Advanced Collections functionality inside your Accounting Software
From years of experience in Retail Banking systems, I have seen that one crucial business process is the Collections Process; the function through which the banking institution tries to collect overdue claims from its customers, while keeping the process simple, automated and with a high return rate. Obviously, there is a necessity for a System to support this process. Over the years, many software vendors have focused on that area, developing Collections-specific software and offering it “on the side” of the core banking system. Carefully designed and monitored collections processes have been implemented in banks, then in insurance companies and then in other areas of the economy, too. But, I have yet to see small and medium sized businesses implement well-documented Collections processes, to manage their Accounts Receivable; especially in cases where sales are usually done “on credit” or the business model is not “cash-and-carry”.