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Superior service and efficient accounting and billing are vital to a firm’s success. Equally important is the firm’s ability to collect payments from clients for services rendered. To
effectively manage the collections process, firms need a powerful tool that is flexible enough to accommodate their unique culture. Collections Manager provides unprecedented flexibility in automating the process of tracking and collecting receivables and provides management with the current status of these efforts.
Features
- Quick access to client contact information, billing, payment history and collection activities, including all notes and payment promises.
- Ability to schedule and prioritize follow-up activities with delinquent accounts, including phone calls, automated letter creation and reminder notices.
- Ability to automatically check for incoming payments and flag related collections activities within the Collections Calendar.
- Seamless integration with Microsoft Office, permitting users to easily create sophisticated reminder email or letter documents or templates.
- Ability to insert any of over 450 database fields into documents or templates for personalized and professional collections correspondence. For example, different emails and/or letters could be sent that are tailored to the age of the collection items.
- Ability to generate letters and emails in an ad-hoc manner or define a process to generate documents automatically based on user-defined criteria.
- Quick, on-demand generation and reprinting of client invoices.
When implemented as part of an overall collections strategy, Collections Manager improves cash flow by significantly reducing the number of days from time of billing to receipt of payment. In the process, Collections Manager improves relationships with clients and the efficiency of billing and collections staff members. Collections Manager reduces the amount of time spent on repetitive clerical activities such as scheduling and recording activities, generating statements, and sending collections communications while providing staff with more time for the most important collections activities - communicating with clients automating the process of tracking and collecting receivables and providing management with the current status of these efforts.
Efficient Information Access
Collections Manager provides flexible search and advanced query tools enabling users to access detailed account information.
- Quick search feature enables users to easily search on any of 14 different data elements, including last payment date, age of accounts receivable or current balance due.
- Advanced query option enables users to create and store complex queries using any of 85 different data elements.
- "Zoom in" feature displays further detail on any entry, and "zoom out" displays summarized information.
- Users can also view collections history and schedule follow-up activities from the query interface.
Energize Your Collections Process
Collections Manager also offers a variety of tools that streamline identification and follow-up of collections items. Using the "building blocks" of stored queries and the ability
to search accounts by monetary amount, firms can create powerful and sophisticated collections procedures that are performed automatically by the system. Users can define any number of unique collections strategies in the form of rules, which become steps in a related automated process. Different rules may be defined for a group, or each crosssection of the firm's client base. These automated rules can also take into account the specific needs of individual professionals and specific clients. Once defined, the rules can create trigger points at which actions are taken (e.g., letters and emails sent, tasks posted to the Collections Calendar, internal memos generated, statements generated).
Reporting Tools Keep Management Informed
Collections Manager also offers a wide array of customizable management report templates. These reports are designed to provide firm managers with the information they need to maintain a high-level view of firm collections issues. Users can modify the format of reports and specify the order of columns and whether they are presented in ascending or descending order. Reports can also be exported into popular spreadsheet or word-processing applications.
Consult the Experts
Thomson Elite has a dedicated team of business process management consulting experts that focuses on helping professional services firms better understand their business processes, identify efficiency gains, recognize strategic opportunities and implement business process automation solutions that match their unique vision and business objectives.
Your Partner for Financial Management Solutions
Thomson Elite is a leading provider of integrated information solutions to professional services firms worldwide. Thomson Elite is a business within The Thomson Corporation and is a premier provider of financial and practice management systems to the legal industry and to other professional services markets.
For more information on Thomson Elite, please complete our sales request form or call +44 (0) 20 7369 7379.
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