Collections can be a really tedious process and, when mishandled, can cause a major financial trouble. Good thing, Microsoft Dynamics GP, a solution that we, at ERP Consulting LLC, a company that implements Dynamics GP in Pataskala Ohio, has a feature called Collections Management, a tool that will streamline collection process and reports.
Here are some of the ways your company can benefit from the Collection Management system:
1. Decrease DSO
Days Sales Outstanding (DSO) is a necessary statistic in determining your Accounts Receivable, the money debtors owe you. DSO determines your sales and how fast you get paid for it, therefore it’s a way to know how efficient your collection process is. Microsoft Dynamic GP’s collection management feature will help you keep track of it in order to easily realize your Return of Investment.
2. Keep Payments History and Notes Centralized
Collections Management has a centralized area for tracking notes, arranging follow-ups, and setting actions on invoices. With Microsoft Dynamics GP, everything is there, from creating actions to keeping histories and notes on customer invoices. Having a centralized area for contact and collections information will boost your company’s efficiency.
3. Automate Follow-Ups and CollectionsA feature called “Collections Plans” will suggest all the customers you need to contact, as well as, automate all the steps in the collection process. It helps reduce your time searching for customers, creating e-mails, and manually attaching invoices. This system has a sequence of actions that are automatically suggested according a particular invoice’s due date. With this, you will significantly reduce the time to be allocated in organizing data and communicating with your clients, and be able to concentrate on other aspects of your business.
4. Simplify Reports GenerationIt provides a summary of Account Receivables and enables you to view information by collector, by national account, or by a group of customers. It also includes “SmartList”, a tool to dissect data, and a performance report for every collector. All these things will deal with the problems that customers have and the inefficiencies of the collectors.
The points above explain how the Collections Management feature of Dynamic GP, a business solution that we offer here, at ERP Consulting LLC, the leading source for Dynamics GP in Pataskala Ohio, enables you to enhance your cash flow and prevent financial mismanagement resulting to bad debts. Timely collection of receivables is very important in business as it promotes better cash flow. With Dynamics GP, you can be sure to have a more efficient and productive collections process. To get Dynamics GP in Pataskala Ohio, schedule an appointment with us, at ERP Consulting LLC, anytime. Call us at 614-207-1782.