If you’ve been following along with our blog series on The New Normal, you know we featured one of our first new reports designed to help you measure business financial risk called Ticket Entry Times in our April 10th Are Staffing Times Changing in The New Normal? Take a look at that post if you’re not 100% sure that your staffing hours are meeting your client’s modified work day. You might be surprised.
This week, we launched four additional reports that provide further insights to other kinds of financial risk that can directly impact your bottom line.
Client Risk by Market
Different clients of yours may face different structural risk based on the verticals they occupy. On the Client Risk by Market Report, you can see best, mid and worst case revenue outcomes calculated by industry. For example, a restaurant may be at high risk while a client in essential service might be low risk. Keep in mind that the client industry is assigned in your PSA so that needs to be updated first.
Client Risk by Ticket Count
Another way to measure risk is to see if clients are reaching out to you less than before. In Client Risk by Ticket Count we look at the weekly ticket count over a period of time and compare it to the weekly count for a prior period. In this example, we are looking at the last four weeks and comparing that to the eight weeks before. Of course, there can be many reasons for a change in the number of new support tickets, but one of them is declining need.
Days Receivable by Client by Type
While you should always actively manage your cash cycle now it is more important than ever. On our Days Receivable by Client Type report we show the average days outstanding by client, further broken down by invoice type. This can be used as part of relationship management.
Outstanding Invoices Risk
Now that you know how long your clients typically take to pay, you can identify only those outstanding invoices that are over that particular client’s history. This will help you see the individual invoices that you want to follow up on for late payment.
All of these new reports are under the risk section and are available to all admin users.
As a side note, almost half of our clients have been using the Ticket Entry Times report since its launch two weeks ago and almost 30% have used the new risk reports already. We are very happy that people are seeing value so quickly from these new pages.
Stay safe & healthy.