Similar to the way the sales department uses Customer Relationship Management (CRM) software to track follow-up and correspondence with prospects, TermSync’s AR Boost gives accounts receivable departments an easy, yet thorough, way to manage the post-sale collection interactions with customers. By combining Invoice Assist and A/R Boost, you are able to get paid faster, reduce processing costs, and improve customer relations.
Traditionally, collections follow-up is managed through a process that mainly consists of sticky notes, calendar reminders, and spreadsheets. Below are some of the features included in TermSync’s AR Boost, which allow accounts receivable departments the ability to bring this traditionally manual and inefficient process into the 21st century.
Payment Reminder Emails
TermSync sends out weekly emails reminding your customers about past due and upcoming invoices as well as an updated list of their available credits. Directly from the email, they can click to enter Invoice Assist where they can perform actions such as pay the invoice, apply credits, file a dispute, or ask a question. Providing your customers a way to proactively perform these actions speeds up collection times, reduces the number of calls your team needs to make, and improves customer relations.
Task Lists Based on Your Workflow Rules To-Do List
Virtually all B2B companies have a policy (whether formal or informal) in place regarding when and how to follow up with past due customers. The problem is that these rules are rarely followed by staff, and you have no tools to hold the team accountable to the policy.
TermSync’s AR Boost allows you to enter your own workflow rules. TermSync can provide best practices but you take ownership of settingyour company’s policy. As customer balances meet the specified criteria you enter, a task list is populated for your team to work from. This helps your team prioritize which customers need to be contacted and provides you with management reports to ensure that your policy is being followed.
Account Lookups & Call Logging
Account LookupFrom the call task list, your team is able to easily click through to each customer account and see a complete snapshot of the account. Studies have shown that over 30% of an accounts receivable rep’s time is spent prioritizing who to call and searching for contact and account information. A/R Boost dramatically reduces this time because a call list is automatically populated based on the rules you’ve set and includes all contact and account information needed to make the call.
Once your team contacts the customer, they are able to log any notes and schedule follow ups directly from TermSync. In special cases where someone outside of the accounts receivable department must become involved in the collections process, your team member can assign a task to the person outside of the AR department. That person then receives an email with a link to all of the account information needed to resolve the issue without needing a TermSync login.
TermSync compiles your data into weekly, monthly, and quarterly reports that keep your entire team informed and gives them a way to benchmark themselves against their past performance as well as against other similar companies. There are also many customized reporting capabilities available within the solution that provide extra insight regarding your customers, team and individual performance, and collection processes.
Root Cause Analysis
Too often companies chase down a customer for payment, finally get paid, and then fail to examine how it became late in the first place. With TermSync’s AR Boost, you are able to track and categorize these instances to improve your future processing and identify customer trends.
Your team is prompted each time an invoice reaches a preset time limit. They then select from a handful of common root causes, which were created by you based on your knowledge of the customer base. The process takes your team member less than 10 seconds but provides you an opportunity to analyze the data over time. This helps you identify and fix holes in your process and also identifies early warning signs for poor customers.
TermSync’s proprietary algorithms predict your likelihood of getting paid before the end of the month on every outstanding invoice. That information is compiled into a graph that is the focal point of the forecasting feature.
Besides being able to measure your collections against TermSync’s forecast, you can also set collection goals and track your progress against your goals as well. Tracking goals gives people more of an incentive to collect open receivables since they’re able to easily view the progress they’ve made throughout the month and where they’re matching up against the goal.
If you’re like every other B2B company in the world, you undoubtedly have situations where your normal credit terms and processes need a little help. Whether it is a new customer that you’re not comfortable giving traditional credit terms, a past due customer that you need to work out a customized payment plan with, a situation where payments are tied to certain milestones, or any other unique arrangement, every business must decide the best approach.
You understand that you need to protect your company and ultimately get paid, but you also realize your customers and prospects have many other vendors to choose from. TermSync’s Payment Plans keep your company from losing out on business or appearing inflexible in your customer’s eyes. You maintain payment certainty and your customer receives the flexibility they need which helps set you apart from the competition.
TermSync goes beyond anything your accounting system can do. Basically, if you can think up a payment arrangement, it can be incorporated into TermSync and presented in easy-to-understand terms for both you and the customer with little administrative effort required.
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