Did you get your free report on analytics?
In the post before that we had covered analytics as a focused activity for collections.
There is a beautiful outsourcing candidate in collections, Customer Account Reconciliations.
If you talk to an accounting student about reconciliations, he will tell you that it is an activity of comparing the same set of transaction activity recorded by two different sources and identify, map and close the differences, so that both recording sources reflect identical transactions and balances.
Customer Account Reconciliations
Customer Account reconciliations is an important, critical and an ongoing activity. This comprises of comparing the transactions recorded by your client’s organization, along with those recorded by his customer, identifying the differences and collecting evidences and closing the gaps. It may involve reaching out to the client’s customers and various units like sales representatives, accounting department, material receipt filing group, agencies / departments for proofs of deliveries, policy administration groups etc.
Why do we need reconciliations? Next post….. 🙂
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