Two of the most unarguably critical factors contributing to success in staffing are improving your cash flow, and streamlining your invoicing and collections processes. Having cash coming in, due to a shortened billing cycle, and freeing up your team to focus on better strategic decisions, allows for business growth and agility. Fortunately, 1Staff Back Office with Collections Management helps staffing firms run a more effective and successful financial team.
How does 1Staff Back Office and Collections Management contribute to this process?
In 1Staff Back Office, after a Job placement is created along with the temporary or permanent employees, the related invoices pertaining to placements are automatically created, based on the various and convenient time entry options available with 1Staff. The invoices are then posted to the Microsoft Dynamics GP® Receivable module.
After these invoices have been created and posted in the receivable module, the next step is collecting on these invoices. This is where two invaluable features of Collections Management, Collection Plans and Collection Letters, will greatly assist your staffing agency to collect on your receivables.
Once assigned to your customers, the Collection Plans will execute the corresponding action related to your customers, based on their past invoices. These actions include Collection Letters and/or scheduled phone calls.
Collection Letters are designed to make paying an invoice as easy and attractive as possible. They are generated and sent automatically based on individual clients’ Collection Plans. Thus Collection Letters can:
- Automatically include specific customer related information – ie customer contact information, Collector or Collections’ Team Contact information, overdue invoices, all invoices, X days past due invoices, credit document etc.
- Contain a Payment Link and automatically create Finance Charges if you wish.
Payment Links and Finance Charges
Payment Links included in your emailed Collection Letters allow your customers to make a payment by simply clicking on the Payment Link. Not only does this assist in getting your company paid faster, but it also contributes to reducing your days sales outstanding; which is automatically and conveniently tracked in Collections Management.
Finance charges can be automatically generated in your Collection Letters and can serve as an incentive for your customers to ensure their invoices are paid on time to avoid automatically generated finance charges.
Improving your cash flow boils down to efficient and accurate time capture, the generation of timely and correct invoices and the incentives and ease of which invoices can be paid. Using 1Staff Back Office and Collections Management, which both fit neatly into Microsoft Dynamics GP®, eliminate typical cash flow bottlenecks for staffing agencies and free up finance teams to be more strategic.
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