If you ask a majority of CFOs about their biggest concerns, most of them will tell you that increasing cash flow is a high priority. In order to succeed in this, you have to keep an eye on the credit and collections department. However, many companies do not have the means or data to find out where they currently stand. Especially when these companies are using manual processes and spreadsheets, this data is often hidden and would take hours to retrieve.
So, what is the answer to retrieving key metrics to understand how your accounts receivable is performing? Using an accounts receivable dashboard, all of this information is stored and available within seconds.
With an accounts receivable dashboard for receivables management you can quickly translate your objectives into measurable metrics and see where you are today vs. your organizational goals. Sure, basic data to help you measure your accounts receivable success may be available from your accounting application, but the data is often difficult to collect and analyze and usually requires multiple reports and manual calculations; especially if you rely on spreadsheets. Accounts receivable management software like Anytime Collect offers a number of impressive benefits; one of which is a dashboard for receivables management.
What is an accounts receivable dashboard?
In short, an accounts receivable dashboard is a system that helps you monitor and measure where a company stands in terms of accounts receivable performance. When coupled with an accounts receivable solution, the dashboard is able to display all the most important metrics automatically. The dashboard summarizes important performance indicators such as:
- Percent of overdue receivables
- Average time to receive payment per invoice
- Accounts receivable turnover ratio
- Average days receivable
- Top customers
- Activities by collector
The Anytime Collect Dashboard gives collectors, managers, and executives instant access to both basic and advanced data elements to help them better understand the current state of their receivables and progress toward personal and organization goals. The dashboard is easy to read and easy to understand with visual data providing insight into critical data such as:
- Current A/R aging by invoice date
- Average days to pay
- Current days sales outstanding and a view of the 6 month DSO trend
- A cash summary
- Top delinquent accounts
- Summary of collection activities
- Projected cash receipts