There are many benefits found by those who use debt collection software to automate accounts receivable, one of the biggest though is the time savings it provides. There are a vast number of daily clerical duties that go into accounts receivable management; and while they are critical to the job, they are time-consuming, redundant, and open to human errors that cause payment delays and disputes.
Some of these daily activities include reviewing aging reports, updating spreadsheets, prioritizing contacts and putting together daily to-do lists, researching accounts to prepare for calls, taking notes, etc. all of the activities can be considered non-value added and are a drain on collector productivity and efficiency. With all of that to be done, there is little time left for what really matters- collecting invoices, dealing with disputes, and communicating with customers.
Debt collection software automates many of those tasks, simplifies what cannot be automated, and provides collectors with more time, energy, and focus to devote to making phone calls, managing disputes, and providing your customers with outstanding customer service.
HOW DEBT COLLECTION SOFTWARE SAVES TIME
- Double, even triple individual productivity and productivity of the entire team- without having to hire additional employees.
- Implement best practices to increase collection success and overall cash flow.
- Provide customers with consistent and confident service.
- Be more responsive to customers during their communications.
- Analyze the results and tweak the automation and processes to continually improve the process.
- Settle invoice disputes faster.
- View customer history, payments, broken promises, and other important account information all in one place.
- Quickly and easily collaborate to the entire team can work together toward one goal.
- Eradicate invoice mistakes.
- Be alerted as an invoice approached the due date and the second it becomes late.
- An auto-generated to-do list to tell collectors exactly what to do and when to do it.
Automation is a proven way to increase cash flow, reduce bad debt, and increase customer satisfaction; but before jumping into automating credit collections, it’s important to understand the current state of your accounts receivable department. If you don’t know where you stand today, you won’t be able to pinpoint where you need to improve or which features to look for in a solution.