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FIN05: Collections Management Overview. Presented by: Howard Swerdloff Global Tower Partners. Workshop Description.
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FIN05: Collections Management Overview Presented by: Howard Swerdloff Global Tower Partners
Workshop Description • This course will provide an overview of Collections Management within Dynamics-GP. By the end of this session, you should walk away with some ideas on how to use Collections Management in your business.
Agenda • What is Collections Management • Why implement Collections Management • Review what you can do with Collections Management? • Daily Procedures within Collections Management • Review how Collections Management helps you interface with your customers
What is Collections Management? • All about Cash Flow • Lifeline of any business • A process for collecting money • A tool to allow better communication with customers regarding balances • A means to quicker resolution of any invoicing disputes should they arise
Goals in Implementing CM • Improve Cash Flow • Reduce amount of bad debt • Make better credit decisions • Maintain good relationship with customers • Minimize workload in collecting money • Maintain a consistent process for collecting payments from customers
What can you do with CM? • Connect customers to credit managers • Maintain information about your customer’s preferences • How do they like to be contacted • What time zone are they in • Enter Customer Notes and Tasks • Send customized reminder and collection letters via e-mail • Review metrics like average sales per day or average number of days to collect payments
Defining Your Process • Aging periods (defined in Receivables Management) • Different aging periods generate different actions • Collection Levels • Not all unpaid amounts have the same urgency • Different balances can be handled differently • How do you currently collect money?
Where does CM fit in the Process? • Collections Management starts by establishing a foundation for the process • Custom Letters / e-mails • Customer Statements • Customer preferences • Credit Managers assigned to Customers • Collection levels based on amount outstanding • Collection Actions • Notes and Reminders
Collection Actions • Send a copy of the invoice • E-mail a reminder • Make a phone call • Send a friendly letter • Place a follow up phone call • Send a 2nd letter
Collection Actions • Grouped into categories • No category • Disputes • Promise to Pay • Special • Each type of action has a pre-defined number of days to trigger a follow up
Recap • Collections Management is a process • Tool to improve cash flow • Streamline workload related to collection of debt • Provides the ability to keep good customer relationships
Collections Management Questions ?
Collections Management Overview Thank you for attending! Howard Swerdloff Global Tower Partners hswerdloff@gtpsites.com http://www.linkedin.com/in/hswerdloff