Transparency in Payment Collection
One of the reasons for the reduction in revenue is also the manipulation by the collection executives. When you fail to track the payments properly, there will be scope for fraudulent activities from the employees.
Solution
Every collection executive shall enter the payments received either cash / cheque, with the details like client name, order ID, cheque details, along with cheque image, date & remarks. You can understand the total payment received & due from a given customer and also the amount of collection made by any employee.
Benefits
1Instant confirmation of payments received
2Transparency in collection
3Reduced scope of frauds
4Automated due payments tracking