Automated collection processes run on customer master data. Incorrect or out-of-date information in customer profiles can result in errors, disputes and unhappy customers.
If your team is maintaining customer profiles manually, you can increase time for collections by empowering your customers to self-manage their accounts with with AR profile management.
Using AR profile management customers can self-manage their profiles and accounts, giving your team more time to focus on priority collections. Customers want the flexibility and convenience to self-manage their profiles and accounts from anywhere when it is convenient for them. Give your customers the freedom to self-manage their accounts and profiles and increase time for collections.
AR Profile Management
Profile management empowers customer ownership of their accounts and profiles. AR profile management makes it possible for you to set up and maintain trusted accounting relationships with customers.
- Empower Contact Management
- Profile Capture
Empower customers to verify and update their accounting information and supply compliance documentation. When your team needs to update customer profiles, it is often after a problem occurred. Proactive profile verification and update by customers reduces problems and disputes. When customers take ownership of their profile data, it frees up your team and increases collections.
- Reminders and Notifications Trigger requests and track status for unverified profiles. Collections automation enables you to program reminders to verify and update customer information, and track status of customers that don’t verify their profiles. When your team doesn’t have to do these tasks manually, they have more time for collections.
- Library of Tax and Audit Records
Maintain a library of required tax and audit records. Tax and audit records that are readily available can save a lot of time trying to get this information from customers during an audit.AR profile management can empower your customers to proactively maintain their profile data so your team has more time to collect accounts receivable and increase cash flow
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of collections automation.
Lockstep Collect, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Automated Communications
- Customer Self-service
- Collections Activity Management
- Reporting & Forecasting