Strong oversight of each task in your revenue cycle, be it billing, collections, cash matching, or dispute handling, is crucial to maintaining the health of your business, as these tasks directly impact your bottom line. To streamline and improve this critical data collection, distribution, and analysis process, Computron has created Credit Management Portal, an extension to their Accounts Receivable module.
Credit Management Portal collects results of queries that concern AR accounts and individual transactions and then, based on specified business rules, routes the results as well as the full case history and supporting documentation to appropriate individuals for action.
Specifically, Credit Management Portal collects and distributes results of automated queries generated by the Credit Manager Workbench or the Cash Application process, as well as in-bound queries from your customers. All relevant data from the Accounts Receivable module, as well as any documents or notes attached to a transaction, are incorporated into the routed query to support research and resolution.
PROACTIVE CREDIT MANAGEMENT
With automated account or transaction level queries defined in Credit Manager Workbench, you will never lose sight of situations that involve high-risk accounts or threats to your revenue. For example, you may define a query to identify all accounts where the DSO has increased by 5%, or perhaps where the aging profile has breached a pre-defined level of acceptability. Credit Management Portal will automatically notify the individual responsible for addressing such conditions by creating an alert in that individual’s action queue.
CASH MATCHING RESOLUTION
Credit Management Portal greatly facilitates the Cash Mismatch Resolution process using transaction-level queries. For example, if the Cash Application process (either automatic or online) cannot find an exact match between a receipt and invoice and needs to create a partial payment transaction, record the receipt as Cash on Account, or some similar adjustment, a reason code is assigned to identify the type of mismatch. Based on the given reason code, a transaction level query can be triggered and the results forwarded to the appropriate individuals for research and resolution.
INVOICE DISPUTES AND CUSTOMER ACCOUNT QUERIES
Customers may contact your organisation with issues concerning their invoice, often withholding payment until the issues have been resolved to their satisfaction. Since this interrupts your cash flow, it is vital that issues are resolved quickly and appropriately. In addition, customers may request changes to credit limits or terms or to notify you of an address change – issues that also need to be handled promptly. Credit Management Portal aids in resolving these issues by enabling you to access Adjustment Processing and Cash Disbursement, or even third-party billing systems, to rectify customer issues in a timely manner. Streamlining these processes increases customer satisfaction while decreasing customer service costs.
As Credit Management Portal routes queries to users, status reports and statistics are created to keep management informed about bottlenecks and unbalanced workloads so that resources can be reassigned quickly and easily. To keep processes moving, Credit Management Portal automatically escalates issues after a pre-determined period of inactivity is met.
An online, automated workflow solution can significantly decrease costs associated with query servicing and statement distribution. Furthermore, with Credit Management Portal, finance costs diminish due to faster collection of queried items and improvements in average debt levels and aging profiles.