Do you know how your finance team is spending their time? Do you know which activities are eating away at their time? Can you identify what your team’s strengths and weaknesses are?
Better yet, do you know what strategies are the most successful in collecting cash? How can you tell if an update to your credit control process makes a difference without the right metrics in place?
Providing a full picture on performance metrics, and where they can be improved helps you get to a best practise credit control process.
If you want to add more value to your business and ensure you have a clear plan on what you will do next to make improvements, tracking team performance does just that.
Here are three reasons why:
Constantly improve your credit control process
By keeping track of your team’s activities, it will become clear which methods are most successful in collecting the most cash. If phone calls to customers generate the best outcome you may want to ensure this is done for all late payers within a specific timeframe.
You can also dive into the detail and identify whether calling at a certain time of day helps collection success.
Set quantifiable goals
Quantifiable credit control goals provide you and your team with the information needed to achieve key KPIs for your business.
Setting goals helps you to manage your finance team by setting expectations in an objective way. It also makes sure that your team stays focused on the key drivers of results.
Providing goals is beneficial for your team. It allows them to have a goal to shoot for, both on an individual level and as part of a team. This helps keep team morale high.
With automated accounts receivable software, it’s easy to set quantifiable goals. Tracking and managing the performance of your department and team members becomes a breeze.
Add value at your next board meeting
Having a robust process, with tangible metrics that can be reported on is crucial. Automated accounts receivable software will enable you to provide real value and insights to your senior colleagues and your board.
They will be able to understand the size of the issue and the strategies you have in place to manage it; you’ll also be able to clearly demonstrate success over time.
CreditorWatch Collect is an on-demand, scalable credit control solution for businesses all around the world. Our purpose-built software and dedicated specialists will help automate your accounts receivable. Plus our powerful dashboards and reporting tools allow you to better manage your finance team and debtors.