GPUG® Summit 2011GPUG® Summit 2011
November 8-11Caesars Palace – Las Vegas, NVNovember 8-11Caesars Palace – Las Vegas, NV
FIN05: CollectionsManagement OverviewFIN05: CollectionsManagement Overview
Presented by: Howard Swerdloff
Global Tower Partners
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Workshop Description
This course will provide an overview ofCollections Management within Dynamics-GP. By the end of this session, youshould walk away with some ideas on howto use Collections Management in yourbusiness.
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Agenda
What is Collections Management
Why implement Collections Management
Review what you can do with CollectionsManagement?
Daily Procedures within CollectionsManagement
Review how Collections Management helpsyou interface with your customers
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What is Collections Management?
All about Cash Flow
–Lifeline of any business
A process for collecting money
A tool to allow better communication withcustomers regarding balances
A means to quicker resolution of anyinvoicing disputes should they arise
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Goals in Implementing CM
Improve Cash Flow
Reduce amount of bad debt
Make better credit decisions
Maintain good relationship with customers
Minimize workload in collecting money
Maintain a consistent process for collectingpayments from customers
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What can you do with CM?
Connect customers to credit managers
Maintain information about your customer’spreferences
–How do they like to be contacted
–What time zone are they in
Enter Customer Notes and Tasks
Send customized reminder and collection lettersvia e-mail
Review metrics like average sales per day oraverage number of days to collect payments
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Defining Your Process
Aging periods (defined in ReceivablesManagement)
–Different aging periods generate differentactions
Collection Levels
–Not all unpaid amounts have the same urgency
–Different balances can be handled differently
How do you currently collect money?
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Where does CM fit in theProcess?
Collections Management starts byestablishing a foundation for the process
–Custom Letters / e-mails
–Customer Statements
–Customer preferences
–Credit Managers assigned to Customers
–Collection levels based on amount outstanding
–Collection Actions
–Notes and Reminders
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How do you collect yourmoney?
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Collection Actions
Send a copy of the invoice
E-mail a reminder
Make a phone call
Send a friendly letter
Place a follow up phone call
Send a 2nd letter
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Collection Actions
Grouped into categories
–No category
–Disputes
–Promise to Pay
–Special
Each type of action has a pre-definednumber of days to trigger a follow up
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Who do you apply actionsto?
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Following the Process
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Adding Notes and Reminders
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Keeping On Task
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Letters, Statements andInvoices
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Metrics
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Metrics
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Recap
Collections Management is a process
Tool to improve cash flow
Streamline workload related to collection ofdebt
Provides the ability to keep good customerrelationships
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Collections Management
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Collections ManagementOverview
Thank you for attending!
Howard Swerdloff
Global Tower Partners