Cash Manager

Common problems experienced in the Collections Department
Management seldom have time to devote solely to debtors, and often rely on reports from staff showing only the amounts outstanding and the expected payment estimates.

Looking at the Age Analysis will show clearly the amounts outstanding, but not the reasons why the amounts are outstanding, nor will it show you the expected amounts to be collected.

Collectors will try to track payment progress and the reasons for late or non-payment, but will often write down cryptic clues on pieces of paper which only they can interpret. If they are recording the information on a spreadsheet, they may save that spreadsheet in a place that is only known to themselves. This all results in no central place for management to extract the reasons behind the late payments, and having to rely on their collectors to share the information when requested.
Tracking debtors trends to establish what the common reasons are for late payment becomes difficult, and cashflow planning is then based on instinct rather than fact.

Knowing the reasons for late or non-payment is important, as is keeping abreast of the agreed outcome and ensuring that arranged terms are adhered to. If a debtor is permitted to delay payment repeatedly, it becomes increasingly difficult to collect the amounts due.

Collectors may not have an adequate manual system of their own, and can lose track of when a debtor promised to pay, or what actions they needed to take in order to collect the money, making it difficult for management to generate cashflow
forecasts.

Cash Manager can help businesses overcome these problems
Cash Manager provides businesses with a tool to introduce or improve debt collection processes. It will provide you with reports which illustrate what action staff are taking to collect outstanding debts.

Because Cash Manager will turn your debtors department into a communication centre, you will be able to see how many calls the collectors have made, and what the outcomes of those calls have been. In addition to this, you will also have insight into the content of those calls.

The collector will record the reasons for late or non-payment, the actions to be taken, and detail the due dates or action dates for follow-up. Daily reports will show collectors what they still need to do in order to collect the funds in cases where debtors have missed their promise to pay dates, as well as the content of previous conversations.

Collectors will select the promise to pay dates and the amounts expected on those dates. Based on this simple information, a cashflow forecast will become instantly available. Management will be able to get an accurate picture of exactly how much money is coming in at any given time, and if a target has been missed, the reasons for that can be easily identified.

Cash Manager will change the behaviour of collectors, debtors and possibly even management
Collectors will be able to confidently provide debtors with accurate reconciliations, contact reports, as well as a list of outstanding invoices immediately, and not have to first compile a specific report for each debtor. The visibility that management will have into collectors’ productivity encourages healthy competition to get outstanding debts settled as quickly as possible.
Your debtors will become aware of your professional management and communication systems, your expert reports will assist both them and you in managing the debt, and they will never be able to take advantage of bad communication.
Managements’ increased insight into the efficiency of the department will allow them to alter business processes for more seamless outputs. A competent debtors department will be able to quickly establish common trends for non-payment, and management will have the ability to make informed decisions.

How does Pastel Cash Manager work?
Quite simply, Pastel Cash Manager pulls through the Age Analysis from Pastel Accounting. Your collectors will work from the
Age Analysis and record information in just two places.

By clicking on the amount in the aged period, the collector will see all invoices that make up the balance. Per invoice, or per
aged amount, the collector then records the information such as:

From only two areas of simple input, Pastel Cash Manager is then able to provide you with all the reports, such as the Contact report, Promise to Pay Fresh and Promise to Pay Stale reports, Call Back Reports, Reason Code Summaries, Action lists, Cashflow Forecasts and more.

Collectors will run daily reports such as the Call Back Reports, Action Lists and Promise to Pay Stale reports, which will provide them with all the necessary information to ensure that they have a birds eye view of their required actions.
As the collectors are recording each contact with the customer in real time, management can run any of the reports at any time to track progress, and analyse the Cashflow Forecast.

Key Benefits Summarised