There is an uptick in expectations around finance teams to be innovative as well as efficient. With this, more leaders in this area are looking for ways to work smarter, not harder.
Modern CFOs 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 increase cash flow and reduce collection times through automation.
Features and Capabilities
Creating collection activities and managing overdue invoices is a breeze with this natively built tool. Collections Management for Acumatica allows users to track phone calls, email, notes, and tasks, all of which can be associated with open receivable and follow-up activities. Data is clear and easy to review, as everything is visible in one screen within the Acumatica system.
Users can create multiple collection plans within the system and associate them to specific customers or members of the team. Emails are customizable, pulling native email functionality and steps of the customer’s individual plan. Email receipts can be defined for templates and branches. Setting collection plans to automatically close once invoices are paid is a great time-saving feature for overloaded finance teams!
With less manual overhaul of such processes, teams can focus more on unpaid transactions, helping to reduce days-to-pay ratio. Let this innovative system collect the information and free up time so the financial team can review customers, open vs. closed activities, days past due, customers that are slow to pay… all within built-in views that make analysis clean and concise.
Key benefits & features 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 comprehensive, giving financial teams the data they need to work quickly and effectively.
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 into the future, delivering valuable insights at the touch of a button. Modern credit teams are realizing the importance of analytics–it’s a must have 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. It’s time for more companies to embrace automation and reap the rewards that come with an innovative approach to business.
Companies that are ready to join the world of modern finance will experience increased cash flow with streamlined operations. Accelerate business performance and make smarter decisions thanks to automated processes, real-time data collection, financial analysis, and forecasting.
Collections Management for Acumatica provides an adaptable solution that can be deployed in-house, or in a private or public cloud. It is designed to meet the individual needs of the user and can be easily configured to a company’s business needs. Capabilities–such as CRM or data visualization–can be added at any time, and solutions and applications can be extended beyond the ERP. It’s also very affordable with no per-user pricing–the system is built to scale and grow as a company’s needs evolve.