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Why businesses must augment ERP accounts receivable with better collections communications.
Yes, accounts receivable is an accounting function, but it’s a customer and sales function as well. Think about it; paying their invoice is the last interaction a customer has with your company and you want to leave them with good impression to not only drive repeat sales, but hopefully lead to referral sales too. The key to effective collections and good customer service is always communication.
Sure, you’re making the phone call or sending the email/letter reminding a customer about a payment- but are you sending the right message?
In our experience as publishers of accounts receivable management software, we’ve found that the amount of high quality communication with customers is directly related to the average amount of time it takes a company to collect invoices; the more valuable and actionable communication a company has with customers, the lower their DSO tends to be, the healthier their cash flow is, and the better their customer retention and satisfaction rates are.
Writing letters, drafting emails, and making phone calls takes a lot of time and many companies rely on ERP accounts receivable features and spreadsheets to manage collections; a tedious task that leaves little time for working on customer communications.
Collectors can save a significant amount of time by developing templates and call scripts that can be quickly and easily accessed, customized for the customer, and sent with minimal effort. It may take some time to develop your templates but it will pay off in the end as it allows you to:
- Reduce the time it takes to prepare a letter or email.
- Make phone calls more effective by utilizing a proven call script.
- Provide a consistent message to all customers.
- Use the templates to train employees new to their collections team.
- And more...
But what should these templates look like? What do they need to say? More importantly, what shouldn’t they say?
We’ve done some of that work for you in our “Guide to Killer Accounts Receivable Communications” where we have compiled proven collection letters, email templates, call scripts, and much more that you can adapt for your business. Click here to download it now and learn the communications strategies that will help you get paid faster, enhance customer relationships, and drive sales.
About e2b teknologies
e2b teknologies is a Microsoft Managed Partner providing cloud-based business software applications and business services to progressive businesses worldwide including ERP, CRM, Accounts Receivable Management, Supply Chain Management, B2B e-commerce, and other business software applications
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