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It's Time for a Layered Approach to Collections

Your Virtual Credit Manager

Learn More About YVCM Consulting The Traditional Approach to Automating Collections Automation introduced a structured approach to collection strategies, driven by trigger events such as days past due, missed payments, or non-responsiveness to communication. What do you need help with?

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How can technology be used to transform debt collection processes?

Collenda

How does debt collection automation work in practice? While the benefits of using technology to aid debt collection are clear on the side of the creditor, debtors too can benefit from the convenience and sense of anonymity automation brings. Debt collection automation helps keep the collection process at arm’s length.

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Strategies for Navigating Elevated Interest Rates

Your Virtual Credit Manager

If they cannot pay on time, they are not worth the additional collection effort. Invest in Technology: Leverage technology solutions, such as e-billing platforms, collection automation and auto-cash, to streamline processes, improve efficiency, and gain better insights into AR performance.

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Divide and Conquer Your Past Due AR

Your Virtual Credit Manager

Make Your Virtual Credit Manager your trusted source for expert advice on Credit & Collection Management Best Practices : credit extension, risk mitigation, debt recovery, cash flow enhancement and more. In most cases, you will be able to embed your Collection Strategies in the these types of software solution.

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Smart Assignment: How Automation Frees Up Your Assigned Employee Order Handlers

Grit

Data Collection Automated systems help you collect and store order execution-related data. Order Execution Technicians have access to comprehensive information regarding the work order, such as the necessary parts, instructions, and pertinent paperwork.

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AR Data Management, AR Automation, & Accelerating Cash Flow

Your Virtual Credit Manager

This included a 100 percent increase in past due collected. For the full story, check out “ Power Collecting: Automation for Effective Asset Management ,” Piumelli and Schmidt (Wiley 1998), pages 11-14 & 129. During 1995, DSO was reduced by an additional 10 percent, and bad-debt write-offs cut in half.

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Why Companies Underestimate How Finance Teams Affect the Bottom Line

Gaviti

They managed to use their admin at 48% because these automated systems successfully handled multiple thresholds. Collections automation has an even better effect. This, in turn, reduced the rate of AP fraud. It also reduced staffing needs. Because you spend less, profits are higher. .

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