Monthly Report Provides Better Insights by Going Beyond DSO to Include
Analysis on Staff Performance and Customer Interactions
Madison, WI TermSync, a cloud-based accounts receivable platform,
announced today the release of the TermSync Scorecard, an interactive
dashboard for financial executives.
The Scorecard assembles a variety of finance and customer service metrics to
lend an in-depth look at a companys accounts receivable department.
TermSync clients will receive the summarized yet informative scorecard
monthly. In addition to tracking traditional metrics such as how fast a
company gets paid, the Scorecard also includes: invoice accuracy, response
time to customers, customer satisfaction, and staff accountability.
You can see a screenshot of TermSyncs new Scorecard here.
The Scorecard provides information that goes beyond what executives are
able to get from their ERP systems, Mark Wilson, Founder and CEO of
TermSync, said. Todays companies are using CRM and other software to track
and manage virtually everything in other departments of the business. Its
baffling to me that the most process-oriented person in the company, the
CFO, hasnt been using this methodology in accounts receivable.
An important part of the Scorecard for financial executives lies in its
ability to better inform them of not only how fast they are getting paid,
but also how happy their customers are with the process. For example,
response time to customers measures how quickly your employees are answering
customer questions, a key factor in maintaining positive customer relations.
While the accounts receivable team is usually focused solely on bringing in
payments, it remains every employees job to encourage strong customer
relations, Wilson added. Dont just assume that because a transaction has
been paid, customers are happy. The collection and payment process is often
the last interaction with the customer. Make sure they leave happy.
Company executives also get a better look at staff accountability with the
Scorecard. Most companies have a policy outlining when they expect A/R staff
to reach out to customers on past due accounts, but the majority of those
companies have no way of knowing if these policies are being followed.
Within TermSync, we are able to apply our own collection rules. Our team is
then prompted based on those rules to reach out to our customers. Brent
Wegner, Vice President of Finance and Operations with social marketing
platform Shoutlet Inc., said. The Scorecard is an interactive report that
measures our staff performance and allows me to better manage our team.
The TermSync Scorecard is sent once a month to executives at companies using
the TermSync accounts receivable software platform. Each metric is
interactive, meaning executives can click the item and uncover additional
details on how the numbers were calculated each month. Companies can also
see how they are performing against prior months and internally developed
goals.
About TermSync, Inc.
TermSync connects thousands of B2B vendors and customers through our
standardized, cloud-based platform. Leveraging the collective power of the
TermSync network as well as intuitive, non-disruptive technology, our
clients are able to improve customer relations, reduce processing costs, and
get paid faster. Our technology operates in tandem with existing accounts
receivable workflows, can be up and running in about a week, and receives
rave reviews from our clients and their customers. We are committed to
finally bringing A/R into the 21st century! TermSync is located in Madison,
Wisconsin. Learn more at www.termsync.com.
