As with the selection of any business software application, choosing the right accounts receivable management solution is paramount to the success of the project; but selection is never easy. There are many different options out there and it can be confusing on which one is the right to pick. Not every business performs and acts exactly the same, so the best fit for an accounts receivable management software really depends on your own needs as a company. The best way to begin your selection processes is by starting at the end; what are your main goals and objectives? Then find out what your system needs to have to help you attain them.
COMMON GOALS FOR ACCOUNTS RECEIVABLE MANAGEMENT SOFTWARE IMPLEMENTATION
- Streamline the collections process
- Standardize communications and processes
- Improve efficiency and overall productivity
- Enhance customer service
- Collect invoices faster & lower metrics such as DSO, average days to pay, etc.
- Reduce invoice disputes
- Reduce bad debt
- Consolidate information
No matter what your goals are, it is important to make sure the system you choose has the features and functions to help you reach them. Although each accounts receivable management solution will vary in features and function, there are a few inherent abilities that must be available in order to more easily manage accounts receivable processes.
IRREPLACEABLE ACCOUNTS RECEIVABLE MANAGEMENT FEATURES
INTEGRATION WITH YOUR ACCOUNTING/ERP SOFTWARE
ACCOUNT AND CONTACT MANAGEMENT CAPABILITIES
AUTOMATED INVOICE ESCALATION
BROKEN PROMISE TRACKING
AUTOMATED PRIORITIZED ACTIONS LIST
FAST AND EASY REPORTING CAPABILITIES
EMAIL AND CALL SCRIPT TEMPLATES
ONLINE BILL PAY
AUTOMATED FOLLOW UP SCHEDULING
AUTOMATED EMAIL COMMUNICATIONS
AUTOMATED CLOSING OF ACTIVITIES ONCE A PAYMENT IS MADE
Of course system requirements and preferences will vary based on different situations, but with the above functionality in your accounts receivable management solution, your collectors will have all of tools they need to attain departmental and organizational goals.