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23 S.M.A.R.T CREDIT AND COLLECTION GOALS

4.4k Downloads

Download Now
The 23 SMART credit and collection goals that your team must strive to achieve
in 2023 include faster customer onboarding, periodic credit policy review, and
process improvement and innovation.


WHAT'S INSIDE?

 * SMART goals are crucial to evaluate credit and collection analysts'
   productivity and performance
 * Reporting and analytics tools provide the necessary data insights to drive
   performance improvements and track goal achievement
 * Leveraging cutting edge technology including AI and ML helps transform the
   credit and collections process with automated workflows

Download Now


CONTENT

Chapter 1

Defining Credit & Collections Goals

Chapter 2

How To Set S.M.A.R.T Goals?

Chapter 3

Summary

Chapter 4

About HighRadius

Chapter 01


DEFINING CREDIT & COLLECTIONS GOALS

--------------------------------------------------------------------------------

The primary goal for the credit and collections department is to turn open
invoices into cash, therefore increasing the cash flow while mitigating credit
risk. Within onboarding a customer and collecting past-dues from them, credit
and collections professionals go through the havoc of dealing with an exhaustive
task list.

Reducing DSO and mitigating credit risk are long-term goals. Credit and
collection teams should break their long-term goals into multiple short-term
goals, these short-term goals could be tracked easily and would help them to see
the bigger picture.

Here’s a list of 23 such objectives and smart goals for credit and collections,
each one being the compartmental building block of the whole process:

01


CREDIT ONBOARDING AUTOMATION AND CONTROLS









 * Provide a customizable credit application portal for new customers that
   requires the documentation and a customer appropriate credit application be
   completed accurately prior to submission to the credit department.
 * Automate approval policies using credit scoring models
 * Automate the acquisition of trade and bank references.
 * Lock in a process for acquisition and retention of sales resale certificates
   and renewals. Consider a third party service.
 * Define a criteria and implement credit scoring and approval models.
 * Ensure the onboarding process ensures fraud prevention.

02


CONDUCT CREDIT LINE REVIEWS PROACTIVELY









Understand the sales initiatives by channel, product line and region and ensure
that credit lines are available to meet revenue goals.

03


UPDATE CREDIT POLICY









Review and adjust the current credit policy to include:

 * Information sources and benchmarking
 * Credit scoring
 * Escalations for exceptions workflow and approval
 * Alternative to open unsecured terms
 * Credit hold and release
 * Develop on-the-shelf solutions to mitigate risk when collateral or some form
   of guarantee is needed to get to yes.

04


LEAD INITIATIVES TO AUTOMATE THE COLLECTIONS PROCESS









 * Implement collection strategies based on customer data and credit risk.
 * Identify root cause of collection delay issues.
 * Resolve aged receivables before they become an escheatment issue.

05


IMPLEMENT AN EFFECTIVE CREDIT HOLD PROCESS: USE THE CREDIT HOLD PROCESS AS A
LAST RESORT









Review and adjust the current credit policy to include:

 * Implement collection strategies based on customer data and credit risk
 * Identify root cause of collection delay issues.
 * Resolve aged receivables before they become an escheatment issue.

06


FOCUS ON PROCESS IMPROVEMENT









 * Identify root cause issues driving errors in invoicing, shipments and cash
   application.
 * Lead cross-functional efforts to bring process improvement

07


INITIATE A SUPPLY CHAIN RISK ASSESSMENT POLICY AND PROCEDURE









08


SUPPORT THE SALES AND CASH FORECAST BY MANAGING CASH INFLOWS AND OUTFLOWS BY
COORDINATING AND BRINGING TRANSPARENCY TO COLLECTIONS AND ACCOUNTS PAYABLE.









