Is your AR collections team always busy and working hard, but still unable to achieve goals for increased collections and cash flow? In today’s economy, it is more important than ever for your AR team to operate efficiently and effectively, so they can spend more time contacting customers to build relationships and increase cash flow. The challenge is to gather and analyze collection activity to identify ways to boost your collections team’s performance.
Activity Management reporting can help improve your team’s performance. It summarizes activities completed by each team member, and the impact of those activities on accounts receivable.
Activity Management reporting is more helpful and reliable than trying to manually gather and analyze data to evaluate performance and identify opportunities for improvement. Manually compiled data based on self-reporting from team members can be incomplete and inaccurate, and may not be useful for identifying problems and possible opportunities for improvement. Self-reporting by team members also reduces the time your collectors have to make customer contacts.
Here are some examples of the benefits of Activity Management reporting.
Activity Management reports can help you identify coaching opportunities to improve a team member’s performance. You may have a collector on your team who you believe is not making the contribution you think possible, but you are having trouble identifying problem areas. The information on each team member’s collection activities on Activity Management reports can help you to identify the collection areas that are causing the unsatisfactory performance. Once you know the source(s) of the problem a coaching plan can be developed to bring the team member’s performance up to your expectations.
Activity Management reporting includes performance versus collection metrics by each team member. The reports help you to find where a collector can improve performance. Measuring actual performance versus collection metrics provides quantitative support, which you can review with the collector during coaching sessions. It provide insights into the areas where the collector needs coaching, and provides the means to review results for improvement during coaching.
Even the best collectors can benefit from coaching occasionally. Activity Management reports can help you identify performance weakness so you can provide the coaching the collector needs to continue being one of your best. Coaching should be an ongoing process that should never stop. With Activity Management reporting you have the tools to help your collection team perform efficiently and effectively.
Lockstep Receivables, a leader in cloud-based credit and collection platforms, provides Activity Management solutions with Smart Features that automate collection activity reporting, and prioritization, preparation, recording, monitoring and follow-up of collection activities. Lockstep Receivables is an experienced software partner that can help you to maximize the efficiency and effectiveness of your collections team.