Increasingly, more emphasis is being placed on finance teams to be both efficient and innovative. Hence, those in relevant fields are always finding ways to work smart. Many businesses are turning to software like Acumatica to lower collection times and expand cash flow. With such software, business processes can be streamlined and the efficiency of businesses can be enhanced.
What are the Features of Acumatica Collections Management?
With an in-built native tool, it will be much easier to generate collection activities and handle overdue invoices. Within Acumatica, the collections management feature can help users to track notes, emails, tasks, phone calls and more. They can also be connected to open follow-up activities. With this feature, it is a lot simpler to review and clear data, as users will be able to see everything from a centralized screen in the Acumatica system. Furthermore, users can also choose to design multiple collection plans within the Acumatica system. These plans can be associated with certain members of the team, or even with customers.
Emails can also be customized. With regards to each customer, specific plans, emails and steps can be created. Email receipts can also be outlined for branches. In order to save time for the finance team who is always overwhelmed with their work load, collection plans can be designed to close automatically once invoices are cleared and paid. Less manual work is required for these processes, which allows the team to have more time to focus on other unpaid transactions, or put in more effort in reducing day to-pay ratio.
Through this innovative system, information can be collected automatically, giving the accounting team more time to evaluate other activities, customers, days past due and unpaid transactions. Built-in views offered by the collections management feature also help to keep analysis clear and straightforward. With this feature, users can expect higher success rates for collection, accelerated cash flow, less time spent collecting, minimized risk of bad debt, built-in analysis and more. This helps financial teams work a lot faster and efficiently.
Getting Started with Acumatica
With a higher level of automation, there will be a greater chance to define the process of collection. More people are turning to digital solutions, which increases the opportunity to make the entire nation’s collection operations even smoother.
Getting started with the Acumatica collections management feature will help businesses restructure their operations, in turn increasing their cash flow. The collections management feature offers automated processes, real time data collection, financial analysis and forecasting, and is an adjustable solution which can be implemented in a public or private cloud. It can also be implemented in-house. This feature is developed to target the specific needs of a business. For all the functions it provides, the system is very affordable, and can grow and scale even as the company’s needs evolve.
If you are interested in getting started with Acumatica for more efficient business operations, feel free to contact Fourlane today. Our experts can give you the advice you need to enhance your business operations, and to make things easier for your finance team.