Cash flow is critical to the success of any business. However, as companies grow, the complexities of managing receivables and tracking past due accounts can become overwhelming. Your initial solution of manually managing accounts may have worked when you only had a few customers, but as your business expands, those methods can slow down your processes and increase costs. If you’re finding your Days Sales Outstanding (DSO) higher than you’d like, it’s time to look for a more efficient solution. With Sage Intacct Collections, you can streamline your collections operation, unlock cash, and avoid the need to add extra staff.
Challenge 1: Poor Cashflow & Visibility
The primary goal of collections is to minimize the value of past-due accounts and shorten the time they remain outstanding. However, without clear ownership, consistent processes, and adequate visibility, your collections team may struggle to bring cash into the business optimally. Without a consistent system in place, tracking high-priority accounts and ensuring they receive timely attention becomes difficult.
Solution: Bring Consistency and Visibility to Your Collections Processes
With Sage Intacct Collections, you can streamline the collections process by assigning specific accounts to team members, ensuring ownership and responsibility. The system provides a clear view of each account’s status, including previous communications, notes, and next steps, all in one centralized system. Sage Intacct’s dashboard ranks accounts by value and days past due, so your team can prioritize high-value accounts to optimize cash flow, reducing DSO by at least one day.
Challenge 2: Manual, High-Effort Collections Process
Manual processes such as researching disputes, prepping emails, and sending dunning letters can consume a significant amount of your collections team’s time. If your team spends too many hours on repetitive tasks like determining which letter to send next or tracking communications, you’re losing time that could be spent resolving issues or negotiating with customers.
Solution: Free Time for Higher-Value Interactions with Automation
By automating low-value, repetitive tasks with Sage Intacct Collections, you free up your team to focus on what really matters—customer relationships. Set up automated payment reminders and dunning notices based on predefined templates and sequencing. With Sage Intacct, 80% of your collections process can be automated, allowing your team to focus on high-touch activities such as resolving disputes and negotiating payment plans, ultimately improving efficiency and productivity.
Challenge 3: Strained Customer Relationships
Maintaining strong, long-term business relationships with customers is vital. Unfortunately, a lack of communication coordination can strain those relationships. If your customers are contacted by multiple agents, need to repeat themselves, or experience inconsistent communication, it can lead to frustration and harm your relationship.
Solution: Deliver an Optimal Customer Experience with Centralized Data and Workflows
Sage Intacct Collections improves customer relationships by centralizing communication records and providing your team with detailed, up-to-date account histories. Analysts can quickly access past interactions, including emails, phone calls, and payment agreements. This enables your team to engage in personalized, informed conversations that improve customer satisfaction. With the ability to set custom templates for payment reminders and notices, you ensure all communications are clear, consistent, and appropriately timed, creating a positive experience for your customers.
Conclusion
By implementing Sage Intacct Collections, you bring order and efficiency to your collections process, reduce DSO, and improve cash flow—without the need to increase headcount. Automating tedious tasks and centralizing data empowers your team to focus on higher-value activities, resulting in a significant boost in productivity and customer satisfaction.
With Sage Intacct, businesses have experienced:
- A 10% reduction in DSO
- 75% improvement in collections labor productivity
- 80% reduction in collections costs
Unlock your receivables, save time, and build stronger customer relationships with Sage Intacct Collections. Ready to take your collections to the next level? Let us show you how.
Book a demo today and discover how Sage Intacct can transform your collections management.