A fair amount of programming work is required to arrive at a complete in-house collections system. This can be both expensive and time-consuming. For those who prefer to install a complete solution on a more rapid time schedule, it is also possible to purchase a software package that incorporates many of the system-related best practices for collections.
An example of this new breed of software is SunGARD's GetPAID product. It is linked to a company’s legacy accounting system (specifically, the open accounts receivable and customer files) by customized interfaces, so there is either a continual or batched flow of information into it. A key feature it offers is the assignment of each customer to a specific collections person, so that each person can call up a subset of the overdue invoices for which he or she is responsible. Within this subset, the software will also categorize accounts in different sort sequences, such as placing those at the top that have missed their promised payment dates. Also, the software will present on a single screen all of the contact information related to each customer, including the promises made by customers, open issues, and contact information. The system will also allow the user to enter information for a fax, and then route it directly to the recipient without requiring the collections person to ever leave his chair. It can also be linked to an auto-dialer, so the collections staff spends less time attempting to establish connections with overdue customers. To further increase the efficiency of the collections staff, it will even determine the time zone in which each customer is located, and prioritize the recommended list of calls, so that only those customers in time zones that are currently in the midst of standard business hours will be called.
The GetPAID system does not just store collections data – it can also export it to other systems, where it can be altered for other uses or reformatted for management reporting purposes (though the package contains its own reporting features, as well). Some of the standard reports include a time-series report on performance of individual collection personnel, as well as the same information for each customer. It can also create reports that are tailored by recipient – for example, all of the collection problems for a specific salesperson’s customers can be lumped into one report and sent to that salesperson for remedial action. The software can also export data files into Excel or Access.
There are several cost issues to consider when installing this type of software – not only of the software itself, but also for staff training time, installation by consultants, and ongoing maintenance costs. Offsetting these problems is a much shorter time period before a company will have an advanced collections software system fully operational. The record time period for a GetPAID installation is just five days, though a more typical installation speed is 60 days. For those companies with a serious collections problem, and who need help right away, a comprehensive collections software package may be the answer.