Common A/R Management Challenges
After almost two decades of helping our clients overcome the various obstacles of accounts receivable management, we've started to notice some commonality. Below we've listed the most common challenges that we've come across that accounting firms, startup businesses, and healthcare organizations have all had trouble mitigating on their own. Since we understand how these challenges effect our clients, we've tailored A/R Insite™ to handle each of them through it's native Business Process Optimization technology.
If you are like most companies we communicate with the standard operating procedure at the end of month is to run an aging report of of your systems or systems and sort by the highest balance. You make your standard communication and that is the end of it until next month. The facts are Spreadsheets a personal worksheets, are not designed to record contact points and get lost. Using a spreadsheet to manage recovery efforts in today's business environment does not make sense. A/R Insite™ was designed to assist with streamlining your recovery efforts in a centralized collection platform.
Poor management visibility
A/R recovery is a blind spot in most business operations, the ability to see what amounts and what actions taken on all of your aged balances is not available to most businesses. Statistically, accounts receivable is the second largest account in any organization, can you afford poor management? A/R Insite™ was designed to give management visibility into aging buckets, pending work activity and reviewing progress in closing aged balances.
Each member of your recovery team typically has their own way of noting or working an account, their way is rarely the right way. A/R Insite™ was designed to force uniformity in data collection and customer facing communication. We understand how sensitive the data you are dealing with is and in order to ensure that your employees are managing it correctly we've made it easier than ever to enforce specific data management processes.
No time for training
Most companies, simply don't have the staff, the time or the resources to properly train their employees on how to do their daily work. A/R Insite™ was designed to assist employee on-boarding by using clearly defined processes with process description. Your new hires can jump right into the work without a manager standing over their shoulder.
Sluggish manual input
The only way to grow your business in today's market without incurring overhead costs, is by automating manual processes. The days of your recovery team spending hours figuring out who they are supposed to call or sitting in meetings with management, discussing who they did call are over. A/R Insite™ was designed to eliminate the manual basis of your A/R follow up and allow you to make your personal contacts on a daily basis without any thought, by using process with clearly defined steps and next actions, the daily planning is taken out of your recovery efforts.
third-party collector costs
Collection companies take 30%, at least, of the monies they actually recover and they harm the relationship you have with your clients, your best business assets. A/R Insite™ was designed to make it easy for your team to make personal touch-points by people who care. By internalizing your recovery efforts and adding your own personal touch-points your company will build better customer loyalty and drive more monthly to the company bottom line.