How to transform your business into a collections machine
These businesses decided to take control of cash recovery
The cost of waiting to be paid is a daily liability on business. Your working capital is in deficit every day that a customer delays payment on their invoices. Then there’s the time you spend chasing payments. What else could you be doing to grow your business?
6 Telltale Signs Your Business Can Improve Collections Efficiency:
- Your team is spending too much time chasing overdue payments.
- Your team is bored with the mundane task of writing reminder emails.
- Your sales look good but the bank balance doesn’t.
- Your finance team can’t keep track of a growing list of debtors.
- Your customers have plenty of excuses for why they don’t pay on time(and it’s all your fault).
- Your relationships with customers who owe you money are deteriorating.
How technology eliminates constraints
The clear call to action from the Australian Government is to embrace digital innovation. Why? Because the associated economic and social opportunities could be worth as much as $315 billion to the Australian economy over the next decade, according to a 2018 report commissioned by CSIRO’s Data61.
In business, productivity improves when new technology helps people to achieve more in their day with less effort, less stress and less mess. With more time available to allocate to high-value work, the impact of the right technology in business can be profound.
In the accounts receivable function, automation provides an easy upgrade to legacy processes that staff find routine and time-consuming. And when it relieves staff of the mundane and low-cognitive jobs that slow them down, all the better.
That’s how you move people from ‘deficit’ to ‘delight’ and in turn, create more time for customer care.