Buying a Collections System - What Vendors Won’t Tell You #5

This is question 5 in your handy guide to shopping for a collections system. I’m offering 10 tips — things most vendors won’t tell you that are absolutely critical to selecting the right system.

How can I set up my month-end requirements for clients and vendors?

Like the reporting scenario mentioned earlier, no two businesses manage month-end processing in the same manner. Although generally accepted accounting principles are similarly presented within most systems, specific demands for invoicing and reporting are different by client and by market vertical.

As with all aspects of the application, the entire invoicing process must be documented for individual payments through invoicing and client accounting. Your clients and vendors will often demand to get the same information they’ve become accustomed to seeing. The details of these processes should be thoroughly reviewed.

Next week I’ll share question #6. To make sure you don’t miss it, subscribe to the FICO Blog using the box on the right side of this page.