Madison, WI (PRWEB) March 26, 2013
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 company’s 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 TermSync’s 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. “Today’s companies are using CRM and other software to track and manage virtually everything in other departments of the business. It’s baffling to me that the most process-oriented person in the company, the CFO, hasn’t 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 employee’s job to encourage strong customer relations,” Wilson added. “Don’t 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 http://www.termsync.com.