Published on the 14/05/2020 | Written by Esker
Adapt your collections strategy and come out on top…
During times of significant disruption and uncertainty, it’s essential for organisations to maintain business process efficiency as well as communication with customers and team members. With more companies making the necessary transition to a remote workforce, it’s changing the way accounts receivable (AR) teams work.
Today’s unprecedented situation has had a direct impact on businesses and their ability to manage their AR process and collect cash. As a credit and collections manager, your job is to preserve cash flow and provide the same service level to customers.
In today’s current climate, your strategy may need to be adjusted to continue to bring efficiency.
We’ve compiled seven tips to help you adapt your collections strategy, continue collecting cash, take care of your customers, empower your team, and come out on top (without being impacted too severely).
Based on our research, here are seventips to help you adapt your collections strategy, continue collecting cash, take care of your customers, empower your team, and come out on top (without being impacted too severely).
- Reassess your receivables situation
- Adjust your collections strategy
- Digitalise documents
- Facilitate customer payments
- Manage customer relationships
- Ensure visibility and collaboration
- Ensure staff wellbeing