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Managing cash collection in a tighter financial world

Care homes, housing associations and other residential providers are faced with “funders” cash constraints in these times of austerity (VAT rises, reduction in benefits and grants). It’s more important than ever now to manage an efficient credit control and collection process.

Providers are faced with less than perfect remittance documentation making the application of monies from local authorities, the DWP and the clients themselves vital to get a clear picture of sums owed to enable immediate reactions by credit controllers. With multiple residents being funded from the same source on weekly, lunar or monthly cycles, and the ongoing challenges of funders being behind or ahead of providers in applying scale rate increases adding to the complexity of cash allocation, often credit control is left in a confused or paralysed state.

Our VanguARd tool has been purpose built to assist with problematical allocations of cash to sales ledger and to accelerate the visibility and remediation of unpaid debts:

Match amounts received in the bank to paper and electronic remittances

VanguARd matches amounts received in the bank to paper and electronic remittances, validates the values and applies the cash to sales ledgers to match to unpaid invoices. VanguARd can translate currencies and can apply the cash and process a currency difference to the general ledger automatically to clear the invoice. 

Queries and alerts for payments

At the same time VanguARd can acknowledge receipt to the client, confirm the application of the cash, query any short payments, send chasers for older items as yet unpaid, and even automatically put a stop on the account of any preset limits are breached.

Benefits for care homes and housing associations:

• Significantly reduced costs of sales ledger and credit control personnel
• Be on the front foot on collections and credit control as soon as a problem arises
• Alerts as soon as an invoice or an account appears to be a problem
• Cleaner sales ledger, faster cash allocation and cleaner recoveries
• Reduction in bad debts, and improvement in customer relations
• Improvement in sales as confidence in the good payers increases
• Data collected by VanguARd is rated and ranked for clients and builds a history.  

Find Out More

To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download the following related resources:

• Health Care Provider Case Study - Automated Remittance Advice allocation to Sales Ledger
• Duplicate Payment Controls Solution: ReKlaim