It is very important to have a solid collection management strategy. Inaccurate collection tracking might eventually lead to poor accounts receivable management and affect the business negatively. This directly impacts the accounting in generating consistent financial statements. A good payment collection tool will help you in figuring out where exactly the payment has come from. This would make it easier for you to prevent potential financial discrepancies.
With the collection tracker, you can develop a more focused debt collection strategy to help reduce costs, save time and maximize resources. Simply get an overview of your documentary credits, collections and payments with transaction status detail and improve collection efforts and increase your accounts receivable.