Common challenges for accounts receivable managers are managing time, tasks and communications. New productivity software is coming out all the time, and it’s an easy problem to throw money at. But how do you know which one will be the best fit for you and your agents?
It so happens, we sell a software-as-a-solution option for this. But rather than push our own product, we wanted to instead talk about what components collection agencies should be looking for in general. Whatever direction you go, we feel your Contact Management System will only be effective if it offers the following components:
1. One-Stop-Shop: You’ll want a solution that integrates almost seamlessly into your other software platforms. The last issue you want is creating extra work for yourself by coming up with new processes that integrate a system that wasn’t designed to talk to any other system you’re using. This often happens when your operations team is shopping for thrift rather than for solutions. Don’t get caught in that loop.
2. Customizable: Most Contact Management Systems will come with many pre-made reports that can get you and your agency up and running quickly. That’s great. But you want to make sure your solution also offers customizable reports, too. While in general, all collection agencies are performing the same job, how you perform that job is your own “special sauce” and you’ll want a product flexible enough to allow you to track what you want to track, how you want to track it.
3. Multi-Task: If the system you’re looking at doesn’t allow for multi-tasking, you’re looking at a system that’s going to hinder your employees and will end up, in the long run, hurting your agency’s efficiencies rather than aiding them.
4. Ongoing Training: A robust system allows you to continually train your employees – both new and seasoned. Make sure your system allows for call recording: this is an invaluable tool for ongoing employee improvement.
These advantages help novice and seasoned accounts receivable managers to become more efficient with their time and energy – and with your money.
We welcome any questions or feedback on our own solution, and hope to connect and take your accounts receivable management to the next level.