Buying a Collections System - What Vendors Won’t Tell You #2

This is question 2 in your handy guide to shopping for a collections system. I’m offering 10 tips — things most vendors won’t tell you that are absolutely critical to selecting the right system.

2. What reports do I get? How can I create reports myself?

No two firms want the same exact reports package, and no two software companies offer the same reports. To meet the exact needs of your existing clients and to ensure the new system meets all other reporting requirements, identify the specific information required for each report, frequency of publication and other significant criteria. The requirements for each report should be carefully reviewed and documented.

Vendors will offer reports that look similar to existing reports. Your job is to make sure they use the same data and produce the same results. This effort includes what vendors have written, “canned” reports that come with the system, and reports your team has created.

Any modern system will be using a relational database, putting tools at your disposal to create reports yourself. Looking to save money? This capability is key.

Next week I’ll share question #3. To make sure you don’t miss it, subscribe to the FICO Blog using the box on the right side of this page.