Increase Cash Flow with Collections Management Software

Increase Cash Flow with Collections Management Software

You know that cash is critical to running your business. But, if you’re like many organizations, your day’s sales outstanding (DSO) is higher than you would like. And that means too much of your cash is locked away in past-due receivables. When your company first started, you only had a few customers. Your team likely had little trouble identifying and following up with past-due accounts. But if you’ve grown and the invoices are piling up, you don’t want to add staff to keep up, growing your selling, general, and administrative (SG&A) expenses. In this guide, we discuss how to increase cash flow with Collections Management Software.

With Sage Intacct Collections, you can address common challenges and scale your collections operation. You unlock your cash without bloating your budget or increasing your headcount.

Poor cashflow and visibility

The primary goals in collections are minimizing the value of past due accounts and the time they’re outstanding. But if your team doesn’t have clear ownership and a consistent process of what communications happen next and at what time, lacks prioritization, or doesn’t have clear escalation paths, there’s a good chance you won’t be bringing cash into your business at the most optimal levels.

Without a consistent process and centralized collections information, you’ll also lack visibility into the collections workflow, making it difficult for you to assess whether high-priority accounts are receiving the attention they deserve and who on your team needs additional training.

Bring consistency and visibility to your collections processes

Most companies currently processing collections manually could cut their DSO by at least one day with Sage Intacct Collections through streamlined collections case and task management and by giving your collections analysts enhanced visibility into the status of the accounts to which they’re assigned.

You can assign agents on your team to customers and cases. This gives them access to only the customer records they need, including details such as the time and date of previous communications, notes, agreements made, and next steps.

Increase Cash Flow with Collections Management Software Sage Intacct

You can also add structure to the collections workflow by assigning team members to individual steps in the process. For example, one team member could strictly handle “friendly reminder” phone calls to customers while a more senior analyst manages follow-up calls after a missed payment deadline. Agents will always know their assignments, and you’ll know who on your team is responsible for an account or case.

Once collections timelines are set, your analysts will have full visibility into the process through dashboards ranking accounts based on factors such as the value of the account and days past due. They can use this information to be more strategic with their time, targeting high-priority accounts to optimize cash flow.

Drop us a line on 011 792 9521 and we’d be glad to guide you further on how to increase cash flow with Collections Management Software.