User Review( votes)
Increase cash flow and reduce collection times through automation
There is a small rise in expectations surrounding finance teams to be innovative, but also efficient. Due to this, more leaders in this field are finding ways to work smarter, not harder.
Modern CFO’s are increasingly turning to cloud-based financial management systems to replace legacy ERP systems–they’re deploying new functionality to complement on-premises systems.
Answering to this growing need, Crestwood Associates has released Collections Management for Acumatica. With this Acumatica extension, businesses are able to expand cash flow and lower collection times through automation.
Features and Capabilities
Generating collection activities and handling overdue invoices is much easier with natively built tool. Collections Management for Acumatica permits users to track tasks, emails, notes, and phone calls, all can be connected to open receivable and follow-up activities. Data is easy to review and clear, as everything is seen on one screen within the Acumatica system.
Users have to ability to design multiple collection plans in the system and associate them to certain customers or members of the team. Emails are customizable, pulling native email functionality, and steps for the customer’s specific plan. Email receipts can be outlined for branches and templates. Designing collection plans to automatically close once invoices are paid is a fantastic feature that is a time saver for the finance teams that are overwhelmed.
Through less manual overhaul of such processes, teams are able to emphasize more on unpaid transactions, assisting in reducing days-to-pay ratio. Allow this innovative system to collect all of the information and open up time so the accounting team can evaluate customers, open vs. closed activities, days past due, customers that pay slowly–all inside built-in views that make analysis concise and clear.
Key features & benefits include:
- Achieve higher collection success rates
- Reduce time spent collecting
- Accelerate cash flow
- Get paid faster
- Minimize risk of bad debt write-offs
- Flexible & automated
- Built-in analysis
- Easy as 1-2-3
The Collections Management dashboard is all-inclusive, giving financial teams the data that they need to work effectively and quickly.
Innovative and Efficient
With finance teams embracing automation, there’s a greater opportunity to better define the collections process. This is a growing trend–the more finance leaders turn to digital solutions, the greater the opportunity to smooth the collections operation across the industry.
According to MarketWatch, the global ERP software market is forecast to grow to $47 billion by 2022, constituting a 7% compounded annual growth rate.
Collections Management for Acumatica is a solution that can take companies further into the future, conveying important insights just with a touch of a button. Modern credit teams are recognizing the significance of analytics, it is essential in today’s business environment.
While a majority of companies (70%) acknowledge that at least half the decisions made are based on analytic data, reliance on legacy solutions such as spreadsheets remains. Analytics Accelerates into the Mainstream, a report by Dun & Bradstreet and Forbes Insights, reveals that 40% of these businesses are still utilizing outdated practices vs. sophisticated predictive analytic tools. Now is the time for higher number of companies to embrace automation and earn the rewards that an innovative approach to business brings.
The companies who are ready to begin in the world of modern finance will experience a rise in cash flow with restructured operations. Fast-trick business performance and chose smarter decisions because of real-time data collection, automated processes, forecasting, and financial analysis.
Collections Management for Acumatica delivers an adjustable solution that can be implemented in-house, or in a public or private cloud. It is intended to encounter the specific needs of the user and can be simply arranged to the business needs of a company. Capabilities, such as CRM or data visualization, which can be enhanced at any time, and applications and solutions can be prolonged beyond the ERP. Additionally, it is quite affordable with no per-using pricing–the system is created to grow and scale as the needs of the company evolve.