“We no longer have unapplied cash sitting on account. Every payment is matched to an invoice the same day it hits the bank and the deductions coding process is automated.” – Josef Genda, Director of Credit, Reckitt Benckiser.
Too many forms of payment (check, ACH, wire transfer) across multiple lockboxes or banks coupled with inconsistent remittance details in different formats (paper, EDI, email attachments, online portals). Here is a quid pro quo to change the dynamics.
While you might accept that facing problems in collections management is an everyday affair and you need to just deal with it, what if you could solve it with 7 steps and transform your collection operations.
Which approach do you prefer when it comes to your credit and collection activities- Qualitative or Quantitative? Without the proper tools to manage a whole portfolio of accounts, credit analysts and collectors tend to work one account at a time without seeing the bigger picture. Read along to discover the right approach to increase the efficiency of credit and collections operations.