09


WORK WITH OTHER STAKEHOLDERS TO ESTABLISH CROSS-FUNCTIONAL TARGETS FOR:









 * Collections performance
 * Dispute Management
 * Accuracy of the Cash Forecast

10


ESTABLISH PERFORMANCE AND EFFICIENCY TARGETS FOR THE CREDIT COLLECTIONS
DEPARTMENT AND STAFF:









 * Credit review and decision turnaround
 * Collections performance
 * Timeliness and accuracy of Cash Application
 * Deduction Management

11


REVIEW THE ACCURACY OF THE COMPANY’S CUSTOMER MASTER









 * Remove dormant accounts
 * Eliminate “Bill To” redundancies
 * Separation of duties setting up Customer Master records to avoid potential
   fraud and embezzlement

12


TAKE A PROACTIVE ROLE IN REVIEWING AND SIGNING OFF ON VENDOR AGREEMENTS









 * Understand any administrative requirements that could lead to penalties being
   assessed by the customer.
 * Check that the terms are in line with your company’s terms.
 * Verify that the Law and Venue clause is acceptable
 * Verify that dispute resolution is in line with your company policy: (Jury or
   Judge Trial, Arbitration, Mediation)

13


ENSURE CREDIT AND COLLECTIONS STAFF ARE WELL TRAINED IN THE VARIOUS LAWS AND
REGULATIONS RELATED TO THEIR FUNCTION:









 * Robinson-Patman Act
 * Sherman Antitrust Act
 * Equal Credit Opportunity Act (ECOA)
 * Fair Credit Reporting Act (FCRA)
 * Fair Debt Collections Practices Act (FDCPA)
 * FCPA
 * Unclaimed Property (Escheatment)
 * State and Online Sales Tax
 * Incoterms 2020
 * Bulk Transfers
 * Customer Bankruptcy: Prior and Post

14


DEVELOP AND IMPLEMENT INCENTIVIZES AND MORALE BUILDING ACTIVITIES FOR CREDIT AND
COLLECTIONS STAFF ON A LIMITED BUDGET









15


REVIEW THE CURRENT CASH APPLICATION PROCESS AND LEVERAGE AUTOMATION TO REDUCE
EXPENSES









16


CREATE A SCHEDULE FOR ONSIGHT CUSTOMER VISITS TO KEY ACCOUNTS AND ACCOUNTS OF
CONCERN









17


REVIEW CREDIT CARD SECURITY PROCEDURES AND FEES. TAKE ACTIONS TO REDUCE RISKS
AND COSTS, INCLUDING TAKING ADVANTAGE OF RECENT CHANGES IN SURCHARGE RULES.









18


DEVELOP A POLICY TO MITIGATE THE IMPACT OF CUSTOMER PAYMENT TERMS PUSHBACK, WHEN
A MAJOR CUSTOMER UNILATERALLY EXTENDS PAYMENT TERMS BEYOND THEIR ORIGINAL
AGREED-TO TERMS.









19


REVIEW CALCULATED EXPECTED CREDIT LOSS (CECL) REQUIREMENTS AND ADJUST BAD DEBT
RESERVE CALCULATIONS









20


REGULAR TRACKING A/R PERFORMANCE









21


IMPLEMENT CONTINUOUS TRAINING AND EDUCATION OF CREDIT MANAGEMENT AND STAFF:









 * Related to the department’s role in the Order to Cash Cycle.
 * Treasury
 * International Business

22


ELEVATE THE SKILLSET OF YOUR TEAM









23


CREATE A HIGH PERFORMANCE CULTURE THROUGHOUT YOUR TEAM









Chapter 02


HOW TO SET S.M.A.R.T GOALS?

--------------------------------------------------------------------------------

The S.M.A.R.T method is an excellent approach to setting achievable accounts
receivable goals and objectives because it covers all bases and leaves no room
for errors.

S.M.A.R.T STANDS FOR:



Let’s dive deeper to understand what every parameter in smart goals for accounts
receivable stands for and how exactly they would help to attain your credit and
collections goals:


1. SPECIFIC

MAKE THE GOAL QUANTIFIABLE

First thing is to specify the goal by making it tangible. Without specificity,
the goal is a lot more like a dream than an actual goal. In addition to making
it quantifiable, you want to answer the following questions:

WHAT DO I WANT TO ACCOMPLISH?

WHY IS THIS GOAL IMPORTANT?

WHO IS INVOLVED?

WHERE IS IT LOCATED?

WHICH RESOURCES/LIMITATIONS ARE INVOLVED?


2. MEASURABLE

DETERMINE METRIC[S] TO TRACK PROGRESS

Your goal must be measurable so you can track progress, stay motivated, and
recognize when you have achieved it. A measurable goal should address questions
such as:

HOW MUCH?

HOW MANY?

HOW WILL I KNOW WHEN IT IS ACCOMPLISHED?


