Accounting Best Practices, Fifth Edition

7–23. Link to Comprehensive Collections Software Package

Many of the other system-related best practices noted in this chapter are based on the assumption that a company wants to incrementally create separate applications that are directly linked to an existing accounting computer system. If so, a fair amount of programming work will be required to arrive at a complete in-house solution. This can be both expensive and time-consuming. For those who prefer to install a complete solution on a more rapid time schedule, it is also possible to purchase a software package that incorporates many of the system-related best practices for collections.

An example of this new breed of software is Sungard’s GetPAID, which can be reviewed at the www.getpaid.com Web site. This product is linked to a company’s legacy accounting systems (specifically, the open accounts receivable and customer files) by customized interfaces, so there is either a continual or batched flow of information into it. A key feature it offers is the assignment of each customer to a specific collections person, so that each person can call up a subset of the overdue invoices for which he or she is responsible. Within this subset, the software will also categorize accounts in different sort sequences, such as placing those at the top that have missed their promised payment dates. Also, the software will present on a single screen all of the contact information related to each customer, including the promises made by customers, ...