One of the best investments you can make for your business is automating your collections. Automation of your collections process translates into two high-impact benefits for your firm: (1) receiving payments sooner and (2) strengthening your client relationships.
Redi2 Collect seamlessly integrates with Redi2 Revenue Manager™ to automate tracking and management of invoice receivables and non-invoiced fees owed to you by third-parties such as custodians and investment sponsors.
With Redi2 Collect, your firm's cash flow management is accurate, efficient, and current. Integrating Redi2 Collect with Revenue Manager further increases operational efficiency, which translates to increased transparency of the billing process for your clients and your partners. It goes without saying that stronger relationships with your clients and partners are vital to long-term success. This is particularly true in financial services, where distribution channels and third-party relationships are the foundation of asset acquisition and growth.
A primary function of Redi2 Collect is to help your billing and finance operations identify and act on unpaid fee balances quickly and easily. Knowing how much clients and third-parties owe you and understanding the associated payment terms is important to improving your firm's cash flow. With complete receivables information at your fingertips, intelligent system reminders, and automatic production of highly-professional client communications such as dunning letters, Redi2 Collect is a powerful collections management tool. For the unexpected situations where you have to handle uncollectible receivables, Redi2 Collect helps you manage the process of writing off bad debt.
Post payments directly into Redi2 Collect or via an automated feed from the lockbox vendor(s) of your choice. Redi2 Collect can automatically post payments into your designated GL cash accounts, and simultaneously close the corresponding GL billed receivables. And, in the event you have to process overpayments and underpayments of receivables, Redi2 Collect lets you easily manage these exceptions.
One of the most important metrics associated with the collections process is receivable aging. Knowing how long it takes your clients and partners to pay their fees lets you manage not only your cash better, but also your client and partner relationships. Redi2 Collect gives you the tools you need to better understand your billed receivables and how quickly and effectively you are collecting your fees.