gpug ® summit 2011 november 8-11 caesars palace – las vegas, nv fin05: collections management...

GPUG® Summit 2011November 8-11

Caesars Palace – Las Vegas, NV

FIN05: Collections Management Overview

Presented by: Howard SwerdloffGlobal Tower Partners

GPUG Summit 2011– Las Vegas www.gpug.com

Workshop Description

This course will provide an overview of Collections Management within Dynamics-GP. By the end of this session, you should walk away with some ideas on how to use Collections Management in your business.


Agenda What is Collections Management Why implement Collections Management Review what you can do with Collections

Management? Daily Procedures within Collections

Management Review how Collections Management

helps you interface with your customers


What is Collections Management?

All about Cash Flow– Lifeline of any business

A process for collecting money A tool to allow better communication with

customers regarding balances A means to quicker resolution of any

invoicing disputes should they arise


Goals in Implementing CM

Improve Cash Flow Reduce amount of bad debt Make better credit decisions Maintain good relationship with customers Minimize workload in collecting money Maintain a consistent process for

collecting payments from customers


What can you do with CM?

Connect customers to credit managers Maintain information about your customer’s

preferences– How do they like to be contacted– What time zone are they in

Enter Customer Notes and Tasks Send customized reminder and collection letters

via e-mail Review metrics like average sales per day or

average number of days to collect payments


Defining Your Process

Aging periods (defined in Receivables Management)– Different aging periods generate different

actions Collection Levels– Not all unpaid amounts have the same

urgency– Different balances can be handled differently

How do you currently collect money?


Where does CM fit in the Process?

Collections Management starts by establishing a foundation for the process– Custom Letters / e-mails – Customer Statements– Customer preferences– Credit Managers assigned to Customers– Collection levels based on amount outstanding– Collection Actions– Notes and Reminders


How do you collect your money?


Collection Actions

Send a copy of the invoice E-mail a reminder Make a phone call Send a friendly letter Place a follow up phone call Send a 2nd letter


Collection Actions

Grouped into categories– No category– Disputes– Promise to Pay– Special

Each type of action has a pre-defined number of days to trigger a follow up


Who do you apply actions to?


Following the Process


Adding Notes and Reminders


Keeping On Task


Letters, Statements and Invoices


Metrics


Recap

Collections Management is a process Tool to improve cash flow Streamline workload related to collection

of debt Provides the ability to keep good customer

relationships


Collections Management

QUESTIONS ?


Collections Management Overview

Thank you for attending!Howard Swerdloff

Global Tower [email protected]

http://www.linkedin.com/in/hswerdloff

mailto:[email protected]

http://www.linkedin.com/hswerdloff

gpug ® summit 2011 november 8-11 caesars palace – las vegas, nv fin05: collections management...

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