Create a Successful Cash Culture in your Organization
Part 2 – Target Success
Remote working is the new normal for businesses everywhere – and it looks like it could be this way for a while. There are plenty of benefits to home working – your pets are your new colleagues! No more early commute! But it can be a challenge to keep your staff motivated and engaged with the team while away from the office environment. And with executives turning towards fast cash collection to stay afloat and profitable during these challenging times, all eyes are on your accounts receivable team.
So how do you focus and motivate a remote AR team when the pressure’s on?
One of the key stepping stones towards establishing a cash culture – not just within your collections team, but within the entire company – is forecasting collectable cash and motivating your collectors to go after it. Why not consider adopting a gamification approach for your accounts receivable function? Gamification has been used by sales functions for years, but by changing the rules of cash collection in this way you can set achievable milestones for your collectors, invite healthy competition within the team, and celebrate together when a target is met.
With Cash Target from Sidetrade, you can easily transform your cash collectors into Cash Champions. We developed Cash Target, the newest module in our Augmented Cash solution, to help collection teams keep their eyes on the prize. We designed it with gamification in mind – multi-level target setting allows managers to set targets at team as well as individual level to give each collector a goal to aim for. The role-specific dashboard gives users a visually appealing, real-time depiction of their progress towards both personal and team targets.
Plus, it wouldn’t be a Sidetrade solution without our best-in-class KPI monitoring: you can track performance towards targets, total collectable amount, total cleared amount, and total cash in. Coupled with the rest of the Augmented Cash suite, you can digitize and streamline the entire collection process, with automated dunning actions and personalized to-do lists – making it even easier for your collectors to feel supported and motivated, and for you to develop a cash culture whether at home or in the office.
What were your thoughts on part 1?