Collecting cash
Achieve substantial performance improvement in cash collection
Use the affordable technology advocated by Co-pilot and you can expect to achieve
- Improved cash position and consequent savings in your annual interest costs through reduced DSO/DPD (see below)
- Efficiency gains in your credit department (see below)
- Significant cost savings in paper, postage & clerical
- Enhanced staff morale through giving them the tools to do the job
- Enhanced customer satisfaction through more efficient query resolution
We explain why below, and you can input your own numbers into our 
Cost Savings Calculator to gain a “first cut” estimate of what you could achieve in your own business
The end of “DSO”
Increasingly DSO is seen as flawed measure of collection performance but it is used because of the lack of credit management functionality in most accounting packages. Using new web-based technologies you can track contractual terms and days past due (DPD) thereby producing much more relevant information to measure cash collection performance. Historically DSO is a manual month-end calculation – with this technology you can measure DPD on every transaction with every customer, every day.
Solutions
Co-pilot offers you a uniquely effective combination of automated management and information solutions that put you in control of your cashflow and can dramatically influence your customers' payment behaviours. Solutions range from e-billing, through fully automated collections technology to full or partial outsourcing – and the relationship between these can be seamless.
Because these solutions are web-based they do not entail a major systems implementation or Cap ex
Automated collections technology – speedy return on investment
By achieving high levels of automation in a customer-friendly web-based environment you can significantly improve cash collection performance and strengthen customer relationships. You can tailor the system to your requirements.
- Use proactive, automated strategies to achieve a significant reduction in Days Past Due (DPD)
- Use a variety of automatically generated media - email, fax, SMS, letter
- Use a dynamic, customer-focused query management strategy to identify and challenge "false" queries and to shorten resolution of genuine ones
- Involve your whole organisation, including sales, and enable your customers to interact in this process
- Graphic management information - top level dashboard down to individual customer (DPD, queries per customer, query management resolution performance, aging profiles, promises to pay, repayment schedules) - all available 24 hours-a-day
In addition to reduced DPD this technology can enable you to achieve significant improvements in headcount efficiency and to reduce the amount of debt passed to external collection agencies.
Because the technology is web-based it is inexpensive and speedy to install (typically 8-10 weeks)
e-billing – substantial cost savings
From day one e-billing generates substantial cost savings in paper, envelopes and postage. For example if you are posting 100,000 invoices per annum the annual saving could be £38,550. (use the Cost Savings Calculator to establish your own figure)
Additionally you generate substantial efficiency related improvements through the reduction or elimination of the preparing and filling of envelopes and the production and filing of duplicates. Your invoice goes out immediately, you know when it has arrived and you know when it has been viewed by your customer.
And as an added benefit, you will reduce your carbon footprint.
Outsourcing
You may want a full outsourcing solution, or you may wish to have a partial outsourcing solution eg:
- When debts reach a certain age
- For certain customers
- For certain markets or languages
- Covering for staff absence
Co-pilot's Automated Collections Technology can be configured to deliver seamless transfer of collections activity to an outsourcing partner in accordance with your individual requirements.
