Cash Application Process Optimization With The Right People, Processes, And Technologies

Overview

Contactpoint360’s was selected to manage accounts receivables for a large publicly traded US-based energy firm in the electricity and natural gas service business with a strong customer base in residential and commercial.

We were asked to evaluate and determine strategy to reduce the bad debt for the energy company’s latest acquisition. Our targeted strategies identified areas of opportunity in the collection and cash application processes. Our team applied our proven methodologies and improved collections while reducing overall credit balances, bad debt reversals, and balance discrepancies. This reduced costs significantly from activities of internal agents and external third-party agencies.

Challenge

Review, analyze and improve the cash application process, collection recoveries and reduce overall balance discrepancies. Teams were not meeting important audit requirements, SLA’s and KPI’s which affected the company’s bottom line as well as the customer experience.

Solution

  • Developed a daily reconciliation process that allowed for immediate visibility into discrepancies and problems during all stages of the cash application process.
  • Created meaningful KPIs, metrics, processes and reporting which allowed the client to successfully pass all internal and external audits.
  • Revamped the team and used targeted strategies and adopted performance tracking metrics such as agent scorecards, training tracker and historical performance analysis
  • Developed a 4way tie-out vs a previously used 3-way tie-out for additional insights on balancing errors

Results

%

Reduction in credit balances - from $1.1M to 94K.

%

Decrease in number of accounts needing verification for bad debt reversal.

%

Decrease in costs from external third-party agencies.

%

Payments SLA (Batch, real-time, EDI) vs. a target of 95%

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