“Our DSOs are down and we have beaten our collections targets for two quarters in a row. I attribute that to ramping up on Lockstep Collect and it’s automation.”
See how accounting departments are succeeding with Lockstep Collect.
The Importance of Contact Management in Collections Activities
Contact management is an integral part of collections activities. Collection automation products use information about customers, credit, accounts receivable and other important information to schedule collection activities for collectors. This frees up collectors to
AR Collection Letter Templates
Download the Lockstep Collect Collection Letter Templates Most accounts receivable professionals barely have time to make all the phone calls necessary and send out every email, let alone make an individualized collection letter for
The State of Paper Checks in the New Normal
For customers paper checks have become increasingly unpopular as a means of payment because of the time and cost to process, and the inconvenience of not being able to pay bills from anywhere or
How to Mitigate Credit Risk By Establishing a Customer Relationship
Credit risk has increased dramatically in many industries because of the uncertain business environment in the new normal. Businesses in non-essential industries and those in heavily impacted services such as travel and hard-hit geographic
How to Mitigate Credit Risk with Installment Plans
The uncertainty of when the economy will open up and how fast it will open is part of the new normal you need to adjust for in making credit decisions. Non-essential businesses are subject
How to Project Cash Receipts in the New Normal
Projecting cash receipts has taken on a new importance for many companies in the new normal as they struggle to survive in an uncertain business environment. Many businesses have cut back operations or closed
Enhancing the Collections Process with Lockstep’s Telephony Integration
As the world shifts to more remote work, accounts receivable departments have to shift their collections process to keep up with the new normal. If you are working from home, you don’t want people calling
How to Handle Credit Scoring During the New Normal
The uncertainties of how customers will pay their bills in the face of full or partial shutdowns of unknown duration, and the unpredictable amount of time required for the economy to fully recover once all
Create Incentive On Your Team for Online Collections
Online collections are a must for low cost, efficient AR operations, which can be conveniently staffed at your office or a remote location. The challenge in achieving digital collections is getting the customers, who
How to Bring Late Adopters On Board With Digital Collections
The benefits of having 100% digital collections are substantial for both you and your customer. Lower costs, increased efficiency, convenience and the ability to work remotely are strong incentives to get late adopters on board
How to Successfully Go-Live for 100% Digital Collections
Digital collections are the answer to getting out from under the cost and delays caused by processing customer checks, and taking payments over the phone. Digital collections also make it possible for employees and
DSO Reduction Playbook
The Ultimate Playbook to Reducing DSO Are you running out of cash to pay suppliers, employees and operating expenses? Chances are you may be caught in a cash trap. Cash is the key component
Preparing Your Customers for Online Collections
Remote work is increasingly becoming the new normal for many companies. Whether they are your employees or independent contractors, remote workers need to access data with a minimum amount of handling and manipulation to
A Complete Guide to Mastering Collections In A Remote Work Environment
Making the transition to remote work for many companies can initially be a challenge. This is especially true for accounts receivable teams. Collections is a people-centric job. Collections professionals spend majority of their time
