Q4 Highlights: Collections Process Tracking & Streamlined Manual Tasks
The Tesorio team has been busy this quarter innovating in Accounts Receivable Automation and building functionality that helps AR Managers and Collectors understand their customers, track the overall Collections process, and streamline day to day workflow activities. Here are some quick highlights that were released this quarter.
Monitor Your Collections Progress Against Goals and Extended Forecasts
AR Forecast, including collection goals, now available to all customers
With the base level of access, all customers can view Tesorio’s proprietary forecast for the current period and track collections progress against this forecast and company-defined goals.
New 13-week extended forecasting for better planning and cash flow predictability
Customers can upgrade to the full AR Forecast product to access a rich set of forecasting tools, including our new extended forecast with 13 week forecasting functionality which allows companies to build forecasts that include AR that hasn’t yet been billed. Enter expected billing amounts and collection assumptions, and Tesorio calculates the projected amount to include in the overall forecast. As new invoices are created, Tesorio automatically removes duplicates to ensure that your forecast is as up to date as possible.
Understand Customer Behavior by Score Category
Quickly assess payment risk across your customer base with Tesorio's new Customer Collection Score. The Customer Collection Score categorizes customers into 5 groups based on past payment history, allowing your collections team to benchmark your customer's payment performance as well as understand your overall collections health. Learn more about best practices for incorporating the Customer Collection Score into your outreach process here.
Share the Right Information with the Right Contact
New statement template functionality allows you to finely tailor the data and layout of the statements that you send to customers - ensuring that the most important information is available to them. Add additional columns into your statements, including custom fields, to help customers identify the invoices, credit memos, and payments on their account. Use filters to exclude certain records from your statements when they are not relevant. When different types of customers require different information in their statements, create multiple statement templates and update your email templates to use different statements in different scenarios.
Upgraded contact management functionality gives you complete visibility into the source of contacts and additional control over which contacts are used in email communication. New source tags identify the specific field of origin in the ERP, including the role if one is defined, and can be used in email templates, ensuring that only the contact data that is confirmed up-to-date is used in your outreach. Create custom tags to further augment and categorize contacts in Tesorio. New contact functionality is rolling out to customers in batches. Reach out to your CSM to learn more about the timing of this feature release in your account.
Streamline Manual Tedious Tasks
CSV Import functionality allows customers to add customer tags, invoice tags, and assignees in bulk.
Use @mention functionality in notes to ensure that your team members see updates and know to respond. Add notes directly from workspaces, without opening the record drawers, for added efficiency as you’re reviewing a list of invoices or customers.
If your organization is ready to gain a better understanding of your customers and collections processes, contact Tesorio today.