What is the Collections Management Tool for Microsoft Dynamics GP?

“The more efficient your collections system, the greater your profit margin. Collections Management for Microsoft Dynamics GP has the processing power to improve cash flow, diminish collection time and reduce bad debt.”

Collections Management is a third-party Dynamics GP module which gives Credit Controllers some excellent tools to make their processes more consistent and efficient, the work they undertake more transparent and improve the organisation’s cashflow considerably.

Collection Plans

These are used to automate the process of emailing customers and creating tasks for the credit controllers, based on the age of the customer’s debt.  The rules for each plan are created simply by assigning pre-defined email templates containing messages (Dunning Letters) of increasing severity and additional credit control tasks such as follow up calls, referring to an Account Manager or appointing solicitors.  There can by multiple plans, with a variety of rules, assigned to different customers, depending on the approach required for each customer type.  With a single click, you can send all your customers the requisite email, containing the relevant invoice, customer and collector information, appropriate to the age of their debt and create all credit control tasks that currently need to be undertaken.

Main Collections Screen

This provides a hub for all the ad hoc collections activities not covered within the Collection Plan. From here you have a summarised view of the customer’s account and payment stats, with full drill down to invoices, collections note history and transactions in progress including; unposted invoices, orders and cash. 

Your collector can record notes of their activities, create the next actions required and send emails, with the relevant invoices assigned.  They can view all their tasks currently outstanding and run Queries to restrict the customer list to allow focus on a specific customer/action type eg only view Customers with Disputes, Balances over 90 Days or those who have promised to pay.

Email Templates

You can create all you own template emails, whether to be used within a Collection Plan, for ad hoc emails to customers e.g.: Copy invoice request, or to other recipients e.g. referring an invoice dispute to an account manager, requesting a write off by the FD or instructing a solicitor.  These are very easy to create or edit yourselves.

Enquiries and Reports

The Enquiries allow you to focus your view of outstanding balances based on multitude filters including the Collector, Action Type or a Bespoke Query. You can print an aged debtor report which shows all Actions/Notes assigned to the overdue invoices. Collector Performance and Days Sales Outstanding (DSO) data can also be easily reviewed.

SmartLists

The SmartList Reporting and Enquiry Tool allows you to report, analyse and drill down into Customer Records and Collection Notes. It provides a good source of data to report on Collection Activities for a specific customer, where collection issues arise or to focus collections activities where a need arises e.g. Quick collection of Promise to Pay invoices.  Reports can be downloaded into Excel and form the basis of a homepage reminder e.g. to keep an eye on disputed balances.

Next Steps

Setting up Collections Management, tailor made to your business needs can be achieved quickly and easily with some guidance from an Advantage GP consultant, following an initial Need Analysis. We can setup the system in a workshop training environment so that you can maintain it yourself (if that’s your preference) following some end user training, your team will be good to go with your new slick and efficient collection software, with built in, yet tailorable, processes to ensure a professional and consistent approach to credit control, whilst allowing the ad hoc and personal touch required to ensure good customer relationships remain.

We’ve put together an on-demand webinar to demonstrate the things shown above, if you want to speak to one of our GP consultants you can by filling in our online contact form where we would be very happy to talk through your specific business needs and help you to achieve an effective implementation of this Collections Management Tool.