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Collection Management
- Divides the universe of customers and types of customers each client is assigned a collection.
- The strategies are the collection types, you will follow to make our customers' bills. A type could be:
2 days before the date of payment - Send an email / fax will be reminding the client that the date for payment,
3 days after the date of payment - send another mail / fax notifying the customer that has not received payment
7 days after the last contact - Make a call to see why it has not received payment
7 days after the call - send a final demand letter demanding payment.
Etc.
All sending mail / fax, and letter are performed automatically by the system. And the system prioritizes the call and displayed any time on the work activities.
- It is shown in the screen the portfolio summary selected, the collection executive day activities, the portfolio classification according to stages of collection and classification by type of customer.
- There is a scorecard for each executive in which goals can be set to one billing period, and the system which is projected to be the executive in charge of the period. And you can recommend to clients to contact as they usually pay early and can help you meet your goals. Furthermore it shows the top 10 accounts with a balance due, or the highest balance, and so on.
- The customer information display, the system shows you all the necessary information for a successful contact, without having to go to seek information elsewhere. The display shows:
General information or customer
§ Customer Name
§ Number of client
§ customer's contact information
§ Balance
§ Balance expired
§ Credit Limit
§ Projected paydays
§ Customer Type
§ Risk Degree
§ Date and Amount of last payment or account statement
§ All transactions the costumer has opened with us, and the details of these transactions. In the case of invoices can be generated by a digital copy of the invoice.
History of contact with the customer, calls made in time, any time, who did, like the mails or letters.
- Activities you can do on the client screen are:
Attach notes or on one or more bills
Create a promise of quick payment
Change the date and type of follow-up for one or more bills
Generate a payment plan for one or more bills
Send an email to:
§ The call activity
§ Payment plans
§ The pledges that were made to pay
§ Statement of account
§ Any other template
§ Select an excuse or an excuse list that I usually give my clients and get a script to do in the event that I give this excuse, and is the record that was the excuse for not paying. For further analysis
§ Generate claims
Claims Resolution
- Claim Identification and establishment
Automatically, by a difference between the amount billed and amount paid
Manually, by been identified by the collecting executive when making a call or contactin a client
Manually, by been identified by the sales staff or customer service through internal collaboration portal.
Manually, be been identified by customers through external collaboration portal
- Characteristics of the claim. When creating a claim, it is necessary to allocate several features, including:
Owners or category,
Sales, Accounting, Credit and Collections, Warehouse.
Owner,
Specific person
Category name,
Price, Quality, Quantity, etc.
Ratio
Discounts, price differences , order, etc..
Sells area
Status,
Identified, unidentified, collectible, credit note, cancel.
Notes
Attachments,
Any document that helps to justify the claim.
Amount and or invoice / s related
- Work Flow of Claims. When it identifies and creates a claim, this leaves the workflow collection (not to continue charging this amount until it is resolved), and workflow into Claim resolution.
When you create the complaint, automatically will be sent an email to the owner of the claim, indicating that this claim needs to resolve
If the owner does not answer after several days, another reminding mail will be sent.
After several days if the owner hasn’t answered, a mail will be sent to his immediate superior.
If the superior does not act in a certain time, then another mail will be sent to the upper rank
When the owner receives the mail he can enter the internal collaboration portal, to add notes, attach files and change the status to indicate whether the claim is collectible or not.
- Summary claim overview on the claim page, the system displays all the open claims of the portfolio and classified by age, type of reason, the owner and group sales area.
- As in the billing module you have who to contact, in this module you have to who solve, where the system gives you to choose certain features to filter and start to resolve the claims.
Internal Collaboration Portal
This website is for the company’s internal, specifically for the area which can cooperate with the collection or to obtain useful information from credit and collection. Such as: sales, customer service, accounting, warehouse, the same credit and collections, etc..
Within the portal users can:
- Generate claims
- Assist in resolving claims, adding comments, attach documents, change the status, etc..
- View your customer information (you can view the same information as the executive sees the collection, but only for consultation)
- View the history that has had contact with the client, and can add notes.
External Collaboration Portal
This website is for use by major customers, in which basically every time there is a new transaction (invoice, credit note, claims), the customer contact comes with a mail notifying you about this new transaction. The customer can enter the portal, to approve the new transactions, to generate a claim, see the invoice details, generate a digital copy of your bill, obtain a statement, among others. The amount of information that each client has access is at the discretion of the administrator.
Credit Analysis
In credit analysis module, the system
- Approving pending orders, the system can be in constant communication with the sales orders. Basically the order enters the system considers several rules such as the credit limit, and if the meet is released it automatically, otherwise approval is required for release of the analyst
- Credit Applications, the system generates a URL where customers can get credit for capturing all its information and to attach documents. This information enters the system for further analysis and approval or no approval. If the potential customer is approved, the system creates a new customer inactive, pending the number of customers for its ERP activation.
- Review of Credit, the credit can program revisions on a monthly, quarterly, semiannual or annual basis, and notifies customers that should be revised. Furthermore you can create exception rules to conduct a review of credit if it meets the rule, for example; a customer of high-risk past 60% or 70% of exposure.
It generates a list of tasks to do to comply with the review and will be recording the progress
- Risk degree, depending on how the system is configured, clients are classified in risk degrees that are allocated according to a qualification, obtained through the score card. Depending on the risk degree strategies for collection can be aggressive or more relaxed.
- Score card, the system can create n number of elements scorecard consider variables such as financial reasons, payment experience, years as a customer, etc.. To then assign these values to various scorecards and a different weight to each. Based on this information the system calculates the score.
- Financial Information, we can capture or import data that comes from financial statements, credit or bank references and credit reports.
- Digital storage document, the system has a digital data library by client to attach any file in this of interest, such as financial statements, credit reports, constituent records, letters of credit, guarantees, etc..
- Calculation of bad booking, based on the degree of risk and the age of the balances the system gives a hint of reservation of uncollectible accounts.
Reports
There are different tools in the reporting system, including:
- Web reports: There are about 50 standard reports that include tool handles, among others, by executive collection activities, historical collections, cash forecast, because of analysis of complaints, age of the balances, etc..
- Dashboards: Executive exploiting visual information in the database. You can create graphs or reports the measure through queries to the database.
- Crystal or other reporting tools: you can open the structure of the database so that tools such as Crystal exploit all the information.
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