Does Your Collection System have full "Power?"

I recently experienced a partial power outage (electric)  in my home.   Part of my house had power and lights, the rest of the house did not. As an example, I was able to operate the microwave, but not the conventional oven.

 

Bizarre....it had to do with the dual power lines into the house. Anyway...it got fixed within a day and all was back to normal. I was able to use the convential oven plus the microwave.

 

It made me think of whether the systems, that drive our businesses, are operating on full or partial "Power." In other words...are they doing everything you need to get your job done?  Are we (in Collections) settling for partial system power by using ones not designed for our profession ? Like the ovens in my home...some things are covered by the current system, some things are not.

 

I have found that Collection Systems are unique and you don't find all the features commonly found in the standard ERP or other Financial packages.  This includes Quickbooks which is great to operate small to mid size Accounting functions, but it doesn't have the automated workflows which can standardize and automate the Collection processes. This is a crucial point...standardization and automation combine to give Collection Departments WORKFLOW SPEED !...which then accelerates cash from Accounts Receivable into  your Bank Account.

 

Systems tailored to Collections need the following: 

1. Dashboards giving you the status of your Collections at a glance
2. The ability to customize the collection strategies for your unique customer types
3. Classifying, Categorizing and assigning ownership to your Disputed Receivables.
4. Tracking your collector's  call history per each customer
5. Automatic emailing of customer's invoices and account balances
6. Seamless integration into MS Excel for crisp Accounts Receivable  Executive Reporting.

Are you operating your Collections under full  system "Power?"