time and a reminder for those who occasionally slip. Daily 60 Days Past Due List The same principal as the 45 days list, but obviously calling for a stronger action. Both Lists contain Customer Name, Address and Phone number. At 60 days past due, both a letter and a follow up call are in order. Daily Past Due Payments Received List It is also important to know when a payment has been received from a past due account. This is a follow up list for customers who have promised a payment is “in the mail”. That ploy works for many because they know that most collection efforts are scattered and unorganized. Make sure you don’t fall into that category. Mail Merge-able Collections Letter Our sample collections letter provides the basis for a mail merge. All the merge fields and file names are in place and the actual wording can be edited just like any other MS Word .doc file. Implementation To make sure everything is set up and working properly, we connect to your system and install all the program modules for you. We adjust any parameters to meet your specific needs and test everything to make sure it’s working properly. Training We understand that not everyone knows how to do a mail merge. We provide hands-on training through an online connection to teach your team how to most effectively use our system.
Many companies are providing a few hundred thousand to a few million dollars worth of ongoing financing to some of their customers through past-due A/R. That is money that could be put to use in your business to increase your profitability. Call Today and Improve Your Collections and Cash Flow! |