Watch Your Progress with Our Quality Report
May 4, 2023
Shows progress for both parts
For us at Equity, the quality report is a status update that we want to provide to our customers regarding how the payment collection is progressing.
We are especially pleased with this report as it often shows how well it's going and how successful it is to closely follow up on outstanding debts.
Since Equity does not do this work alone but in collaboration with the creditor, this report is a valuable tool to determine if we have been successful in our payment collection efforts.
Functions
Here are examples of what we look for in the Quality report, if the status is not optimal for the creditor:
Large balance on cases that are more than 90 days past the due date:
In this case, we need to check if the invoice has been forwarded to collections and not left untreated.
Total balance for invoices set on hold:
A common mistake is that invoices are set on not hold without knowing if the debtor has a good reason for not paying. The result is often that they are forgotten, which means it often takes a long time before they are followed up to get paid. It's better to choose the option to set an invoice on hold until a specific date to avoid this.
Total balance for all debtors set on not receive reminders:
It is good if debtors are put on a timeline to not receive reminders, as these are often the largest and most important customers. However, we can perform an extra check to see if a monthly statement should be activated to inform the debtor in a friendly way about their balance and login to retrieve invoice copies, etc.
Open notes:
If there are many payments or credit notes that remain open, it will give the debtor a more confusing picture of what is outstanding.
Equity's Quality report serves as a valuable tool to keep our customers informed of the progress we are making, regarding the payment collection. If you're interested to hear more about this feature, don't hesitate to contact us to learn more.
Shows progress for both parts
For us at Equity, the quality report is a status update that we want to provide to our customers regarding how the payment collection is progressing.
We are especially pleased with this report as it often shows how well it's going and how successful it is to closely follow up on outstanding debts.
Since Equity does not do this work alone but in collaboration with the creditor, this report is a valuable tool to determine if we have been successful in our payment collection efforts.
Functions
Here are examples of what we look for in the Quality report, if the status is not optimal for the creditor:
Large balance on cases that are more than 90 days past the due date:
In this case, we need to check if the invoice has been forwarded to collections and not left untreated.
Total balance for invoices set on hold:
A common mistake is that invoices are set on not hold without knowing if the debtor has a good reason for not paying. The result is often that they are forgotten, which means it often takes a long time before they are followed up to get paid. It's better to choose the option to set an invoice on hold until a specific date to avoid this.
Total balance for all debtors set on not receive reminders:
It is good if debtors are put on a timeline to not receive reminders, as these are often the largest and most important customers. However, we can perform an extra check to see if a monthly statement should be activated to inform the debtor in a friendly way about their balance and login to retrieve invoice copies, etc.
Open notes:
If there are many payments or credit notes that remain open, it will give the debtor a more confusing picture of what is outstanding.
Equity's Quality report serves as a valuable tool to keep our customers informed of the progress we are making, regarding the payment collection. If you're interested to hear more about this feature, don't hesitate to contact us to learn more.