Debt collection is not an easy process. In the process of collecting debts owed by individuals or businesses, document management can be a difficult process. Any organization who specializes in collecting debt is known as a Collection Firm.
Your organization is involved in legal collections, which means you have heaps of legal document to manage. All you need is a reliable document management software for the collection process. Whether you are a large firm or a startup, all the success depends on the document management of the collection firms. Choose the right tools and software to increase your companies productivity and accuracy.
Here are five ways that document management software can help you in assisting your collections.
1. Secure Communication-
Financial information of any organization has to be kept under secured conditions. Paper documentation surely does not sound a stable form of storing data. A DMS for collection firms will include secure portals for both collection agency and clients involved in the communication system. This will maintain compliance management and due diligence.
With the digital transformation of legal documents leakage of any private information to an unauthorized entity is secured.
2. Automation And Account Syncing-
The task of debt collection can keep several people engaged in the same work. With automation, you can increase the efficiency of the firms in the daily collection process. The automation process will include steps like billing, payment processing and debt cracking. Document management software for collection firms syncs different accounts, i.e. accounts that are under common debtor accessible on the same file. This will also allow you to see the whole picture while dealing with an individual account.
3. One-Click Reporting
When you are in debt collection business, you need to view many documents at the same time. Wasting your precious time in collecting data from a far-flung file across the company. The collection document management system will allow you to generate reports and measure the progress in just one click. You can choose the parameters of the collection document management as per your requirements. Keep all the vital information on your fingertips without wasting hours of time in research.
4. Faster Retrieval-
It is time-consuming to search and retrieve documents. Time is money for any firm. This is the illustration that shows the cost related to average time spent managing paper documents.
- Most of the businesses spend $20 in labor to file a document, $120 in labor to search for the misfiled document and $220 in labor to reproduce a lost document.
- 75 % of the documents get lost in the huge pile and 3 % of the documents get misfiled.
- Most of the professionals spend 5 to 15 % of their time reading information and 50 % of their time is spent in looking for information.
A document management solution specific for collection firms will be a time saving and cost saving tool.
5. E-Signature And Online Payment Support-
The most vital component of the collection firm is the ability to accept payments in various ways at any time. The Document Management Software for collection firms includes e-signature capabilities as well as payment support that will make it easier to settle any account. These payment options are also compliant with the current regulations. The payment options are adaptable as there are more forms of payment available.
Document management software for collection firms should have features like security, flexibility and insights that will fulfill your need to be in touch with a wide variety of accounts. By adopting automation, you choose to be free for greater needs of your organization.
Document management can help your firm save time and is a cost-effective way to enhance overall productivity. Considering all the compliance management and payment methods involved in the collection industry, it is vital to adopt an optimized DMS system.
End all your worries by adopting Docupile.