Debt Collection Features and Functions
This section lists some of the procedures companies can take to make sure their customers pay them in a timely fashion.
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Collections (Specific Functionality)
The system should transfer the customer and invoices to the debt collection program automatically once the invoice becomes past due. Once there the system should give users collection scripts and letter writing capabilities, call back scheduling, unlimited notes, level tracking where the debt is transferred up the line to a higher authority at a certain point in time, and workflow forwarding if the agent feels the debt needs to be discussed with other people. In addition, the system should notify the appropriate sales representative automatically and give them access to the information, but not necessarily the debt collection program as they might not be responsible for collections. Finally, there should be some form of review system.
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Proactive Credit Watch
A proactive credit watch is a special form of debt collection. Rather than waiting for a customer's account to become overdue, the system establishes special procedures which help collect funds before they reach the overdue status.
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Credit Watch Triggers
The system can analyze each customer's payment history and set their review interval based upon their payment history with poor paying customers being reviewed more frequently.
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Automatic Electronic Statements
The statements are sent automatically at exactly the same time other statements are being printed. No user intervention should be necessary. If the customer has an electronic address listed in their master file, statements should be sent electronically.
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Collections (General Functionality)
Some accounting systems are offering users more sophisticated collections applications that make the process more efficient and effective.
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Accounts Receivable Features and Functions
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