Notes

Communications and Contact Information – The Necessities of Today’s Business Environment

The capability to record client communications receive confirmation of these communications is imperative when determining future terms, and can also provide pertinent detail in the unfortunate event of the necessity to initiate litigation. The collection of notes and communications are key functions of CollectSoft©, providing a clear, concise record of discussions and communications with clients that become significantly past due. CollectSoft© enables notes to be accompanied by contact name, next contact date, the attachment of documents, and proof provided.

CollectSoft© is designed specifically with the collection of accounts receivable process in mind. Tracking client contact detail is crucial in collecting on your past due accounts, and CollectSoft© provides the ability to:

• Attach pertinent notes to client files.
• Document discussions with clients.
• Attach documentation provided by clients.
• Send confirmation emails of discussions with specific contact personnel.
• Track the specifics of communications, including dates and times client discussions occurred.
• Track Multiple Notes
• View and Search Previous Discussions
• Attach Multiple Documents
• Email Documents and Notes
• Share notes across company
• Utilize notes to setup follow up call for your staff
• Use notes to track past and future customer behavior
• Management can access all client collection activity.
• Track Accounts receivable progress and changes.

It can take employees an excessive amount of time to find and attach necessary documents, additional email and important notes – utilizing CollectSoft© can eliminate this problem.

What are the best practice in managing accounts receivables?

One of the most important factor in collecting your receivable on time is to follow practices of the organizations that maintain 95% collection ratio. Many associate collection as a aggressive calls from collection firms, however, this can only be due to minor issues or just customer is late pay customer. How do you maintain working relationship and collect?

Squeaky wheal get the grease. You must maintain contacts with your client base. There are several ways to contact clients at various stages. It all depends on the dollar amount and volume of the business your organization must manage.

Companies that have fewer clients with large dollar invoices may want to take a soft approach to their collection. You need to be proactive with your contact and ensure that client knows that you are on top of your collections. As you can see how all multi billion dollar organizations sent you updates, statements, and warning as your payments are lagging. As smaller organization you need to do the same.

• Five days after a customer is late, you need to send a friendly reminder that their account is past due.
• Ensure you are sending your customers statements indicating penalties of late payment.
• Give them a reason to pay you early. Discounts work.
• Send personal note indicating when you expect respond.
• Get client’s account representative involved in the process.

However, cost of managing employees to maintain these communication can prohibit you from doing so. Utilizing system that gives your organization the ability to allow for such function with minimal effort. Give access to Sales Operations to make sure they are involved with client account collection process. You do not want them to sell to a past due client and at times they can use Client request for new services or products that as leverage to collect.