3. ATTAINABLE

ENSURE IT IS WITHIN THE REALM OF POSSIBILITY

Setting a specific and measurable goal is all well and good, but if it’s not
realistic then its a waste of time, and will only lead to Disappointment.

Therefore, you must make sure that the goal is actually attainable given your
unique circumstances.

An achievable goal will usually answer questions such as:

HOW CAN I ACCOMPLISH THIS GOAL?

HOW REALISTIC IS THE GOAL, BASED ON OTHER CONSTRAINTS, SUCH AS FINANCIAL
FACTORS?


4. RELEVANT

DETERMINE HOW THE GOAL IS CONNECTED TO SOMETHING BIGGER

This step is about ensuring that your goal really matters to you, and that it
aligns with other relevant goals.

You should answer the following questions to ensure your goal is relevant:

DOES PURSUING THE GOAL SEEM WORTHWHILE?

IS IT THE RIGHT TIME?

AM I THE RIGHT PERSON TO REACH THIS GOAL?

HOW IS THIS GOAL CONNECTED TO OTHER GOALS?


5. TIME-BOUND

SET A DEADLINE

The final piece of the S.M.A.R.T jigsaw – making the goal time-bound.

The reason why your goal should be time-bound is relatively self explanatory,
because every goal needs a target date; a deadline to work towards.

In order to make your goal time-bound you should answer the following questions:

WHEN IS THE FINAL DEADLINE TO ACHIEVE THIS GOAL?

WHAT CAN I DO SIX MONTHS FROM NOW?

WHAT CAN I DO SIX WEEKS FROM NOW?

WHAT CAN I DO TODAY?

Chapter 03


SUMMARY

--------------------------------------------------------------------------------

Yes! Those are the list of things on the horizon that are going to completely
change the outlook of performance goals for accounts receivable departments in
the coming years.

Here is a quick overview on what you need to beat the odds, accelerate your
growth, and drive your A/R to monumental success:

1. Minimize credit risk with a step-by-step approach to creating a credit policy
framework that aligns with business growth objectives.

2. Drive compliance for everyday tactical work by understanding critical trade
credit and collections laws.

3. Build process improvement recommendations by leveraging reporting and
analytics for immediate course-correction and strategic insight.

4. Transform credit and collections processes by leveraging cutting-edge
technologies and process automation.

Acquiring these skills and objectives can help leaders and professionals across
the credit and A/R space achieve monumental success while delivering top of the
class results.

On another note, do you want to know how beyond the curve advanced technologies
with AI & RPA that provide automation for your credit management and collections
management processes look like?

Read the section below.




LEARN HOW YOU CAN INCREASE CASH FLOW, IMPROVE WORKLIST PRIORITIZATION AND REDUCE
DSO THROUGH AI POWERED COLLECTIONS MANAGEMENT SOLUTION

Connect with an Expert





Chapter 04


ABOUT HIGHRADIUS

--------------------------------------------------------------------------------

HighRadius is a Fintech enterprise Software-as-a-Service (SaaS company that
leverages Artificial Intelligence-based Autonomous Systems to help 600+
industry-leading companies automate their Accounts Receivable and Treasury
processes.

The HighRadius® Integrated Receivables platform reduces cycle times in your
order-to-cash process through automation of receivables and payments processes
across credit, electronic billing and payment processing, cash application,
deductions, and collections. The HighRadius® RadiusOne A/R Suite offers a
pocket-friendly platform for hundreds of mid-sized businesses to enable faster
A/R processing and enhance their working capital. HighRadius® Treasury
Management Applications help teams achieve
touchless cash management and accurate cash forecasting.



Powered by the RivanaTM Artificial Intelligence Engine and FreedaTM Digital
Assistant for order-to-cash teams, HighRadius enables teams to leverage machine
learning to predict future outcomes and automate routine labor-intensive tasks.

Processing over $2.3 Trillion in receivables transactions annually, HighRadius
solutions have a proven track record of optimizing cash flow, reducing days
sales outstanding (DSO) and bad debt, and increasing operational efficiency so
that companies may achieve strong ROI in just a few months. HighRadius is the
industry’s most preferred solution for Accounts Receivable & Treasury and has
been named a Leader by IDC MarketScape twice in a row.

To learn more, please visit www.highradius.com

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