The ultimate objective of the CYCOM Collections System is to assist the Accounting Department and the company at large, to monitor the Collection Process.
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Identification of Problems and Objections – The System assists the Credit Manager and Credit Controllers to identify and effectively handle possible collection problems and objections on behalf of the customers on their charges or to obtain messages like the existence of cash flow problems at the customer.
Definition of multiple Collection Controllers – The System operates with the logic of Collection Controllers who are defined in the Category Analysis of the customer, with the aim of grouping the customers per Credit Controller for more effective management.
Opening of a Case for customers with outstanding balance – Every Credit Controller or Accountant may open a Case for every customer who has an outstanding balance, in order to start the administration for the initiation of the collection process.
Closure of a specific Case – Every individual Case is closed upon the final Collection of the debt or issuance of a Credit Note to the customer.
Assign multiple Cases to Credit Controllers – The direct Manager has full authority to open multiple Cases for the Credit Controller to perform the required follow-up activities.
Record communication details – Every time that a communication exists with a specific client, the Date and Time, are both recorded, as well as the agreed actions to be next followed.
Record the agreed method for payment – Upon the mutually defined agreement for payment, the collection date is recorded, as well as the method to receive the actual payment, such as: Bank Transfer, Send by Post, Send by Messenger or others.
System real essence – The real essence of this application is to review the receivables, monitor the collections and minimize the future liquidity problems and possibility for bad debts.
