Break down communication barriers between Shared Services, BPOs, Outsourcing and Internal Stakeholders.
Improve key AR metrics and customer satisfaction.
Accounts Receivables Management entails six distinct workflows that must work in concert to maximize performanceof one of your balance sheet's largest values. These six distinct sub processes include:
- Order hold and release.
- Collections Management.
- Credit Management and Reporting.
- Sales force support.
- Chargeback and Dispute Management.
- Lockbox Auto Cash Application.
Business Process Outsourcing entails placing responsibility for portions of one or more of these key processes up to half a
world away. Geographic distance increases the silo effect for these six sub processes.
Increase Visibility of your entire accounts receivable portfolio. Track KPIs at the individual desk level.
- Customer touches by collector including notes, letters, reminders and Promise to Pay Transactions.
- Maintain copies of all customer correspondence.
- Track how often and the time of day each customer is contacted.
- Automate and track cash forecasting at the customer and collector levels.
Facilitate Collaboration between internal AR employees, other company stake holders, BPO staff and cutomers. Front line
collection employees often uncover customer problems that have been caused elsewhere within the organization. These
problems must be quickly and seamlessly communicated and escalated to the correct area of your company. Automated
systems that are focused solely on collections can place your customers into a Collection Loop that takes on a life of its own.
Failure to break this loop through collaboration and escalation erodes customer satisfaction.
Maintain Adequate Controls across your internal and external accounts receivable processes through creation of an audit
trail, process standardization and segregation of responsibilities.
- Segregate responsibilities of chargeback coding from approval and GL application.
- Maintain audit trail of customer actions including credit approval and held order releases.
- Retention of customer correspondence and notes.
Features:
- Seamless Integration ERP system(s) including SAP, Oracle, Baan, Lawson, PeopleSoft, JD Edwards, BPCS and MAPICS.
- Real-Time data access provides order hold and release functionality.
- Prioritize Collection events. Prompt your Collectors to work on the most important activities.
- Have the right collector work on the right accounts that match their skill set.
- Provide visibility into the number of calls, letters, email and key metrics of every Collector in your organization.
- Create an audit trail. Track customer's AR metrics and trends through a Management Dashboard.
- Code, collaborate and perform root-cause analysis on Chargebacks.
- Speed up end of month Cash Forecast. Complete this task in minutes.
- Avoid manual spreadsheets.
- Increase both internal and source employee productivity.
- Increase profitability by decreasing DSO and working capital.
- Decrease expenses through recovery of unearned chargebacks.
- Improve customer satisfaction through collaboration that facilitates timely problem resolution.
- Facilitate lean six sigma quality improvement processes through root-cause analysis.
- Enhance Sarbanes - Oxley internal controls.
Registration Link for our Outsourcing, BPO and Shared Services Best Practices Webinar.
"We bought Cforia Software as a part of going to a Shared Service model. This project was
justified by a 10% staff reduction. Cforia grew our call volume by 400 per day. Their customer self -
service portal lowered inbound calls for invoice reprints by 100 per day. The software prioritizes
our calls to maximize cash flow. We drove DSO down by 10% in the first 90 days. DSO continued
to lower down by 20% during the first year."
- NAPA (Genuine Parts Company)
Credit Management | Order Hold & Release | Collections Management | Chargebacks & Disputes Management | Collaboration
Automatic Cash Application | Real-Time Seamless Systems Integration | Sitemap |